What are The Real Challenges Digital Entrepreneurs Face?
In this episode we will be discussing some of the challenges digital entrepreneurs might face when running an online business.
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Difficulties that digital entrepreneurs face
In this episode we are going to be talking about what are the difficulties that entrepreneurs, especially online entrepreneurs face. Let’s jump into it.
So if you think about online entrepreneurs, you typically run your business off the internet. You might do this from home or even sometimes from your phone, but it is very easy to be isolated and not actually engage with people.
In a traditional business you’ll have to network all the time seeing suppliers, dealing with customers face to face. Online is very different in that aspect. You might have customer engagements, but it will be either telephonic or perhaps via email or some social media channel. Isolation is probably one of the biggest things that can demotivate you as an entrepreneur.
To get over isolation, make sure that you actually engage with people. Set up a mastermind group with a couple of colleagues or like-minded people that you can actually meet with and engage with. See them face to face. Make the time to go out and spend time with your family. Spend time with your friends, but make sure that the connections and the people that you do network with are definitely within that niche and can provide value to you.
The second thing that is very detrimental to an online entrepreneur is time management, especially work life balance. It is very easy when you are working from home or from some isolated location to forget about time. You won’t traditionally like in a day job, work from eight to five. You might work from two in the morning till two in the morning and then sleep for two hours and then carry on like that. So it’s very important to try and stick to a schedule.
If you work the same hours as a day job, great. If you want to put in some extra time, make sure that you do take breaks in between. That you do take time out to spend with the people that you love. To do chores around the house and all that kind of thing.
Doing everything yourself
The third difficulty that I want to talk about today is trying to do everything by yourself. There comes a point in the business that you have to try and scale. You have to hire employees, but when you starting out, that point may seem like it’s very very far away. You want to make sure that you don’t overdo it and do everything by yourself. Especially, working on the wrong things and putting your time into the wrong things.
Your time is very very limited. You’ve only got eight hours or ten hours or whatever amount of time it is that you actually work for the day. Make sure that that time that you do spend, is on the right things, the most valuable things, the things that are going to make you the most amount of revenue. There are certain aspects that you’ll have to do yourself, but you can consider perhaps outsourcing and hiring a third party to do something for you.
That could be maybe managing a social media channel. It could maybe be assisting you writing an article. It could be editing an article. It could be graphic design. You don’t have to do all those things yourself. It is very very vital to prioritize all the things that you need to do in your business and especially make sure that you put most of your time in the things that are actually revenue generating.
Spend time on the right things
You want to spend time on the things that are going to make money, that are going to have the most amount of impact. So don’t get caught up in doing everything and actually spending most of your time on the things that don’t make enough difference.
So if you’ve heard of the 80/20 principle, it says that 80 percent of your revenue will come from 20 percent of the effort that you’ve put in. So make sure that you actually try and identify those things that generate the most amount of revenue. The things that gives you the most or the best outcome for the lowest amount of input. When you do that and follow that principle you’ll have the maximum effect and positive outcome from everything that you do.
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