Take it from Peter J. Burns, III: entrepreneurship can be challenging. Burns has started over 150 successful businesses, and he has helped thousands of entrepreneurs through his mentorship, as well as through the financial support his business, Burn$ Funding, offers. He has also taught entrepreneurship to students at Arizona State University’s Barrett Honors College and Grand Canyon University.
After decades of experience as a serial startup entrepreneur and supporting others in the business community, Peter J. Burns, III has a great deal of knowledge about the obstacles entrepreneurs face, and how to deal with them.
This article reviews entrepreneurial challenges and provides tips about how to deal with them effectively.
As an entrepreneur, you must take risks and prepare for the unexpected. It is important to remain flexible and to be willing to change course as needed. Brace yourself by expecting change and open your mind to new opportunities and tactics.
You should also prepare for unexpected financial circumstances by setting up an emergency fund. It is important to have a business emergency fund which is separate from your personal expenses. Peter J. Burns III offers banking options for entrepreneurs through Burn$ Funding. Your emergency fund should contain enough capital to propel your business for 2–3 months in the event of an unfortunate circumstance.
2. Time Management
One great benefit of being an entrepreneur is the ability to set your own schedule. Take advantage of this circumstance by actually setting a schedule. Decide when your “office hours” will be. Create a list of priorities for the week and focus on those.
You should not check your email around the clock. If you do not set boundaries, emails and calls will overwhelm you. It’s important to build in time for relaxation and your personal life.
If you do receive an important message, check the contents against your existing priority list for the week. Decide whether to shift your priorities or to save the new task for later.
Entrepreneurs often work alone or on very small teams. Reach out to other entrepreneurs who can provide support, mentor you, and help to keep you from circling back to the same stagnant old ideas.
Working around others can also keep you motivated. Peter J. Burns, III often uses WeWork in La Jolla, CA as a workspace, and he finds it very rewarding to meet and work alongside fellow entrepreneurs. Also consider networking opportunities, or even create your own networking event or group.
Not all of your interactions with fellow entrepreneurs need to be in person. Reach out to other entrepreneurs online via sites like LinkedIn. (You can click here to connect to Peter J. Burns, III on LinkedIn.)
4. Funding Conundrums
Whether you are a successful founder with a team of employees, or you are just starting out on your own, you need growth capital. Be wary of scams and angel investors. Manage your credit and find the capital you need via a secure, established service from an entrepreneur-focused provider.
Burn$ Funding provides an array of opportunities for small businesses and individuals, including credit repair programs, blanket loans, and many more services, such as the Entrepreneur’s Credit Card Program. This program provides an unsecured credit line of up to $175,000 at 0% interest for 12 months. Furthermore, it will not damage your credit because you access and report your own credit score when you apply.
Remember that the benefits associated with being an entrepreneur can greatly outweigh the risks. Appreciate your freedom, stay positive, and reward yourself for your successes!
To learn more about Peter J. Burns, III, visit his site: www.peterjburnsiii.com. There, you will learn about his ongoing and new projects, as well as find ways to become involved via investment opportunities. Visit http://burnsfunding.com/ to read about all of the outstanding opportunities Burn$ Funding provides.
Article by L.K. Bright