The business world is very different from what it was even just a decade ago. While many business best practices and principles remain the same, the roadblocks and problems entrepreneurs face are not. With major advancements in technology to a cultural shift toward online shopping, the landscape is becoming increasingly difficult to navigate, and many business owners are struggling to adapt.
As business leaders themselves, the members of Young Entrepreneur Council have experienced—and are still experiencing—many of these same roadblocks. Here, they outline a number of common issues entrepreneurs are facing today and what they see as good solutions to overcoming them.
1. The Amount Of Content Consuming Their Attention
From social media to video platforms, there’s no shortage of new business ideas, ads and influencers trying to get entrepreneurs on board with the latest trend. This makes it extremely difficult for entrepreneurs to avoid “shiny object syndrome” and focus on one idea or one path forward for their business. In turn, entrepreneurs are more likely to switch from project to project and never find the traction they need to get the success they are after. I believe that this has gotten worse today because the attention economy is trying to wring as much ad revenue out of their users as possible. The solution is to reduce exposure to these systems to gain focus! – Nathalie Lussier, AccessAlly
2. The Pursuit Of Perfection Over Progress
Many entrepreneurs think everything must be perfect before it goes out into the world, but this mindset hinders growth. Instead, focus on gathering valuable feedback from the market and using it to make incremental—but consistent—progress. In the era of the internet, too many entrepreneurs are in the business of comparing themselves to the next person, leading to fear and second-guessing. It’s more important to be consistent in all you do, and we often say here at Fortress that “consistency compounds.” Don’t chase perfection, but seek to make progress every day. You’ll come out ahead. – Joel Mathew, Fortress Consulting
3. Resistance To Change
One thing I’m noticing among entrepreneurs, especially those who remember the world before the internet, is rigidness and resistance to change. Today’s business world is extremely dynamic. Customers have so much more information at their hands, and they also have a lot more options. As a business leader, you don’t really have time to make a sure-shot decision. You’ve got to work with what you have—and be ready to pivot immediately if it doesn’t work. This is the adjustment many people have yet to make. However, this change is inevitable. If you’re not adapting, you’re falling behind. – Samuel Thimothy, OneIMS
4. Technology Disruption
Technology disruption is the double-edged sword of the entrepreneurial world. It’s incredible how fast things are changing nowadays. Just when you think you’ve got a winning business model, boom! Take the example of artificial intelligence. So many companies are on the verge of shutting down now because AI is providing better solutions in many cases. But you know what’s exciting? These disruptions also create immense opportunities. New technologies can unlock doors you never even knew existed! AI also gave birth to so many new companies. Sure, it can be overwhelming to constantly adapt your business model, but think of it this way: Each adaptation is like a stepping stone to better things. Embrace a growth mindset and view change as a chance to evolve, improve and innovate. – Sujay Pawar, CartFlows
5. The Fear Of Failure
The fear of failure is a significant roadblock for entrepreneurs today due to the pressure to succeed in a fast-paced, competitive business landscape amplified by social media comparisons. This fear hinders risk-taking, innovation, decision-making and, consequently, business growth. To overcome this, entrepreneurs should embrace failure as a learning opportunity, adopt a growth mindset, seek mentorship and join supportive communities to normalize challenges. By reframing failure and fostering resilience, entrepreneurs can build stronger businesses and foster a culture of innovation for long-term success. – Kristin Kimberly Marquet, Marquet Media, LLC
6. Increasing Competition In The Market
With advancements in technology and globalization, the business landscape has become more crowded and competitive than ever before. Globalization has opened up markets worldwide, allowing businesses from different countries to compete with each other and increasing the number of players in every industry. In addition, technology advancements have lowered the barrier to entry, as entrepreneurs can start businesses with minimal capital; thus, there has been a surge of startups intensifying competition. The increase in the number of competitors has made it challenging for entrepreneurs to stand out and succeed in their ventures. – Eddie Lou, CodaPet
7. Economic Uncertainty
It’s the rollercoaster ride that keeps everyone on their toes: economic uncertainty! You never quite know what the economy has in store, and it can throw some serious curveballs at businesses and consumers alike. When the economy is booming, everyone’s in high spirits, and wallets are open wide. But then, just as quickly, a downturn hits, and people start tightening their purse strings. As an entrepreneur, navigating these fluctuations can be a real challenge. During uncertain times, consumer spending patterns can become erratic. People prioritize their essential needs, and luxury items take a backseat. So, if your business heavily relies on discretionary spending, you might need to buckle up for a bumpy ride. – Adam Preiser, WPCrafter
8. Comparison To Others
I think a big roadblock for entrepreneurs today is comparison. In this digital day and age where we have access to so much information and real-time updates, it’s easy to compare your business to your competition. Hearing about your competitor hitting a milestone, landing a press placement or celebrating a success can make you feel like you’re playing a constant game of catch-up or not performing as well. – Leila Lewis, Be Inspired PR
9. Complex, Unreliable Supply Chains
Entrepreneurs today are facing more complex (and less reliable) supply chains compared to those that existed just a decade ago. Unpredictable shortages and supply problems are likely to happen, but newer entrepreneurs are still struggling to adapt their expectations—and the promises they make to investors and partners. This is the case for a lot of reasons, including global tensions. These problems may ease up, but anyone making big moves now needs to be wary when promising or scheduling their projects. – Matt Doyle, Excel Builders
10. Information Overload
One significant roadblock many entrepreneurs face today is information overload. The accessibility of endless data, opinions and tools, while beneficial, can also lead to paralysis by analysis. In today’s hyper-connected age, the challenge is to filter relevant information and apply it effectively. What’s changed is the sheer volume and speed of information available. The key is to stay focused on your vision, values and goals, and to cultivate the discernment to utilize information that aligns with those guiding principles. This approach has helped Velvet Caviar stay agile and purpose-driven in a constantly shifting landscape. – Michelle Aran, Velvet Caviar
11. Employee Retention
A roadblock can be employee retention: the perpetual challenge in the cutthroat world of business! In an industry where venture capital funds and loss-making culture are present, retaining employees can be challenging for bootstrapped companies. With companies vying for the best and brightest minds, it’s like a talent tug-of-war out there. To solve this, know your employees’ needs. Conduct regular surveys, hold one-on-one check-ins and create channels for open feedback. You’ll catch any brewing discontent before it becomes a full-blown exit. In a world where the grass often seems greener on the other side, it’s all about creating an environment where your employees want to stay and grow. So, invest in your people and create a workplace they love. – Pratik Chaskar, Spectra