Entrepreneur Levi King shares his experience of starting his own business and the challenges new entrepreneurs may face in their first two years. King emphasizes that starting a business is a full commitment, not something to be done part-time or with half-hearted efforts. New entrepreneurs often face unexpected challenges that test their resilience and adaptability, but learning how to respond to these hurdles can become second nature.
One of the primary challenges King identifies is cash flow management. New business owners often underestimate the necessity of maintaining a healthy cash flow, struggling to balance expenses while trying to grow their businesses. This can result in difficulties in managing payroll, paying vendors, or investing in necessary equipment. To overcome such challenges, King suggests entrepreneurs develop solid financial management skills, seek additional funding sources, or adjust their business models.
Another challenge is the time commitment required to run a small business. New owners often find themselves juggling multiple roles which can lead to burnout. Effective time management and delegation become crucial survival skills.
Lastly, King highlights the challenge of adapting to market transformations and technological innovations. The business landscape is constantly changing, and small businesses need to adapt quickly to remain competitive.