Having a hyper-connected Internet society is not only a challenge for countries, but also for companies, who must adapt to new consumer behaviors. As a matter of fact, there are many organizations that are shifting to the digital landscape, and it results in the surge of competition and opportunities for entrepreneurs.
Thus, new entrepreneurs who wish to have a complete online presence or who want to complement their physical operation with digital will have some challenges to be competitive in the digital business environment. Glenn Summerfield is a technology entrepreneur, innovator, and investor. He is the Founder and CEO of WorldERP and has spent an enviable career as a computer scientist and technology entrepreneur.
According to Glenn Summerfield, “the reasons why entrepreneurs fail in their first attempts to enter the online world are due to lack of indicators or business objectives, poor planning, problems in execution or failures in the business hypothesis, and lack of exploration of new markets.”
Being an entrepreneur is an adventure that the professional stars are looking for ways to solve the challenges that arise. One of the great challenges is to find a way to materialize the business idea in a specific project since, in this step from the idea to reality, there are many conditions that can be limiting. For example, the budget available for the project.
- Lack of penetration in digital markets
One of the challenges that entrepreneurs can find in Latin America is to place their products on the market since they have to face the pressure of their competition, both online and physical, which forces them to limit their growth, reduce prices and Decrease business profitability.
- Integration of several generations in a single business objective
Companies are made up of different generations, such as Millennials, Generation X, and some Baby Boomers, which means that if a new business idea wants to make the leap to digital, the company must attract the necessary talent and with the right profile to make it.
- Tools that boost the operation
The environment is more challenging due to training, professionalism, and migration towards digital tools. It is almost impossible for an entrepreneur to carry out an idea or incorporate a business if they do not have tools such as access to an email account, website, receive electronic payments, or billing.
- Access to technological talent
Another of the difficulties of entrepreneurs in digital matters is access to software developers or engineers in specialized technical areas. This is a major obstacle, since, if it is not resolved quickly, it can slow down the implementation of new projects and ideas.
Undoubtedly, entrepreneurs must face these challenges to get into the digital era and take advantage of all its advantages, through tools such as Big Data and Analytics, Internet of Things (IoT) and Cloud Computing.
- Update vocational training
One of the challenges that an entrepreneur must face is the updating of their knowledge since the most common is that the professional becomes aware that there are areas of the management of a business that he does not know. To be able to give a better response to the needs of the project, it is also positive to study and invest time in knowledge in the face of the challenge of personal limits.
- Accept the uncertainty of the future
An entrepreneur risks time, money, effort, and personal illusions when deciding to undertake. An investment that is made without having one hundred percent guarantee of success. For this reason, the challenge of controlling this uncertainty is the key since if the fear of failure becomes an obsession, it can be a cause of the blockage.
- Living with loneliness
Beyond the positive effects of networking, the task of entrepreneurship is very lonely. And this is one of the main challenges facing any entrepreneur who has to make very responsible decisions assuming the consequences of their actions. This feeling of loneliness can also increase because the dedication that an entrepreneur dedicates to his business is usually greater than eight hours a day, so leisure time is also reduced.
The entrepreneur faces the challenge of living up to his dreams to become the best version of himself in the pursuit of professional and personal excellence.