Setbacks entrepreneur should overcome

When you meet people who are presently successfully or have been successful, they will help you see that the situation they find themselves didn't start on a platter of gold..They took risks and felt they will at some point fail..They fight that seemingly look indestructible
They conquered what seems like a mountain to many others who have faced such situation and are afraid to take risk.

Let's take a look at some of the challenges an entrepreneur must overcome which was listed by   "know start up"

1. Seeking venture funding prematurely

One of the most common mistakes entrepreneurs make is seeking venture capital when they aren’t ready yet. If you’re not ready, the simple act of seeking funding can can sink your business. The solution is to know what you are — and what you aren’t.

You are probably not ready for venture funding if your growth is slow or if you’re not making money at all. Venture funders like to pile on after businesses have already shown the potential for rapid revenue growth.

2. Unscalable business model

Creating a business model with enough built-in elasticity to grow is a deliberate action — one that many founders either overlook or attempt too early. Before you attempt to grow, you have to identify your core users, ensure that your product reaches market fit, identify the marketing channels with the biggest return on investment and develop the resources to make scaling possible.

3. Lack of diversification

Entrepreneurs might put a laser focus on a single product, initiative or segment of the market — often with a disastrous outcome. They focused primarily on one product that was selling particularly well. The solution is to ramped up efforts on the other products and commit to make it work.

4. Wrong hiring

Every business has limited capital for personnel, so hiring the right people — and only the right people — is critical. You should only hire people who can do tasks that can’t be automated. Look for people who have more than one skill and can play different roles. Finally, put a premium on talent that brings ideas to the table — creativity is a crucial and undervalued trait.

5. Losing key employees

The problem with hiring great employees is that they have options. Whether they found something better or simply wanted a change, every business loses crucial employees who they believe to be irreplaceable. The company’s first responsibility is to fill the gap right away.

6. Losing key clients

Clients leave for greener pastures, as part of a change in strategy or simply to cut costs. For you, it might be your biggest client, but for them, you’re probably just one vendor out of many. When a major client departs, company leadership has two responsibilities, starting with making up for lost business and reassuring staff that everything is under control.

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Some contents taken from *know starts up*