Entrepreneurship is a challenging and demanding journey. Launching a new business can be a particularly tough task. American businessman Eric Blue, founder and CEO of Nevly, recently discovered that when launching his company in 2021.
People face multiple struggles during the process of starting a business. A good entrepreneur finds ways to overcome and push through those struggles. Those passionate about what they’re building find a way to make it work. Several challenges many entrepreneurs face when building a business might seem overwhelming but approaching them the right way helps.
7 Challenges Entrepreneurs like Eric Blue May Face
Developing a Viable Business Idea
One of the most significant challenges entrepreneurs face involves coming up with a viable business idea that has the potential to succeed in a particular market. Developing a unique and innovative concept that meets the target audience’s needs can be difficult.
It took years for Eric Blue to turn an idea of his into a viable business, launching Nevly in 2021. Once he realized the technology existed to make an impact with the use of Nevly, he started ironing out the details.
Conducting Market Research
Conducting market research matters to have success with any new business. Entrepreneurs must clearly understand their target audience and the competition they face. However, conducting market research can be daunting, particularly for entrepreneurs needing more experience in this area.
Blue knew that nothing like Nevly existed. Simplicity matters on the user’s end, but he didn’t want to create a company that lacked anything. He did research to understand the tools the consumer was looking, and was able to find the perfect balance between ease-of-use and enriching service.
Securing Funding
Getting funding is one of the most significant struggles entrepreneurs face. Launching a new business requires capital. Without funding, the company may never get off the ground. Entrepreneurs often have to pitch their idea to investors or secure loans. Both processes have their challenges.
Eric Blue invested much of his capital into his business, which some entrepreneurs may also require to keep their business venture going. During the development stages, Blue sometimes had no spending money for himself. He took on a huge risk putting Nevly together, which is a typical story among entrepreneurs risking it all for their next new venture.
Hiring the Right Team
Entrepreneurs often have to wear multiple hats in the early stages of business development. As the company grows, they must decide when it’s the right time to hire a team of skilled professionals. Finding the right people who share the same vision and can help execute the business plan takes time and effort.
Blue feels like the Hybrid 2.0 Working Model he uses for a work schedule helps build team culture. Employees only have to spend three days a week in the office, with one work-from-home day. Three-day weekends every week help keep employees refreshed and avoid any potential burnout.
Dealing with Legal and Regulatory Issues
Starting a new business involves various legal and regulatory issues. Entrepreneurs must register their businesses, obtain the necessary licenses and permits, and comply with tax and labor laws. These requirements can be overwhelming for some, particularly those needing experience in this area.
Blue’s legal background helps him, but most business owners seek help to handle legal and regulatory hurdles. It’s better to get it right early than to go back and fix a mess later on.
Managing Cash Flow
Cash flow management is crucial for the success of any business, particularly in the early stages. Entrepreneurs often need more funds and must ensure they spend their money wisely. Managing cash flow requires financial literacy and the ability to make well-informed decisions.
Eric Blue’s financial background helped in the formation of Nevly. His history in finance and teaching financial literacy helps manage his finances and cash flow for the business.
Marketing and Promoting the Business
Marketing and promoting a new business makes a difference when attracting customers and growing the company. However, developing an effective marketing strategy can be challenging, particularly for entrepreneurs who need more experience in this area. Outsourcing may be required to ensure maximum return on advertising and marketing efforts.
The process of marketing and promoting doesn’t end for a business. Instead, evolution is necessary. Eric Blue knows that each new service or update Nevly adds deserves the right level of marketing and promotion to bring in new users. His advice to other entrepreneurs is to be creative, do the homework, and ask for help if needed.
How Eric Blue Fought to Become a Successful Entrepreneur and American Businessman
Eric Blue dealt with many struggles as an entrepreneur. While everyone has a few things that ultimately motivate them to start or take over a business, his story is unique.
He may not have built a business like Nevly in the fintech industry without the financial struggles he faced early on. He witnessed his mom fighting for ways to get her finances in order. There was no real way to get help then, and he realized how little the average person generally knew about personal finances.
Those issues inspired him to pursue higher education and eventually work in financial-related industries. He wanted to turn money into a positive and succeed at the corporate level. Still, a lack of fulfillment kept him from having the type of joy he thought he would. He knew it was time to go all-in on his entrepreneurial ambitions.
Pushed a bit by the pandemic, Nevly officially launched in 2021. Instead of feeling a lack of motivation to work in the corporate world, it was easy to jump into work each day with the development of Nevly on Blue’s mind.
As Eric Blue puts it, he went to the right schools, landed great jobs, and surpassed goals he never thought possible. But something was still missing. His desire to positively impact others helped him create Nevly and continuously innovate to build it into the best company it can be.
Handling Struggles as an Entrepreneur
Entrepreneurs must have a support system to help with the highs and lows of launching a business. It often feels like a lonely, hopeless venture, but a great business will emerge if key principles like those above are applied. Entrepreneurs can sometimes doubt what they do, but it’s all a process that can lead to amazing results.
Eric Blue knows he’s in a much better spot than a few years ago. With that said, there are still everyday struggles when running a business. Taking everything in stride and building a solid team helps tremendously.
Anyone motivated by the right reasons increases their chances of having success overall. Most top entrepreneurs succeed because they don’t see it as work. If it’s something they love and want to do daily, staying committed to the work is never an issue.
