Entrepreneur's Toughest Challenges

A hundred years ago when there was a shortage of skilled laborers, you could become an entrepreneur by merely being a good craftsman with a tool box. Back then developing marketable skills was not easy.  To develop skills was a selective and comprehensive, once-in-your-lifetime process. A few years ago the shortage of skilled IT workers may have temporarily created a similar labor environment. The big difference between then and now is the incredible speed in which a workforce learns new marketable skills. “Yes, you too can become a computer programmer” in just a few months but remember you won’t be alone in those classrooms. And with the information age, classrooms are being replaced by DVDs and internet webinars that make it even easier to become skilled. Clearly technical skills are now abundant.

So anybody working in technical areas today should expect immense competition, commodity wages and constant re-learning.  I’m not saying technical skills are no longer important to the entrepreneur.  These skills are vitally important and will continue to be.  My point is that to be a successful entrepreneur today you will need to offer more than technical knowledge. To be successful, you will need to develop visionary entrepreneurial skills, marketing skills, management skills and financial skills.  

What if don’t have all these skills?  It’s actually a very rare and freakish individual that posses all these skills.  It’s ok to be weak in one or two areas as long as you understand your weaknesses and compensate for them.  Understanding and accepting your own skill short comings is one of the most important challenges confronting an entrepreneur. In the long run, searching for and surrounding yourself with partners who are skilled in the areas where you are weak will largely determine success or failure.

Irv Williamson

Managing Partner

Growth Guidance Solutions LLC