Hello Aluxers, these are the 15 challenges every entrepeneur will face! Start your own Online Store: www.alux.com/sell Get the free audiobook: www.alux.com/freebook
@@thelittestlightskinnigga8507 Millionaires will or currently are the new "hundredaires" the billionaires are the new millionaires and the trillionaires will be the new billionaires. (With exception of the Rothschilds) can you imagine someone becoming a trillionaire? Countries will come and ask you for a loan lol.
What an amazing video to watch in 2021 1.Self doubt 2. Lack of resources 3. Sacrificing Security 4. Lack of real support from those around you 5. Technical know how 6. Ability to multitask 7. Industry changes 8. Taxes, lawyers and more formalities 9. Find, hire and fire employees 10. Complete ownership of everything that happens 11. Loneliness 12. Finding customers 13. Problem solving and risk management 14. Competition 15. Failure 16. Dealing with success..........................All the best entrepreneurs!
1. Self doubt 2. Lack of resources 3. Sacrificing security 4.lack of real support those around you 5. Technical know how 6. Ability to multitask 7. Industry changes 8. Taxes, layers and other formalities 9. Find,hire and fire employee 10. Taking ownership of your business 11. Loneliness 12. Finding customers 13. Problem solving and risk management 14. Compitation 15. Failure 16. Dealing with success
Because unfortunately most people want it easy :) and the quantity doesnt necessarily mean that something is right ..if you are watching this channel only for the pinpoints i can definitely guarantee you wont make any progress in your life, have a good day
I ACCEPT THE CHALLENGE. 😍😇 I'm a single mom and run an online store then now few physical stores. I can relate to this. Thank you Alux for being around. Everytime I feel down I just visit your channel and watch any of your videos. Few minutes afterwards I'm recharge and back to work mode.
I wish you all the success in the world also keep revisiting Alux as these videos give me far more information that books. if you want to know more about the problems that startups will face, please check out the link. ruclips.net/video/S60gvZ6kk2A/видео.html
@@anamericanentrepreneur Yes, I agree. I have to keep telling myself that 30 minutes here and two hours there still counts towards getting my start up running 💯💯💯 Discipline and consistency is a must. I have to CHOOSE them everyday
I accept the challenge: We went blindly into a Commercial Cleaning franchise and realized that what we made was not enough to hire employees. We didn't want that to stop us so we worked seven days a week more than 10 hours a day. We wanted to grow the company so we had to figure out how to get help that we trusted to leave alone in the accounts that we had. We now have three contractors and two others who are on call in case we need them. There is always a new challenge but thanks to your videos and to other videos on youtube, lots of online research, our accountant and lawyer we have been able to figure out things and have been growing year after year. I started all this after receiving a treatment for muscular dystronhpy I was able to return to work after being out for about 10 years and was not getting hired. My husband (boyfriend at the time) suggested I opened a franchise and worked for myself. We got the information and did it. Here we are today. Thank you
@@RandyRyanCandy yep but failed, cause I didn't have enough money. I actually persuaded some university students to join me and they did, which was really strange and amazing at the same time, we started programming for our game but got stuck due to not having enough money so I just called it out and say I will start again after saving up for more money by next year when am in the university I will restart.
Princewill Ifeanyi Onyejeni That’s beautiful and amazing regardless! The fact you tried and pursued what you put your mind to. Now time to try again and something different :) Good luck with your next endeavour amigo! 👌🏽💯
Damn you took action Will!....alot of people don't execute their idea. I would say you should sat down with your team and creativty thought of way you guys can build capital. Watch videos and articels about that creative ways to get capital.
I accept the challenge. One way to overcome these challenges is to keep being motivated: talk out loud to yourself, move around(especially if you're in front of a computer whole day), make RUclips videos, meet people, talk to strangers
I think over the past couple years I was in business i've gone through most of these a few times and came back fighting .. and have to go through alot of them again recently and am adapting now and working on taking a new path. It's difficult many times to see the best path. Competition a number of times has almost wiped my business out .. but I came back fighting and the last step I did a bit ago was to move my business to another location away from the competition that had what seems like endless funds .. which I didn't have. Resources has been another challenge i've had too .. now i'm trying to rebuild them. Those have been my greatest challenges lately. I also almost gave up fora while there because of how difficult things got for me .. but I had a few people that helped me get back on my feet. Now I just need to get back to where I need to be with the business again.
Don't go into debt or go public either, one is a millstone around your businesses neck, the other is you now work for other people who's money you took.
Another great video. I have been through all of these phases and even the last one. My advice to other entrepreneurs is to never give up. And I don't mean give up on a business idea, you will sometimes have to give up on those. And if nobody is buying, you may have to give up on a market. But never give up your drive and your passion. If something isn't working, change direction but never stop. You will have tons of people telling you it isn't possible, or that you can't do it (even yourself). Listen to advice, ponder it but never let it leave and use it to your advantage. And when you are successful, try to stay humble, still listen to people and watch out for fake people because more will come and you will need to fine tune your bullshit radar. That's all.
I accept the challenge Alux! - I always look forward to these Sunday motivational videos. Let’s me know I’m on the right track, no matter how hard it may seem at times, and speaking of time… the time it takes to get things to where you need them to be is always underestimated, think of your business as a diamond; diamonds form over thousands if not millions of years, and take a lot of time to grow, a lot of time, pressure and literally the weight of the world. I hope you all get my analogy. So, to all my fellow aluxers know that things will take more time than you anticipated. Keep striving for your dreams aluxers!
Challenge accepted. Just an update, one challenge to overcome is to be ready to do “immoral” or “shady” things that are perfectly legal but leave you feeling like you have no soul. This part of practices fall under the “finding creative solutions” to a problem. I miserably fail at doing this and paid for the price. Remember, business is business, treat it as such. I’m about to go at it again and will definitely watch out for this. If you are reading this, remember, you are magnificent! May you find success in life and share the joy with your loved ones.
Great video. However, there's one more hurdle I think many new entrepreneurs face. Let me explain my venture first: I have some booths at various peddlers malls. Most of my competition consists of older, wealthier people, who had money to begin with and started with more resources. I don't really carry the same things so I don't see them so much like direct competitors, but rather more like neighbors. To me, our businesses are no more competition than a grocery store is competition with the drug store across the street. However, I did not realize there is a culture in these places where the established vendors feel it necessary to things to keep me vendors from success, regardless of the impact they vacant booths have on their own businesses. (Vacant retail space almost always turns customers away from a mall. ) Behaviors I've witnessed include: Removing price tags ) which renders the sales staff unable to sell the item until the vendor who owns it can replace it) Walking into a crowded both (posing as customers) and making disparaging remarks about the products "Accidentally" damaging pricier merchandise Claiming other merchants' merchandise as their own. For my business, these activities have certainly slowed the progress of my budding enterprise, but not significantly. And, when vendors get caught stealing from other vendors or outright damaging other's property, there are repercussions, of course. But my biggest challenge was being caught off guard by the culture of the industry, because I had to play catch up, mitigating damage to the business, rather than circumventing it in the first place. When you're working with fewer resources than the other vendors, replacing scarce resources is a problem.
Loneliness was probably the biggest surprise in my first business. Of course i accept the challenge, it isn't easy but we'll make it guys! Appreciate this community.
I ACCEPT THE CHALLENGE!! I'm just starting my first business. The Business plan has been written up and I'm not just about to register with Companies House in the UK. It would be amazing if you could create a "15 steps to starting a business in the UK" as it's a struggle to find the correct information. Thank you for your hard work and keep up the great work.
@alux I accept the challange ... And to answer your question .. FAILURE was the biggest challange I had to overcome in my previous startup. I learned a lot from the mistakes I made. And rest assured, am never gonna repeat them again .. for those who read this .. in a startup, you keep absolute control unless you are sure that relinquishing control is the best option.. and NEVER TRUST ANYONE. NOT EVEN A DECADE OLD FRIEND. What dsnt kill you ..makes you stronger and stranger too .. ~Joker
Challenge accepted decades ago. Today am working on securing a $179.3M project that comes with another $23.9M upfront which literally no one else knows is even in the works. First in line doesn't mean much if the deal is mass produced but it does mean something considerable when the deal is so super rare that maybe 100 people on the planet will even know the details after the deal is signed, sealed and delivered. I think the hardest part, for me personally, was just getting started and doing it. I remember being filled with ideas and inspiration and then deciding to take a nap instead of doing what needed to be done. Then I met the first among many who had served in Special Forces. And I realized that I was only oppressing myself by repeatedly making the decision to snooze when I should be charging forward. One of the things I trained into my brain is the motto for the Green Berets = De Oppresso Liber. They say it means to free the oppressed but the literal translation is from being an oppressed man to being a free one. I look at it this way. You can't help free the oppressed unless you free yourself first. I suppose that's a different spin on charity begins at home. Among the other lingo I programmed into my brain was what Navy SEALS teach in BUDS = be decisive, be aggressive and be ruthless. Take that however you will but I take my business seriously and that means I take my time just as seriously. I don't bother with watching tv shows, the news, or keeping up with the latest in movies, music, spectator sports, video games or even in hanging out with people on any sort of regular basis. I do me and I do me very well. Now, someone I have known all my life likes to say that "all businessmen are crooks and scoundrels who just want to screw over as many people as they possibly can so they can get rich." But I noticed, a long time ago, that one of the things he likes to do is steal your time by asking you to help him with something he's working on. He disrespects other people so much that his usual offer is for you to drop what you're doing to help him and he won't even pay you for your time. He'll even say to your face that your time isn't worth a nickel while he smiles at you. So who's the real scoundrel and crook? Yeah, you have to fight through that type of bullshit and for me that means using the type of thinking that special forces operators have instilled in them through their training and experiences. Today, I will tell you that owning your own business is easy. Anyone can launch a business, incorporate, put up a website and have a telephone number. Crap like that takes less than one day. But being successful is an entirely different game. Success, particularly over an extended period of time, is what separates the men from the pussies or however you want to say it. A number of years ago, my mother told me "well, not everyone can own their own business and be wealthy." And I remember saying to her "that's right, but who cares about everyone else? Do millions of people lose sleep at night worrying about my health and welfare?" She's right though. Being a successful entrepreneur isn't for everyone. You've heard that there's a special place in Hell reserved for certain people. I like to think there's a special place on Earth reserved for truly successful entrepreneurs. It's one thing to be self-employed. It's another thing to own a franchise of some sort. And it's a wholly different thing to own your own small business that you built from scratch. But being among those who own a multitude of distinct businesses, which often have next to nothing to do with each other, and to keep expanding into the global marketplace as well as re-entering the marketplace with your latest business adventure (pun intended) is so rare that you really can't speak about it much at all in a casual conversation because the average person seems either mystified or mortified at that many balls in motion simultaneously and usually winds up saying they have a headache (I call it brain pain) and ends up staring at you from across the room for the remainder of the evening because they have yet to stretch their brain to allow for those facts. I like to think when they are staring at me from across the room that they are trying to find a shelf in their brain to place me on and that some of the men anyway are standing there building that shelf in their brain for me as they literally stare without blinking in some strange state of self induced semi coma. It's a little odd to engage in introductions with someone and then have them stare at you the rest of the evening from a distance, especially when you already knew their name, face and story and you're the unknown commodity, but I usually just keep a light smile on my face and nod at them when I happen to glance back. The women though! I could write a book just on that nonsense. Haha! You ever wanna hear some really funny stories and I'll have to write that book about all the hullabaloo, malarkey, jibber jabber and mumbo jumbo that so many women bring to the table. It's ridiculous. What gets me the most is how they seem to be under the impression that what they are presenting to me, after they get a glimpse, is somehow unique and special and that no other woman has ever tried those tactics. I guess they think it's my first rodeo. Maybe they think I'm like Bill Clinton. He's a whore you know. So I came up with a little game I play just to entertain myself but I'll do myself a favor and save the details for that book. Bottom line on the entrepreneurial stuff. Make your life an adventure or a series of adventures. Be unique. Breath. Relax. Know that you'll fuck it up at times and that that's perfectly fine as long as you aren't stupid enough to put all your eggs in one basket. Let go of negativity. Learn from life. Accept your own death. Because it's coming. Smile anyway. Bring your A game. And fuck the people who tell you that you can't do all of that. Or at least fuck them politely. And remember to laugh like a kid because if you can't find the humor in life, to enjoy it while it's happening and be able to laugh along the way, that might very well be your downfall. And always keep a surprise in your pocket and up your sleeve. Never Quit.
Challenge that crushed my first REAL business: Employee overhead/payroll. I hired too many people too soon. And I paid too much for a start-up. Paid them beyond their expertise and experience, trying to be "a good boss." If I'd paid them the minimum for their job description, I could've floated a couple more months until I raised more capital. Lessons earned!!
Yes, I am just afraid to take the first step. Before the end of this week, I will start the drop shipping store/business that I have been afraid to start.
@Superslav26 thanks, not long just discovered King, a few days back but I'll check out the other guy. I appreciate brother. And what ever happens, I will tell you
About 10 years ago, I attempted to shoot my very first independent film...and faced about 14 of these challenges. I didn't succeed in completing it. I did succeed in learning from it and attempting again after almost 10 years of self doubt about it. I accept the challenge and this time, I'm going all the way. I know what to expect and I know how to push through.
The challenge I faced when I started my own business was having people with similar vision as I do and also finding a good Supplier for the business. And honestly there are countless challenges in business. You have to stay motivated and always remember why you started it in the first place to keep on going forward and moving with the times. It's all hard work. But Thank you to Alux you guys keep me and my team going its all good stuff.
As a delivery service I have to compete with 2 other local delivery services in order to survive.... This is my biggest challenge, staying at the top of my game so I don't succeed growth to my competition. I manage by taking care of my health, both mental and physical. Therefore I am in fighting shape to tackle the plethora of problems that comes with running an enterprise.
I have been following all your videos from Mondays to Sundays. The impact of what I have learnt is so evident in my life. I am planing to start with the audio books this year 2019, and I know for sure its going to double impact. I so much appreciate the massive content of value you are delivering I am learning, I promise to match what I am learning with actions. Thanks so much God bless you and this community
The biggest challenge I faced was to find a mentor. I was mislead for 2 years. Another was to understand people around me. Who is real and who is fake. Still learning how to deal with it.
I recommend David J. Lieberman's books: How to read anyone (never be fooled, lied to, or taken advantage of again) and his book 'Executive Power'. Also, Robert Greene's 48 Laws of Power can help you recreate yourself into someone more difficult to abuse. ~Hope those help man... good luck & good fortune :)
You always come up with the right content at the right time. 1.Loneliness 2.Sacrificing Security 3.Lack of real support those around you 4.Lack of Resource 5.Failure
Great Video, I started my first startup few years ago and I can totally relate to this. Currently I publish videos on business and finance in Hindi(For Indians ).
You are always right! When I watch your videos I feel you understand my mind, most of the people believe that I am doing everything wrong because I am not following the mainstream.
*To live is to express, and to express you have to create. Creation is never merely repetition. To live is to express oneself freely in creation!* *Bruce Lee :)*
I started the first business with the wrong partner. The dreams were big but the will to put in the effort was miles apart. This ended up destroying a 13 year long friendship.
Challenge accepted. - One thing I have learned from my pass trials of owning my own business is knowing that nothing last forever. However, if you have a passion Keep reaching for it. It may not come the way you expected but just Keep on Keeping on. Wish me luck fellow Aluxers. And all the best to you guys too!
One of the most challenges I have faced in this road. Is hiring the right guy for the right job. You don't know how hard it is to hire the right employee these days. but I believe in 'Hire slow, Fire fast'. Take it slow and you will find the right guy. I accept the challenge!
I accepted the challenge when I challended Myself to make my life better. I have challenged myself to stop dreaming about wanting a better life and have started as of last July to go after what I truly want in life. I have found that I prefer being my own boss and while it is a struggle I don't ever want to stop doing it either.
The hardest part is failing and keep trying while paying the bills, keeping your family happy, and pretending to be okay and mentally relaxed. But obviously giving up is just not an option.
My first major challenge, has been social proof on the e-commerce. A problem that I had to learn to fix. & I'm still learning to improve & still improve
Challenge accepted. I'm in the beginning stages of my new business venture. For me, my biggest struggle is bringing in customers and I'm taking action by understanding the market
Along with disbelief, narrowing your focus to do one thing in business is also very important as initially we start with so many ideas! Great job Alux🙂👍👍👍😘 Challenge accepted
I'm 13 and I have started 2 businesses. Some challenges I faced were that customers dont appear randomly, like you said, and although I expected it, I had to work from 10 am to 6 am the next day, which was a struggle and then I had to multitask both in my businesses and with school.
I had to concentrate on the outcome and disregard the process. I was hustling on the streets of NYC. I dressed up all in Pink to stand out. It was embarrassing at first but the results were amazing. Pink is now my favorite color.
After 10 years in oil industry I started my own business the biggest Challange is finance and people trust but I am really optimistic that I will over come it soon
Something that I did not expect....one of my staff members to cause $11,000 worth of damage to our product. As anew business (4 years) this is a HUGE blow. Until we are completely back from this blow, we must stay ultra green
I accept the challenge. But I have disabled people at home to take care of. So I'm keeping my full time job and will be dedicated to it as well. I'm hoping to learn to sleep considerably less and to work smarter, harder, longer and hope that that will be enough.
I'm not an expert but I don't think to sacrifice sleep is the right choice. It ruins performance and can be dangerous if you drive. I would suggest finding a way to delegate some of your responsibilities. See if you can hire a babysitter to free up an hour or two so you can focus on your dream. Maybe there is some robots or apps that can help free up a few more minutes. I'm in a similar boat and I know it is not easy. Good luck and good fortune man :)
@@marshallgosbjorn8704 I know that you are right. I said that after getting a good night's sleep. It can work for you for a couple of days, but after that performance begins to suffer. Thank you for your comment. Glad to hear from a kindred spirit. Good luck to you.
I accept the challenge it's really giving me more of a chance to keep learning and growing right now I'm talking my time completing small tasks and then asking questions from my mentor thank you alux.
I can relate to all the 15 points and one big part I face is the debts we fall into even though we try to control it by predicting and being optimistic but failure is bound to be there. I am still in middle of this journey so let’s see where it goes...
The challenge you forget is how much work it really takes before you get traction and it can take 2 years of hard work before you see any results. You need to keep adapting till you get the right combination
Thank you Alux for the amazing advice you guys provide. You guys are a huge motivational my life. I know that I have to continue to put in the work. Slowly but continuously I will strive for a better future. I accept the challenge!!
I accept the challenge. I watched the video about starting a business then this one on the challenges. As I stated on tge last one, I run a non-profit food program with my family and started a cleaning business. I accept the challenge to grow both of them equally.
SACRIFICE .This is a big one .Driving peice of shit cars , eating cheap food , drinking piss poor beer, living in a camper while you rent your house , all to have some operating capital or to make it through a bad month. This also applies to time. Studying books , vids , and not enjoying things like many of the poor people do such as football games ,TV, FB, parties and other time wasters ( I consider these time sinks when building a business) .
A lot of people WHO have attained a decent amount of saving Are sometimes SCARED to take the LOSS on new business.. /// sometimes, but I never let that stop me.. I'm ready for any challenge
I fixed bikes when I was 11, the prices weren’t so good. To low and to low, I was a kid who was not really interested in the learning curve for the next level of class. The wealth.
in life i am constantly facing a big problem. The decision problem. I feel confused often whether this decision is right or wrong. Wrong approach i think because no one can say this thing will work we have to go and try and then come back and change our decision based on the results and experiences. Oh amazing so i found the solution to my mistake.
Challenge accepted!! One of the things I noticed was how people who I knew in the industry who I thought would help start laughed and rejected me until I outgrew them. Then they begged for my patronage!!
In my first business, I would have liked to have a mentor. I was doing well but when I came across my first big problem I was not sure how to handle it and it felt overwhelming.
I am a 17 y/o boy. I really do get inspired by stories of Bill Gates or Jeff Bezos. I wish to be an Entrepreneur just like them . Alux helps me a lot to boost my confidence. I just want to say Thank you to Alux.
Hello Aluxers, these are the 15 challenges every entrepeneur will face!
Start your own Online Store: www.alux.com/sell
Get the free audiobook: www.alux.com/freebook
plss prepare a video on stock market
Alux.com What you should of said was. "Welcome to Alux.com Where Future Trillionaires, Come to Get Inspired"
@@thelittestlightskinnigga8507 Millionaires will or currently are the new "hundredaires" the billionaires are the new millionaires and the trillionaires will be the new billionaires. (With exception of the Rothschilds) can you imagine someone becoming a trillionaire? Countries will come and ask you for a loan lol.
One of my first failures in my business was mixing friendships and business. Even now I’m still perfecting the separation of it at a minimum extant.
I Heart You Guys ! 😍
What an amazing video to watch in 2021 1.Self doubt 2. Lack of resources 3. Sacrificing Security 4. Lack of real support from those around you 5. Technical know how 6. Ability to multitask 7. Industry changes 8. Taxes, lawyers and more formalities 9. Find, hire and fire employees 10. Complete ownership of everything that happens 11. Loneliness 12. Finding customers 13. Problem solving and risk management 14. Competition 15. Failure 16. Dealing with success..........................All the best entrepreneurs!
😅😅😅😅
1. Self doubt
2. Lack of resources
3. Sacrificing security
4.lack of real support those around you
5. Technical know how
6. Ability to multitask
7. Industry changes
8. Taxes, layers and other formalities
9. Find,hire and fire employee
10. Taking ownership of your business
11. Loneliness
12. Finding customers
13. Problem solving and risk management
14. Compitation
15. Failure
16. Dealing with success
R13 u r doing bad than good, this aint cool! They didnt do a recap for a reason so stop being harmful!!
Then why 40 likes on comment
Because unfortunately most people want it easy :) and the quantity doesnt necessarily mean that something is right ..if you are watching this channel only for the pinpoints i can definitely guarantee you wont make any progress in your life, have a good day
She talks alot while her voice modulation is boreing
R13 i
I ACCEPT THE CHALLENGE. 😍😇
I'm a single mom and run an online store then now few physical stores. I can relate to this. Thank you Alux for being around. Everytime I feel down I just visit your channel and watch any of your videos. Few minutes afterwards I'm recharge and back to work mode.
Do well in the future 🤗
I wish you all the success in the world
also keep revisiting Alux as these videos give me far more information that books.
if you want to know more about the problems that startups will face, please check out the link.
ruclips.net/video/S60gvZ6kk2A/видео.html
One of the biggest challenges as an Entrepreneur is executing on the idea!
@Patrick Luy The guy you see in a mirror is on your side, and will be to the end, no matter what obstetricals you encounter.
Yes!
I have found that you have to chop it up in smaller pieces vs one big swipe!
@@anamericanentrepreneur Yes, I agree. I have to keep telling myself that 30 minutes here and two hours there still counts towards getting my start up running 💯💯💯 Discipline and consistency is a must. I have to CHOOSE them everyday
@Juke Box Hero ..Always
I accept the challenge:
We went blindly into a Commercial Cleaning franchise and realized that what we made was not enough to hire employees. We didn't want that to stop us so we worked seven days a week more than 10 hours a day. We wanted to grow the company so we had to figure out how to get help that we trusted to leave alone in the accounts that we had. We now have three contractors and two others who are on call in case we need them. There is always a new challenge but thanks to your videos and to other videos on youtube, lots of online research, our accountant and lawyer we have been able to figure out things and have been growing year after year. I started all this after receiving a treatment for muscular dystronhpy I was able to return to work after being out for about 10 years and was not getting hired. My husband (boyfriend at the time) suggested I opened a franchise and worked for myself. We got the information and did it. Here we are today. Thank you
Seriously,when I hear that business is challenging, it makes me even more excited to try it.
So have you tried it? :D
@@RandyRyanCandy yep but failed, cause I didn't have enough money.
I actually persuaded some university students to join me and they did, which was really strange and amazing at the same time, we started programming for our game but got stuck due to not having enough money so I just called it out and say I will start again after saving up for more money by next year when am in the university I will restart.
Princewill Ifeanyi Onyejeni That’s beautiful and amazing regardless! The fact you tried and pursued what you put your mind to. Now time to try again and something different :) Good luck with your next endeavour amigo! 👌🏽💯
@Will Matthew, make sure that you actually restart, don't somehow lose the drive man!
Damn you took action Will!....alot of people don't execute their idea.
I would say you should sat down with your team and creativty thought of way you guys can build capital. Watch videos and articels about that creative ways to get capital.
My main challenge in starting a business was how to keep customers happy. Customer satisfaction was definitely not easy.
Deliver on what you promise.. that's pretty much it!
there wont be customer satisfaction if there are no customers. customer acquisition is more important
I accept the challenge.
One way to overcome these challenges is to keep being motivated: talk out loud to yourself, move around(especially if you're in front of a computer whole day), make RUclips videos, meet people, talk to strangers
I talk to myself all the time. It keeps you accountable to parent yourself
I think over the past couple years I was in business i've gone through most of these a few times and came back fighting .. and have to go through alot of them again recently and am adapting now and working on taking a new path. It's difficult many times to see the best path. Competition a number of times has almost wiped my business out .. but I came back fighting and the last step I did a bit ago was to move my business to another location away from the competition that had what seems like endless funds .. which I didn't have. Resources has been another challenge i've had too .. now i'm trying to rebuild them. Those have been my greatest challenges lately. I also almost gave up fora while there because of how difficult things got for me .. but I had a few people that helped me get back on my feet. Now I just need to get back to where I need to be with the business again.
Please make more video about Entrepreneurship. 💓💛💚
Shabir Khan yes!
Don't do partnership. No one will have the same drive or mindset as you
agree👍
Don't go into debt or go public either, one is a millstone around your businesses neck, the other is you now work for other people who's money you took.
Don’t do business with friends or family. It has always finished in the end of a friendship for me. Friends are too valuable.
@@davidrobinson5581 facts so true
Another great video. I have been through all of these phases and even the last one. My advice to other entrepreneurs is to never give up. And I don't mean give up on a business idea, you will sometimes have to give up on those. And if nobody is buying, you may have to give up on a market. But never give up your drive and your passion. If something isn't working, change direction but never stop. You will have tons of people telling you it isn't possible, or that you can't do it (even yourself). Listen to advice, ponder it but never let it leave and use it to your advantage. And when you are successful, try to stay humble, still listen to people and watch out for fake people because more will come and you will need to fine tune your bullshit radar. That's all.
I accept the challenge. Come what may, I will keep on moving forward. 🙏👌💪
Go get it David!
I accept the challenge Alux! - I always look forward to these Sunday motivational videos. Let’s me know I’m on the right track, no matter how hard it may seem at times, and speaking of time… the time it takes to get things to where you need them to be is always underestimated, think of your business as a diamond; diamonds form over thousands if not millions of years, and take a lot of time to grow, a lot of time, pressure and literally the weight of the world. I hope you all get my analogy. So, to all my fellow aluxers know that things will take more time than you anticipated. Keep striving for your dreams aluxers!
I love the Sunday motivation videos. This one was of great value. Thanks!
My own ignorance was my challenge. I didn’t know how much it would actually cost me to learn. But the experience is irreplaceable.
Challenge accepted. Just an update, one challenge to overcome is to be ready to do “immoral” or “shady” things that are perfectly legal but leave you feeling like you have no soul. This part of practices fall under the “finding creative solutions” to a problem. I miserably fail at doing this and paid for the price. Remember, business is business, treat it as such. I’m about to go at it again and will definitely watch out for this. If you are reading this, remember, you are magnificent! May you find success in life and share the joy with your loved ones.
Great video. However, there's one more hurdle I think many new entrepreneurs face. Let me explain my venture first: I have some booths at various peddlers malls.
Most of my competition consists of older, wealthier people, who had money to begin with and started with more resources. I don't really carry the same things so I don't see them so much like direct competitors, but rather more like neighbors. To me, our businesses are no more competition than a grocery store is competition with the drug store across the street.
However, I did not realize there is a culture in these places where the established vendors feel it necessary to things to keep me vendors from success, regardless of the impact they vacant booths have on their own businesses. (Vacant retail space almost always turns customers away from a mall. )
Behaviors I've witnessed include:
Removing price tags ) which renders the sales staff unable to sell the item until the vendor who owns it can replace it)
Walking into a crowded both (posing as customers) and making disparaging remarks about the products
"Accidentally" damaging pricier merchandise
Claiming other merchants' merchandise as their own.
For my business, these activities have certainly slowed the progress of my budding enterprise, but not significantly. And, when vendors get caught stealing from other vendors or outright damaging other's property, there are repercussions, of course.
But my biggest challenge was being caught off guard by the culture of the industry, because I had to play catch up, mitigating damage to the business, rather than circumventing it in the first place.
When you're working with fewer resources than the other vendors, replacing scarce resources is a problem.
How did you overcome this? Or what is a good way to deal with it?
Loneliness was probably the biggest surprise in my first business.
Of course i accept the challenge, it isn't easy but we'll make it guys!
Appreciate this community.
I ACCEPT THE CHALLENGE!!
I'm just starting my first business.
The Business plan has been written up and I'm not just about to register with Companies House in the UK.
It would be amazing if you could create a "15 steps to starting a business in the UK" as it's a struggle to find the correct information. Thank you for your hard work and keep up the great work.
Please make a video on trading industry (stock market).
Thanks in advance
@alux I accept the challange ...
And to answer your question .. FAILURE was the biggest challange I had to overcome in my previous startup. I learned a lot from the mistakes I made. And rest assured, am never gonna repeat them again .. for those who read this .. in a startup, you keep absolute control unless you are sure that relinquishing control is the best option.. and NEVER TRUST ANYONE. NOT EVEN A DECADE OLD FRIEND.
What dsnt kill you ..makes you stronger and stranger too .. ~Joker
Challenge accepted decades ago. Today am working on securing a $179.3M project that comes with another $23.9M upfront which literally no one else knows is even in the works. First in line doesn't mean much if the deal is mass produced but it does mean something considerable when the deal is so super rare that maybe 100 people on the planet will even know the details after the deal is signed, sealed and delivered.
I think the hardest part, for me personally, was just getting started and doing it. I remember being filled with ideas and inspiration and then deciding to take a nap instead of doing what needed to be done.
Then I met the first among many who had served in Special Forces. And I realized that I was only oppressing myself by repeatedly making the decision to snooze when I should be charging forward.
One of the things I trained into my brain is the motto for the Green Berets = De Oppresso Liber. They say it means to free the oppressed but the literal translation is from being an oppressed man to being a free one. I look at it this way. You can't help free the oppressed unless you free yourself first. I suppose that's a different spin on charity begins at home.
Among the other lingo I programmed into my brain was what Navy SEALS teach in BUDS = be decisive, be aggressive and be ruthless. Take that however you will but I take my business seriously and that means I take my time just as seriously. I don't bother with watching tv shows, the news, or keeping up with the latest in movies, music, spectator sports, video games or even in hanging out with people on any sort of regular basis. I do me and I do me very well.
Now, someone I have known all my life likes to say that "all businessmen are crooks and scoundrels who just want to screw over as many people as they possibly can so they can get rich." But I noticed, a long time ago, that one of the things he likes to do is steal your time by asking you to help him with something he's working on.
He disrespects other people so much that his usual offer is for you to drop what you're doing to help him and he won't even pay you for your time. He'll even say to your face that your time isn't worth a nickel while he smiles at you.
So who's the real scoundrel and crook?
Yeah, you have to fight through that type of bullshit and for me that means using the type of thinking that special forces operators have instilled in them through their training and experiences.
Today, I will tell you that owning your own business is easy. Anyone can launch a business, incorporate, put up a website and have a telephone number. Crap like that takes less than one day.
But being successful is an entirely different game. Success, particularly over an extended period of time, is what separates the men from the pussies or however you want to say it.
A number of years ago, my mother told me "well, not everyone can own their own business and be wealthy." And I remember saying to her "that's right, but who cares about everyone else? Do millions of people lose sleep at night worrying about my health and welfare?"
She's right though. Being a successful entrepreneur isn't for everyone. You've heard that there's a special place in Hell reserved for certain people. I like to think there's a special place on Earth reserved for truly successful entrepreneurs.
It's one thing to be self-employed. It's another thing to own a franchise of some sort. And it's a wholly different thing to own your own small business that you built from scratch.
But being among those who own a multitude of distinct businesses, which often have next to nothing to do with each other, and to keep expanding into the global marketplace as well as re-entering the marketplace with your latest business adventure (pun intended) is so rare that you really can't speak about it much at all in a casual conversation because the average person seems either mystified or mortified at that many balls in motion simultaneously and usually winds up saying they have a headache (I call it brain pain) and ends up staring at you from across the room for the remainder of the evening because they have yet to stretch their brain to allow for those facts.
I like to think when they are staring at me from across the room that they are trying to find a shelf in their brain to place me on and that some of the men anyway are standing there building that shelf in their brain for me as they literally stare without blinking in some strange state of self induced semi coma.
It's a little odd to engage in introductions with someone and then have them stare at you the rest of the evening from a distance, especially when you already knew their name, face and story and you're the unknown commodity, but I usually just keep a light smile on my face and nod at them when I happen to glance back.
The women though! I could write a book just on that nonsense. Haha! You ever wanna hear some really funny stories and I'll have to write that book about all the hullabaloo, malarkey, jibber jabber and mumbo jumbo that so many women bring to the table. It's ridiculous.
What gets me the most is how they seem to be under the impression that what they are presenting to me, after they get a glimpse, is somehow unique and special and that no other woman has ever tried those tactics. I guess they think it's my first rodeo. Maybe they think I'm like Bill Clinton. He's a whore you know.
So I came up with a little game I play just to entertain myself but I'll do myself a favor and save the details for that book.
Bottom line on the entrepreneurial stuff. Make your life an adventure or a series of adventures. Be unique. Breath. Relax. Know that you'll fuck it up at times and that that's perfectly fine as long as you aren't stupid enough to put all your eggs in one basket. Let go of negativity. Learn from life. Accept your own death. Because it's coming. Smile anyway. Bring your A game. And fuck the people who tell you that you can't do all of that. Or at least fuck them politely. And remember to laugh like a kid because if you can't find the humor in life, to enjoy it while it's happening and be able to laugh along the way, that might very well be your downfall. And always keep a surprise in your pocket and up your sleeve. Never Quit.
Thumbs up bro
I accept the challenge. I’ve been through them all. Just starting year three.
Challenge that crushed my first REAL business: Employee overhead/payroll. I hired too many people too soon. And I paid too much for a start-up. Paid them beyond their expertise and experience, trying to be "a good boss." If I'd paid them the minimum for their job description, I could've floated a couple more months until I raised more capital. Lessons earned!!
Yes, I am just afraid to take the first step. Before the end of this week, I will start the drop shipping store/business that I have been afraid to start.
@Superslav26 thanks, not long just discovered King, a few days back but I'll check out the other guy. I appreciate brother. And what ever happens, I will tell you
About 10 years ago, I attempted to shoot my very first independent film...and faced about 14 of these challenges. I didn't succeed in completing it. I did succeed in learning from it and attempting again after almost 10 years of self doubt about it. I accept the challenge and this time, I'm going all the way. I know what to expect and I know how to push through.
The challenge I faced when I started my own business was having people with similar vision as I do and also finding a good Supplier for the business. And honestly there are countless challenges in business. You have to stay motivated and always remember why you started it in the first place to keep on going forward and moving with the times. It's all hard work. But Thank you to Alux you guys keep me and my team going its all good stuff.
Its gonna be scary and tough and maybe I'm not ready for it but I'm still gonna try it .!
As a delivery service I have to compete with 2 other local delivery services in order to survive.... This is my biggest challenge, staying at the top of my game so I don't succeed growth to my competition. I manage by taking care of my health, both mental and physical. Therefore I am in fighting shape to tackle the plethora of problems that comes with running an enterprise.
I have been following all your videos from Mondays to Sundays.
The impact of what I have learnt is so evident in my life.
I am planing to start with the audio books this year 2019, and I know for sure its going to double impact.
I so much appreciate the massive content of value you are delivering
I am learning, I promise to match what I am learning with actions.
Thanks so much
God bless you and this community
How did it work out man?
In india basically the most difficult and intimidating challenge will the lack of support from loved ones
really very true!! they laugh at you initially and try to humiliate but if we stand strong, few years down the line they will say i knew this person.
The biggest challenge I faced was to find a mentor.
I was mislead for 2 years.
Another was to understand people around me. Who is real and who is fake. Still learning how to deal with it.
People who thruthful and who are respecting you with your thoughts should be the real person
I recommend David J. Lieberman's books: How to read anyone (never be fooled, lied to, or taken advantage of again) and his book 'Executive Power'. Also, Robert Greene's 48 Laws of Power can help you recreate yourself into someone more difficult to abuse. ~Hope those help man... good luck & good fortune :)
What is the ' W ' word?
I'm thinking 'winery', which means alcohol which YT might have a problem with.
Weed they said "decriminalized"
Worst
its definitely weed it was criminalized now its legal go figure
Whore industry? 😁 just being a smartass I know for sure its Weed
I am about to start business and self doubt is trying to cripple me😭 but i trust in God
God is always with you don't worry just trust the path and move forward buddy💝
You always come up with the right content at the right time.
1.Loneliness
2.Sacrificing Security
3.Lack of real support those around you
4.Lack of Resource
5.Failure
its the total truth in this journey..keep going buddy
Great Video, I started my first startup few years ago and I can totally relate to this. Currently I publish videos on business and finance in Hindi(For Indians ).
WisdomBug same here. It's uncanny how true this way in our lives and journeys.
And you have great videos bro, I just left you a like on the last one 😁
@@millionaireescobart5708 Thank You
What it about
@@deannahenry8925 Business and Finance in Hindi. Mostly about startup, marketing, Stock markets etc
You are always right! When I watch your videos I feel you understand my mind, most of the people believe that I am doing everything wrong because I am not following the mainstream.
*To live is to express, and to express you have to create. Creation is never merely repetition. To live is to express oneself freely in creation!*
*Bruce Lee :)*
Am currently undergoing these challenges.... Am not giving up yet. Thank you
I started the first business with the wrong partner. The dreams were big but the will to put in the effort was miles apart.
This ended up destroying a 13 year long friendship.
Challenge accepted. - One thing I have learned from my pass trials of owning my own business is knowing that nothing last forever. However, if you have a passion Keep reaching for it. It may not come the way you expected but just Keep on Keeping on.
Wish me luck fellow Aluxers. And all the best to you guys too!
One of the most challenges I have faced in this road. Is hiring the right guy for the right job. You don't know how hard it is to hire the right employee these days. but I believe in 'Hire slow, Fire fast'. Take it slow and you will find the right guy. I accept the challenge!
I accepted the challenge when I challended Myself to make my life better. I have challenged myself to stop dreaming about wanting a better life and have started as of last July to go after what I truly want in life. I have found that I prefer being my own boss and while it is a struggle I don't ever want to stop doing it either.
I accept each and every challenge in my path of being the greatest Business men the world had ever seen.....
The hardest part is failing and keep trying while paying the bills, keeping your family happy, and pretending to be okay and mentally relaxed. But obviously giving up is just not an option.
My first major challenge, has been social proof on the e-commerce. A problem that I had to learn to fix. & I'm still learning to improve & still improve
Challenge accepted. I'm in the beginning stages of my new business venture. For me, my biggest struggle is bringing in customers and I'm taking action by understanding the market
Patience is a huge one. I haven't seen that in the comments or in the entire video. You need patience regardless if you're starting out or not.
The biggest challenge was to be careful about the people you're in business with. Not everyone cares about your dream!! ❤️ it.
Managing people was the most challenging. As I make scarifies for the business others are there for a paycheck only.
Tragic.
Along with disbelief, narrowing your focus to do one thing in business is also very important as initially we start with so many ideas!
Great job Alux🙂👍👍👍😘
Challenge accepted
I'm 13 and I have started 2 businesses. Some challenges I faced were that customers dont appear randomly, like you said, and although I expected it, I had to work from 10 am to 6 am the next day, which was a struggle and then I had to multitask both in my businesses and with school.
I am not yet an entrepreneur but it is in my thoughts. One thing i know for sure is to remember that customers all way right even when they are wrong.
persistance that's me, and a challenger. take companies that can be big. find our future be your future.
thanks Alux. better plans. overcome mistakes.
Definitely I have been through majority of those challenges especially Loneliness and failure plus lack of support are the Top 3 challenges for me.
I accept, starting my personal training business and then hopefully onto my own gym and well-being centre
first challenge for me was the "self doubt", i always thought that i will not be able to succeed even if i try hard !!
I think everything will give pain but somehow this is the taste of the business thrill and risk and capabilities of doing anything in the business
I had to concentrate on the outcome and disregard the process. I was hustling on the streets of NYC. I dressed up all in Pink to stand out. It was embarrassing at first but the results were amazing. Pink is now my favorite color.
I accepted the challenge!
This video is the story of my life being written! Fantastically honest and ACCURATE, well done ALUX
After 10 years in oil industry I started my own business the biggest Challange is finance and people trust but I am really optimistic that I will over come it soon
Nice video. Trial and success sounds much better than the other option, it's more about the glass being half full.
Love this channel, they always think of their viewers. Keep up the good work
I'm literally going through all the 15 problems. Will surely make it big one day.🔥
Definitely stress is my biggest challenge right now. Also establishing processes and turning difficult projects away are difficult for me.
Something that I did not expect....one of my staff members to cause $11,000 worth of damage to our product. As anew business (4 years) this is a HUGE blow. Until we are completely back from this blow, we must stay ultra green
These are all common experiences. Many of these accompany even the first years of entrepreneurship. Learning to adapt and overcome is essential.
I accept the challenge. But I have disabled people at home to take care of. So I'm keeping my full time job and will be dedicated to it as well. I'm hoping to learn to sleep considerably less and to work smarter, harder, longer and hope that that will be enough.
I'm not an expert but I don't think to sacrifice sleep is the right choice. It ruins performance and can be dangerous if you drive. I would suggest finding a way to delegate some of your responsibilities. See if you can hire a babysitter to free up an hour or two so you can focus on your dream. Maybe there is some robots or apps that can help free up a few more minutes. I'm in a similar boat and I know it is not easy. Good luck and good fortune man :)
@@marshallgosbjorn8704 I know that you are right. I said that after getting a good night's sleep. It can work for you for a couple of days, but after that performance begins to suffer. Thank you for your comment. Glad to hear from a kindred spirit. Good luck to you.
I accept the challenge it's really giving me more of a chance to keep learning and growing right now I'm talking my time completing small tasks and then asking questions from my mentor thank you alux.
Alux never fails to amuse me... changed my life still to this day
Happy to be there to share the ride Samuel!
Thank you for book recommendation Alux ~ Extreme Ownership ‼️
I had to overcome everything. No matter how prepared I thought I was it all went bad. Years later it’s getting better.
Bootstrapping was a major challenge at the early stages.
I’m still overwhelmed with challenges finding customers is my biggest.
I accept this challenge !!
I can relate to all the 15 points and one big part I face is the debts we fall into even though we try to control it by predicting and being optimistic but failure is bound to be there. I am still in middle of this journey so let’s see where it goes...
my challenge was learning to not credit products when you are starting a business...cos it can hurt your business if you are not financially strong
The challenge you forget is how much work it really takes before you get traction and it can take 2 years of hard work before you see any results. You need to keep adapting till you get the right combination
I’m dealing with finding loyal partners, and I’ve became paranoid about people surrounding me and my business.
Thank you Alux for the amazing advice you guys provide. You guys are a huge motivational my life. I know that I have to continue to put in the work. Slowly but continuously I will strive for a better future. I accept the challenge!!
I accept the challenge. I watched the video about starting a business then this one on the challenges. As I stated on tge last one, I run a non-profit food program with my family and started a cleaning business. I accept the challenge to grow both of them equally.
My biggest challenge was low quality, but went back for more research and got it done
I accept the challenge 🖐 From my perspective, the main challenges were self-doubt & no consistency in income.
These challenges are definitely legit. But once you pull through these challenges your life will change dramatically.
Good Morning Alux!!! One of my current challenges is to not punch someone in the throat
SACRIFICE .This is a big one .Driving peice of shit cars , eating cheap food , drinking piss poor beer, living in a camper while you rent your house , all to have some operating capital or to make it through a bad month. This also applies to time. Studying books , vids , and not enjoying things like many of the poor people do such as football games ,TV, FB, parties and other time wasters ( I consider these time sinks when building a business) .
A lot of people WHO have attained a decent amount of saving Are sometimes SCARED to take the LOSS on new business.. /// sometimes, but I never let that stop me.. I'm ready for any challenge
In India your father says 1st go to IIT then go to IIM then get a government job that's what success in India is
Robert Kiyozaki spoke about that mentality in his book Rich Dad Poor Dad.
I fixed bikes when I was 11, the prices weren’t so good. To low and to low, I was a kid who was not really interested in the learning curve for the next level of class. The wealth.
in life i am constantly facing a big problem. The decision problem. I feel confused often whether this decision is right or wrong. Wrong approach i think because no one can say this thing will work we have to go and try and then come back and change our decision based on the results and experiences. Oh amazing so i found the solution to my mistake.
In every video of alux the best piece of knowledge is in the 16th point
Challenge accepted!!
One of the things I noticed was how people who I knew in the industry who I thought would help start laughed and rejected me until I outgrew them. Then they begged for my patronage!!
family was my challenge and as always proving to people you can do it and especially if your a young enterprenuer.
The narrator sounds like Diana Burnwood...My sole handler...
One of the biggest challenges as entrepreneurs is smashing the like button
In my first business, I would have liked to have a mentor. I was doing well but when I came across my first big problem I was not sure how to handle it and it felt overwhelming.
I accept de challenge! Bring it on!
As a new enterpruner. Hell yeah..... I will accept the challenge
I am a 17 y/o boy. I really do get inspired by stories of Bill Gates or Jeff Bezos. I wish to be an Entrepreneur just like them . Alux helps me a lot to boost my confidence. I just want to say Thank you to Alux.