What Challenges Do Today’s Entrepreneurs Face, According to Raphael Avraham Sternberg?
For those wondering what challenges today’s entrepreneurs face, Raphael Avraham Sternberg can explain.
Who is Raphael Avraham Sternberg?
Sternberg himself has that entrepreneurial spirit to drive several new business ventures, and he has enjoyed many successes in this pursuit. Over the past years, he has gained popularity for the insights he shares about being an entrepreneur from his experiences.
Following his roadmap to his success increases the likelihood for other entrepreneurs to make it.
What are Sternberg’s Insights?
Not everyone naturally possesses the traits required to be an entrepreneur. It is a tough job with no guarantee of success, but Sternberg identifies traits that make success more likely for entrepreneurs. Lacking these constitutes an obstacle for those who pursue entrepreneurship.
Personal Traits: Decision-Making
Much of entrepreneurship requires the ability to confidently make good decisions. For example, when starting a business, entrepreneurs must make such decisions as what goods or services to sell, what prices to set, and how the new venture will be profitable. These are only a few of the decisions to be made, but they are enough to demonstrate how crucial it is to be able to make decisions as entrepreneurs.
Thus, Sternberg identifies the ability to make a decision as one of the most important traits for success. He believes that even a bad decision is more likely to lead to success than remaining eternally stuck in the decision-making process. Similarly, having confidence in one’s own decisions makes it far easier to succeed.
However, good decisions remain preferable to bad decisions. Additional personal characteristics that help include insight, foresight, adaptability, and the skills to effectively manage money and personnel. For example, Sternberg has demonstrated a particular gift at understanding the markets and using his insight to find what goods and services buyers still need available to them.
Additional Personal Traits
Even the best decision-making means nothing to the entrepreneurs who burn out. A few more personal traits that prove themselves obstacles when missing are passion and authenticity. It is more difficult to stick with a project or to market it convincingly without them.
Of similar importance is the creativity to come up with something new to fit in whatever niche an entrepreneur identifies for a new business.
Overall, Sternberg proposes not just good business skills in increasing the likelihood of an entrepreneur’s success, but personal growth and development as well.
Other Hurdles
Though Sternberg puts more emphasis on entrepreneurs’ personal development than traditional methods of entrepreneurship, there remain a few obstacles that are not entirely about personal characteristics. In the US, access to resources is the big one.
That is, those entrepreneurs who begin with more capital will have an advantage over their peers who begin with less capital. However, it is entirely possible for entrepreneurs with fewer resources to begin with to ultimately enjoy success. It is a matter of taking a few more steps to secure the resources needed to start up, whether these steps are attracting investors, obtaining a loan, or otherwise procuring funds.