Doug Shows is an entrepreneur, small business owner, and college basketball referee. In the following article, Doug Shows discusses today's entrepreneurial landscape by exploring the top concerns that weigh on the minds of ambitious visionaries. From navigating the ever-evolving market dynamics and fierce competition to managing limited resources and maintaining a work-life balance, this article sheds light on the pressing issues that keep entrepreneurs awake at night.
Owning and operating a business, or even starting a new one, always comes with its own stress. However, in the current day and age, new issues are rising up to add to the potential stressors of an entrepreneur.
According to the career networking platform experts at
Indeed.com, one major concern that entrepreneurs are facing today is uncertainty regarding the trajectory of the economy surrounding their business. Additionally, entrepreneurs must worry about fulfilling their staff's needs and selecting the best products and tools to use for their business.
Doug Shows on What’s Keeping Startups Up at Night
As previously mentioned, entrepreneurs are faced with a myriad of concerns once they boldly step out to create their brand. What to sell, how to market it, and how to create sustainable practices are what every entrepreneur in every sector of business must face no matter when or where they find themselves.
However, Doug Shows, referee notes that today’s concerns add quite a few more unique problems to the usual weight resting on entrepreneurs’ shoulders. The best way to resolve these challenges is to understand them, and then meet them head on.
Doug Shows, referee notes that each of these concerns may seem overwhelming enough on their own for any business owner or would-be business owner. Let’s examine each more closely in order to understand why entrepreneurs are actually facing these concerns, as well as to gain insight on how to overcome them.
• Economic Uncertainty
There is no denying that, no matter what angle the economy is observed from in today’s world, it seems to be a shaky foundation for new businesses. The world was thrown into change quite forcibly with the advent of the COVID-19 global pandemic. While many businesses had to close their doors, others found creative ways to adapt.
That being said, there is no denying that rising national debt, the high rate of interest, and heightened inflation make entrepreneurial efforts seem like a shaky limb to walk out onto. Doug Shows, referee explains that with an understanding of how to focus more on
adding value to a business rather than on sales, entrepreneurs can still make a profit.
• Limited Staffing Availability
Doug Shows, referee notes that from 2021 to 2023, the rate of staff members quitting their jobs has risen rather than decreased. Additionally, the number of workers that are available or pursuing training in their given field is on the decline.
What this means for entrepreneurs is that, even with a plan in place to take advantage of the unstable economy or a great business structure, moving forward will be challenging without workers to facilitate the movement.
Doug Shows, referee says that some of the ways to alleviate this include offering incentives to workers so that they can see a future with a given company. In a time of economic downturn, career paths are particularly attractive, especially for staff members in the blue-collar range.
• Wise Spending on Business Tools
Finally, one of the main concerns of entrepreneurs is how to use their hard-earned money on the right tools for their business that will work as an investment rather than a poor spending choice. It is difficult to stay on top of the ever-increasing innovations of new technology.
However, Doug Shows, referee explains that avoiding this decision will keep one’s business firmly behind the times, because that will make it less productive and less competitive. Business owners and entrepreneurs must constantly research to stay abreast of the latest in excellent business tools while keeping up with what competitors are using to make the wisest spending choices.
In Conclusion
The top concerns among today’s entrepreneurs all have to do with managing resources and available funds wisely to build success along with wealth. We examined how one of the greatest concerns has to do with the overall uncertainty of the current economic situation.
Doug Shows, referee says that, without being able to accurately predict the economy, entrepreneurs find themselves on shaky ground when it comes time to make important choices. Additionally, resources like business tools and even staff members are in short supply, and those that are available can be a source of concern for business owners as well.
After all, it can be difficult to know which advent in technology will be the best for one’s business, especially with the high speed of innovation. Staff is also in high demand, but difficult to maintain and keep now that the days of remote work are upon us. Altogether, an entrepreneur who sees these concerns coming can be better equipped to deal with them.
