Even the most successful business leaders face difficulty when they start their journey toward entrepreneurial success. Whether challenges include immediate, but fleeting success, an evolving office dynamics or a financial burden, every great success has met one or more issues that promise to unravel everything they’d done.
New business leaders will face similar challenges. There are no exceptions to the rules. Barriers will often be placed before small businesses with creative ideas, whether external or internal. The cost of introducing and developing new technology, as well as government regulation, are often an obstacle for thought leaders. These are not small issues, and they’re experienced by thousands of small business owners who could develop interesting, revolutionary projects otherwise.
Mind Your Own Business (MYOP), an Australian multinational corporation, conducted a national business monitor survey, which stated, 28 percent of respondents said the greatest barrier to innovation was the cost of introducing and developing new tech. Products are expensive and often beyond the financial reach of startups. Also, 23 percent identified government regulations as a snag when intending to create interesting developments, which effectively stifled the creation leading edge technology. Also identified, a lack of scientific research and development (R&D) funding, a lack of marketing expertise, and a lack of access to investments as challenges.
Within a company, there are a number of challenges which could potentially keep your company from moving forward. Changes in workplace dynamics among peers, ineffective and inexperienced leaders, poor hiring decisions, and poor management can undo a company. Issues also arise when employees get above peers, managers make poor judgements, adjusted leadership styles, employees don’t ask for help, expectations aren’t managed, employees aren’t motivated toward productivity and employees aren’t penalized.
It’s important that leaders, even inexperienced leaders, see the value of hiring responsibly, managing respectfully and ensuring that all employees fit comfortably within a company’s corporate culture. An entire team has to work toward accomplishing a specific task, and they must stay committed to a company’s purpose and mission.
The global innovation community has a vested interest in generating complex ideas and accessing resources that will increase productivity. Functional teams are better able to reach anticipated goals.