Biggest Challenges Faced by a Solutions Engineer and Business Owner as an Entrepreneur
Shafqat's biggest challenge as a business owner is the "unpredictability of revenue," with the loss of a single client significantly impacting early-stage growth unlike in corporate settings. This unpredictability also impacts work-life balance, leading to "working around the clock," although Shafqat views this initial imbalance as a necessary foundation for future success.
Entrepreneurship, Financial Management, Work-Life Balance, Client Management, Revenue Generation
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Shafqat Huq
Solutions Engineer & Business Owner
AAZ Consulting, LeadBuddy, & Go Task-Free
Arizona State University (ASU) - W. P. Carey
N/A
Finance
Technology, Advertising, Communications & Marketing
Operations and Project Management
Took Out Loans
Video Highlights
1. Balancing work and life: The unpredictable nature of entrepreneurship often leads to working long hours and weekends, making work-life balance a significant challenge.
2. Revenue instability: Early-stage businesses face the risk of substantial financial impact from losing clients, unlike larger corporations.
3. Importance of proactive planning: The interviewee highlights the need for careful financial planning and client management to mitigate the risks associated with an unpredictable income stream and client retention.
Transcript
What is your biggest challenge in your current role?
The biggest challenge, especially when starting something on your own without a pre-determined structure, is the unpredictability of revenue. Losing clients early on in your business is a much bigger deal than if you were working for a major corporation.
There's also the misconception that business owners get to set their own schedules and work whenever and wherever they want. While this is true to an extent, the flip side is that you often find yourself working around the clock. You'll be working on weekends, and that work-life balance isn't really there at the beginning.
However, this dedication sets the foundation for future success. The idea is that you won't have to work as much later on.