InsideSpin.com

What are the tough obstacles faced as an entrepreneur and what can be done to overcome them?

This is not an easy question as each business venture tends to have its own obstacles to overcome. Some of the more common ones include:

. finding the right team to operate the business with excellence. Experience, raw talent, sometimes luck as well play a role in finding and bringing together the right team.

. getting the initial financing together to prove the business concept. The first funding is often the hardest as you are asking for money almost purely on a paper statement of what you think you can do (a leap of faith for the investor). Once you are moving forward a bit, usually you can create some tangible reason to get more funding -- proof of product success, key customers, industry recognition, etc.

. taking the big risk -- there is almost always a point when a business has to take a risk that, if wrong, would harm the business perhaps making it fail altogether. The risk-reward relationship is more than a cliche -- those who take risks are often the ones who can reach out for the rewards. It does not mean you should take silly risks -- risks are only risks if you enter them with less knowledge than you should. It's not a risk to take a card at blackjack if you know the next card is the one you want -- in business, it is often the case that you can reduce your risk by knowing what you are getting yourself into. This is where experience comes into play.

. firing a founder or someone close to you. Many small businesses start with a founding team of friends or workers with some prior relationship that brings them together. It is not uncommon for a time to arrive where the business outgrows one or more of the founders. In the CEO role, letting a founder go is a tough moment for everyone involved.