5 Ways to Challenge Yourself as an Entrepreneur

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Being an entrepreneur is a huge challenge. Getting a business idea off the ground and working day and night until it’s successful is one of the hardest things you can ever do, but that doesn’t mean it will be difficult forever. After enough time passes, you’ll find that things get easier and you can relax.

That’s a good thing. You deserve a break after all your hard work! However, that doesn’t mean you shouldn’t challenge yourself as an entrepreneur. Life is only worth living when you find new and exciting things to do.

How to overcome entrepreneurial challenges

Here are a few ideas if your entrepreneurial spirit is calling and you’re ready for your next challenge.

1Apply for a grant

If you’re struggling to find a new direction, consider applying for a grant. There are thousands of grants you can apply for. Not only will a grant provide you with money to get started on your next adventure, there are also qualifications you must meet and rules you must follow in order to receive the grant, which can be a challenge to you if you’re used to thinking outside the box and finding ways to make things work on your own.

For example, in Canada, the Scientific Research and Experimental Development (SR&ED) tax incentive program is available to companies that are forming and testing hypotheses in the area of science and technology. In order to qualify and continue receiving funds, SR&ED audits are needed on a regular basis. The challenge of qualifying, applying, and continuing to receive a grant like this one may be just the challenge you need.

2Get into a new area of business

There was once a time when Amazon only sold books. Today, they sell almost anything under the sun. Tear a page from Amazon’s play book by thinking of ways you can not only expand your business, but get into an entirely new area of business.

A few ways to do that include:

  • Add new products or services to your list of offerings. This requires market research and product development, which is always a challenge.
  • Expand into new territories by opening another location on the other side of town.
  • Buy another company. There is no shortage of things to learn when you come into an existing business!

3Teach a class

Focusing on your business by applying for grants and selling something new are great ways to stretch your entrepreneurial muscles, but they aren’t your only options. If you’re looking for a challenge that enables you to step away from the day-to-day operations of your company, consider teaching a class.

Not only is taking a class beneficial to the people attending, it’s also beneficial to the teacher. It turns out that you can actually learn what you’re teaching even better than if you never taught it at all. Teachers show better understanding and knowledge retention than the students in the class.

Teaching not only challenges you to create a class or curriculum that connects with students, but it can help you become more knowledgeable too!

4Write a book

If you’re looking for a way to challenge yourself as an entrepreneur that doesn’t require you to spend a ton of time with other people, or if you’re looking for a way to challenge yourself in a flexible way on your own time, consider writing a book.

Don’t know what to write about? You can still get started! Writing a book is more than sitting in front of a computer and putting words on a digital screen. It involves discovering that creativity comes and goes, that letting your mind wander is just as important as typing on your computer, and sometimes you just have to ramble to get the words flowing.

5Become a mentor

Helping the next generation can be very rewarding, which is why many entrepreneurs choose to become a mentor. Not to mention, it can benefit your career too!

Mentoring is much more than just meeting with someone one-on-one. If you’re looking for something a little different, consider peer mentoring with a colleague, mentor a group, or turn things on its head and consider being mentored by a younger person in an area you aren’t an expert in.

Being an entrepreneur comes with many challenges, but over time, the day-to-day of running your business is less demanding. That sometimes means it’s also less interesting. If you’re looking for a new challenge, you have many choices that will enable you to enhance your business while you pursue personal development at the same time.