Being an entrepreneur is rewarding, especially if you never throw in the towel and call it quits. And undoubtedly, those times will come when you might consider taking a few steps back. In those moments, it is perseverance that will get you through the confusion, self-doubt, and ebb & flow of your business journey. It sure sounds great to have a guidebook to navigate the ‘not so cakewalk’ that is entrepreneurship, with comparative ease. Sure, there are biographies of great men and mantras that can help you with time management, relationship building, and career development, but experiences that are given birth to by entrepreneurship are unique to every individual.
Whether the motivation behind your entrepreneurial drive is money, fame, or the urge to create something from scratch, you have to put more than what your 9-5 job requires. And rest assured that there will always be variables that you have never considered before. Here is a list of challenges that no one tells you about.
It’s A Mirror Effect
How your business will function, depends on you. Your belief in your own dreams, ideas, and actions will reflect on your business. Sure, there will be wrong decisions. But as an entrepreneur, you would need to make decisions and there is absolutely no way around it. Shying away from making decisions will dampen your self-confidence and affect your business venture by restraining growth. So, you would need to know yourself and identify what motivates, inspires, or crushes you. Identifying your own strength and weaknesses will help you manage your business successfully.
There is More to It, Than Being Your Own Boss
The expression ‘being your own boss’ may sound empowering, especially to people currently sewn into a 9-5 job cycle. But, what no one tells you is that besides being the Founder, CEO and President of your own company, you would also have to be the right candidate for every other ‘not so desired’ job roles that exist.
Sure, there will always be the sense of liberty to your actions as an entrepreneur, but you must be ready to do a lot more than one guy’s job to succeed.
Might Not Be Financially Satisfying Experience at First
Your entrepreneurship experience will sharpen your management skills, efficiency, strategy development and execution process, and can be very satisfying as you build new sets of skill to win in the market. But, what it might not provide is a steady paycheck. You might not be the highest earning individual even in your own company at first, since you have to pay the system/infrastructure/resources or other special service providers (like- infrastructure developers, web developers, social media, etc.) to build a strong foundation or gain exposure for your company. You have to be ready for that sacrifice.
You Cannot Grow a Comprehensive Business from Scratch
Sure, you can have dreams to thrive in or even dominate a certain industry, through your entrepreneurial ventures. And there is no reason why the idea cannot come to life. But, not during its inception, can it handle such enormous demands. To explain more clearly, let’s say it is nearly impossible to bring a giant idea into existence unless you have huge financial backing. And even with the financial support, you should not take such a humongous step at the very beginning of your business life. As wise men have cautioned us, ‘when mistakes are expected, it is wise to take small steps, lest the fall kills us’. So, boil down your business idea to its core, and then give life to it. Once you have identified all the important aspects of your business, and you have a proper footing in the business world, only then can you let the idea grow into the conglomerate you wished it would.
First Few Months Can Be Frustrating
With time, you will learn to control all aspects of your business, make the right decisions, and set the right goals to achieve success. But, the first few months into this venture can feel a bit out of control, frustrating even. And believe it or not, the successful people smiling on the paperback of your favourite entrepreneur biography have gone through it. In the first few months, your planning may fall short, as new unexpected issue surface. It is normal to feel out of breath in these situations but to go through it, you need to calm down, and learn from your mistakes. Just, do not try to avoid the mess, try to go through it, and you will come out wiser than ever.
Attraction to entrepreneurship can be sourced to our primordial and innate desire to create new and to achieve more and more. It is one of the primary requirements for the growth of a society, and therefore, needs to be nourished. So, caress your dreams, and carry them to the light, it could and most possibly be a challenging job, but the results will surely be satisfying.