Are you thinking about starting your own business?
If the answer is yes, then you’re well-aware of the multiple benefits of being your own boss. Not only does the entrepreneurial lifestyle allow you to focus your energy on business endeavors you’re passionate about, but it’s also a great way to take control of your life and work wherever and whenever you feel like it.
But, the thing is, despite its many advantages, running your own company also comes with a host of challenges. Some, you may be prepared to tackle. Others will come as a surprise. Over time, you’ll learn from your mistakes, and will find ways to get over all hurdles. However, a little insider info could help you prepare (at least a bit) better.
So, without further ado, the following are the challenges most entrepreneurs face, along with some tips on how to overcome them.
Self-doubt is one of the most commonly experienced emotions related to new business ventures. But while for most people, it translates into a slight feeling of nervousness for others, it can grow into full-blown anxiety.
Unfortunately, the lack of self-confidence can be a real hindrance to success. Not only will it cause you to feel uneasy about taking on a leadership role, but it can even turn into a form of self-sabotage. Without the conviction that you’re capable of doing what you’ve set out to, you may find yourself hesitating when faced with a difficult decision. Or, even worse, procrastinating with your everyday tasks.
Fortunately, though, there are effective ways to get over the obstacle of self-doubt. First, make sure you practice mindfulness. Pay attention to how you’re feeling, and “catch yourself in the act” when you’re having negative thoughts. Secondly, find ways to tackle your self-sabotaging behaviors. This can either be through giving yourself opportunities to learn, or, even better, talking to an experienced advisor.
While there are several fairytale stories of entrepreneurs who’ve made a successful exit, statistics are clear on the fact that only a handful of companies make it that far. In fact, as many as 30% of businesses go under in less than two years of being founded. Moreover, 70% of startups will face financial difficulties, which increases the pressure entrepreneurs face.
Unfortunately, the looming possibility of failure isn’t the best motivator for most. More often than not, it leads to rash decisions or over-caution, increasing the chances of making the wrong financial judgments.
Nonetheless, remember that a tight budget does not equal going out of business. To ensure that your company has every chance of success, pay close attention to how you structure your cash flow. Understand that spending less does not mean walking away with more. And, most importantly, enlist the help of a financial advisor (or at least an accountant) early on. This way, your investment has the best possible chance of making it.
Struggling with Leadership
A lot of entrepreneurs fall into the trap of thinking they need to do everything themselves. Moreover, when they do expand their teams, they’re unwilling to give up control and focus on the issues that require their attention the most. Unfortunately, though, such a tendency to micromanage staff often turns into a leadership style that thwarts progress instead of encouraging it.
To become the business leader you strive to be, understand that you cannot do everything yourself. At least not if you want it to be done well. Instead of spreading yourself too thin, learn how to delegate. Invest in nurturing positive company culture, and develop relationships built on trust.
Finally, don’t be afraid of asking for help. Whether you feel like outsourcing a task would leave more time to dedicate to high-impact jobs, or you feel like you need advice, it’s perfectly all right not to have all the answers. After all, it’s only by admitting to your weaknesses that you can find ways to overcome them.
Having to Sacrifice Time off
During the last several decades entrepreneurial life came to be associated with workaholism. In a culture that glorifies the 80-hour workweek, most business owners feel like they need to sacrifice their health, family, and personal interests to see their company thrive.
But is that the best way to make it in the market?
It turns out that the answer is NO. A recent study by Savvy Sleeper shows that people with consistent sleep schedules not only feel better on a day to day basis. They also happen to earn more than those who sacrifice sleep. What’s more, multiple research studies have shown that sleep deprivation leads to physical and mental health consequences. These include poor cardiovascular health, memory issues, depression, anxiety, and poor problem-solving capacity.
From this data, it becomes clear that entrepreneurs who want to have the highest chances of success don’t just need to work hard. They also need to ensure they pay proper attention to wellbeing.
There are lots of things you can do to boost your health. Try to get enough rest, engage in physical exercise, and make sure to eat a balanced diet. And, of course, be mindful of your mental health.
One common scenario for entrepreneurs is that they focus on everything that may go wrong for their company. Then, they forget about planning for when things go right.
Although growth is the goal when getting started, it’s important to remember that it comes with its own set of challenges. When it happens at an unsustainable rate, it can not only mean increased debt. It can also lead to dips in productivity, decreases in service quality, and even poor business decisions.
It is for this reason that entrepreneurs need to understand that long-term success takes careful planning – both for good and bad scenarios. A solid business plan will not only give instructions on how to achieve goals. It will also predict how the company will have to adjust its operations when those goals are met.
So, if you’re determined to make it, ensure that you keep your eyes open to harsh truths. Analyzing your performance and being diligent about making changes when necessary is going to be the best thing you do for your business. And, in the end, an agile approach is going to save you a lot of worries as well, helping you enjoy instead of dread making business decisions.
As an entrepreneur, you can expect to face some, if not all, of the challenges listed above. And at times, they will feel like more than you can handle. But remember, you’re not alone in coming across these obstacles.
What matters is that you understand that they’re not the end of the road. Rather, they’re opportunities to learn, regroup, and focus on what truly matters. With this approach, you’ll be sure to see success and come away victorious even from the most difficult of battles.
Featured image credit: Unsplash.com
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