Do you have what it takes? Challenges of being an entrepreneur
The life of a business owner is far from the glamorous lifestyle everyone envisions. It’s not just about networking, happy hours, and sealing deals with a handshake or a fist bump. It is a whole different experience that tests you and your resolve to see your dream through every single day. Sure, there are many perks—like being the boss and not being tied to a nine to five—but there is a lot of blood, sweat, and tears behind the scenes. Owning your own business is a dream come true, however, fair warning, there are some challenges along the way.
The buck stops here. As a business owner, you are “It”. There’s no one else above you to take care of things. You are responsible for making decisions, keeping morale up, and taking care of your people—just to name a few things. So, buckle up, buttercup, you’re driving the proverbial bus now. How, where, and when you want things to go is up to you.
Long days, sleepless nights. It’s true that you’ve slipped off your nine to five bonds but now you are constantly thinking and planning and running your own operations. Oftentimes, there will be 3am thoughts about how this situation should’ve been dealt with or a new concept for a product or a service or even anxiety about an event or a launch that will wake you up and keep you up during ungodly hours. On top of that there will be days where you hop from one networking event to another or your calendar is filled with endless meetings with only a possible 10 minute window to go to the bathroom—if you’re lucky.
No, that’s not tax deductible. Sometimes, when you go out with business associates, friends or family, there is this misconception that picking up the tab for the meal is a write-off and therefore beneficial to you. Because of this, it’s rare for someone to pick up the bill or better yet split it with you.
Staying current is absolutely a thing. Whatever industry you’re in or whatever goods or services you’re selling, you must constantly monitor trends, and be on top of industry news. This is not just about being and staying relevant. This is also for a multitude of reasons: compliance, marketing, technology—to name a few. You have to be prepared to subscribe to various platforms, consume industry news, even attend seminars. You may even find yourself flooded by a gazillion Google alerts.
That constant, nagging doubt. There will be days where you question why you are doing what you do. There will be days that the constant hustle and grind feels like it’s going nowhere. You’ll find yourself doubting why you started your business in the first place. There will be times that the doubt will make you want to quit and not take the next step.
Being a business owner will test you and challenge you to no end. There will be times that you may want to just quit and maybe go back to being employed. The thing is, when you overcome these challenges, and realize that they are all part and parcel of what you’ve wanted, what you’ve always truly wanted to do, the sky’s the limit. So, go for it! But here’s a friendly reminder: you don’t have to do it all alone. Find yourself a dream team to walk this path with you and see where this entrepreneurship journey takes you.