Starting a business and becoming an entrepreneur is exciting — it is also terrifying.
For instance, the shackles of corporate America can appear comforting in retrospect, especially if you recall the team of experts you once had at your disposal. Undoubtedly someone was there to pay your taxes, provide you with office supplies, fix the office printer; not to mention you may have had peer support from coworkers and the relative stability of ongoing (and paying) work.
After you leave the safety of a full-time job, you will face several common challenges that all entrepreneurs face–chief among them instability, stress, and solitude. In my experience, I have found that embracing these struggles is the first step to overcoming them.
Here are three of the most common challenges that lie ahead for all entrepreneurs:
1. Instability
Established small business owners will assert that having your own gig with dozens of paying clients is always more secure than working for a single employer. In a hyper-competitive economy with high unemployment rates, this is true. However, many fail to mention that building your business to a place of monetary stability leaves you unstable in the interim.
For an entrepreneur that craves predictability, this is terrifying.
After all, your one employer did so much of the heavy lifting for you: bringing in clients, assigning them to your team, handling payments and rendering a paycheck even if the receivables did not arrive on time. Now, that responsibility is on your shoulders.
I’m not sharing this to be a Debbie Downer. In reality, most entrepreneurs scale their business while working a full-time job or still in school. However, if you are already out there on your own, then solid marketing and sales systems will become your best friend.
Tip: Build up your business. You may be excellent at what you do, but stability comes from having clients and leads in the pipeline.
2. Stress
Not many people in the general population understand the demands and stress associated with being an entrepreneur because they assume that we all have an enviable lifestyle of relaxing on the beach while making the occasional conference call.
However, consider this: the U.S. Small Business Administration reports that over 50 percent of small businesses will close within its first 5 years. Therefore, most entrepreneurs are not sitting around, soaking up the sun and relaxing.
Realizing this, it is natural then to experience periods of high stress while you are trying to figure out how to get enough clients, what rates to charge, how to market your product and do all of the things your previous employer once handled for you.
Even more so, anyone who has had to navigate the choppy waters of business insurance or employment law can tell you entrepreneurship is not for the faint of heart.
Instead of dreading new roles of accountability, learn how to prevent, reduce and overcome stress. Experiencing stress in business is a part of the learning process; so don’t fail to get the support you need. For example, there are thousands of business coaches and entrepreneurship mentors who work exclusively with entrepreneurs to help you clearly navigate the path you have chosen.
Constantly remind yourself why you chose entrepreneurship in the first place; the long-term benefits often outweigh the temporary stresses of being your own boss.
Tip: Expect challenges as your small business grows. Instead of fighting it, embrace the stress and develop coping and stress management techniques so stress does not overwhelm you.
3. Solitude
Entrepreneurs are a special brand of people.
We buck tradition and work differently, and solitude can creep in when we go at it alone. Also because small business owners need to project self-confidence, it can be difficult to confess struggles, ask for help or admit temporary defeat. Combine all of this with high-stress situations and a measure of instability — you now have a belief (for some) that entrepreneurship is an impossible dream!
Luckily for you, there are thousands of other entrepreneurs who also feel isolated and lonely.
Knowing that others understand and support you can make all the difference in the world. Whether you decide to join a networking group, mastermind circle or mentor-mentee relationship — find a community of people who understand you and have faced your personal and business struggles.
There is something uniquely comforting about knowing that even though you may currently work alone, you don’t have to be alone in your entrepreneurship journey.
You may need a local community that includes coffee, handshakes and direct interaction, while others are more comfortable with an online group, video chats and roundtable calls.
Tip: No matter which type of business community you join, it’s important to give and take. Share your struggles, ask for help, resources and advice from others; and at the same time be willing to guide others, share solutions and provide a listening ear.
The life and work of an entrepreneur is not always easy. It can be discouraging when it seems like other small business owners do not face the struggles you do. Instead, accept these universal business challenges and embrace a supportive community. Though the monetary and emotional costs of entrepreneurship may be high, its rewards can also be immeasurable beyond belief!
Credit – yfsmagazine
