Entrepreneur Roles & Woes

Entrepreneurship is a risky business, hard work, and there are no guarantees of success. However, it's also exciting and rewarding, so having a passion about something is the fuel that keeps you going. In this post, I'll discuss some of the challenges that come with being an entrepreneur and how you can overcome them when they strike.

If you're considering starting your own business, you need to be aware that there will be times when you feel like quitting because things aren't going well, but I encourage you to not give up! You can get through anything if you push through long enough. When I first started my online boutique, I feared competing with hundreds of similar boutiques and nobody buying from me. I made the choice to pursue it anyway, because it was something I was passionate about. Then I started thinking of all the advantages of being my own boss, and the benefits it would provide for me and my family. That was enough motivation to get started.

Some common challenges faced by entrepreneurs include:

  • Lack of finances: When you're starting out, money may be tight. Trust me, I started wanting to finance 100% out of pocket, and wasn't interested in taking out a business loan, because I didn't want any debt. As a result, I had to sacrifice hanging out with friends as much to focus on growing my business. If you have to take out a loan, do so in small amounts, so you can easily repay it. Also, research grants available for small businesses, or fundraising opportunities.

  • Uncertainty: Entrepreneurship is risky, and there's no guarantee your business will succeed. That's where the passion comes in. When you truly enjoy what you do, you remove the worry of uncertainty and doubt, because you are doing what makes you feel good. Whether you sell products or provide a service.

  • Comparing yourself to others: You may be tempted to compare yourself to other business owners, but please don't. Social media is a key contributor in people comparing themselves to others. I promise they have a story that involves struggle if you only knew. Focus on growing your business to the best of your ability, and if you need to hire someone to assist you or a mentor to learn from, do that. You never know the amount of help someone else has, or how long it took for their business to become successful. Stressing out isn't good for your personal health, or the health of your business. Outsource whatever you feel is overwhelming so you can focus on your strengths that you bring to your business. Progress over perfection!

  • Time management: If you work full time and have a family, when do you find time to work on your business? The answer is, you have to make the time. Schedule a time each day, or a few days per week to dedicate to working on your business vs. spontaneously doing so. When you create dedicated time periods, you hold yourself accountable, and not allow yourself to get carried away working for hours until you can barely sit up.

  • Fear: What happens if your business IS successful? As humans, we tend to focus on the negative of things vs. the positive. You will never know if you allow fear to stop you. At the end of the day, you fail when you don't try. Failure is proof that you are trying, because things will go wrong, but you learn along the way. Don't allow fear to make you think everything has to be perfect. There is no success without failure.

  • Patience: In a world where we seek instant gratification, we find it hard to exercise patience. Nothing happens overnight, so hang in there and don't give up. You are closer to your big break than you think.

 

Stay motivated! If you don't have motivation then nothing will happen. Find ways to stay motivated and keep yourself focused on your goals and vision for your business.

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