If you’ve decided to be an entrepreneur, CONGRATULATIONS! But also, buckle up because it’s going to be a tough ride. Entrepreneurship comes with a lot of challenges that are harsh and downright cruel before they become profitable or rewarding.
You will face some of these roadblocks at the infancy of your careers while others are recurrent; either way, here’s a list so you’re better prepared.
There Will Be Investment Shortages
Entrepreneurship does not mean you’re going to get super rich, super quick. More often than not it’s a slow and dreary way up the financial hill and sometimes you may see a lot of losses before you see a profit.
Start-ups often need a lot of cash to get going, and applying for business loans or borrowing your friends or family’s money comes with their own set of issues. Many possibilities are available for securing start-up funds, but they take a lot more organization and DIYs than what you may be prepared for.
Finding Your Dream Team May Take Years
Teambuilding for your business is pretty stressful even if you have managerial experience under your belt. It’s easier to fill up roles, but harder to find competent candidates that will share the same goals as you do, be a cultural fit to your team, and fit in the budget as well.
With a limited budget, as often is the case with new entrepreneurs, it’s exceptionally hard to fill the roles in the first place –so buckle up for a good year or two.
Expected a Lot of Unexpected
You’ll find yourself asking questions you don’t have answers to at the various point of your entrepreneurship voyage. How rewarding will all my efforts be? Will this earn you a steady paycheck? Will your business be there three decades down the road? And more often than not, there isn’t going to be an answer for it.
Entrepreneurs always want to know things, take charge, and be in prepared. So coming to terms with the fact there will never be a reliable answer to most of the questions that pop up in your head may get hard –but it’s a skill they will have to learn.
Being the Boss Is Often Very Lonely
As the founder of the business, managing people and building your team from the downwards and up would be your responsibility; and it can get plenty overwhelming.
People working under them may withhold information, bend facts, present themselves to them as someone deserving of a promotion or a raise –and it’s not out of malice. You are just grouped as an Other, different from the team because of your position in the corporate hierarchy.
The view from the top is simply a lonely one. And you’ll often have to separate your work and personal life, and consequentially spend a lot of time alone. For many, that’s enjoyable and for others, it isn’t.
If you can work your way through these setbacks, you’ll be well on your way to establish yourself as a successful entrepreneur. Remember that it’s not going to be easy, especially the first few months, but consistency might take you exactly where you want to go down the road.