The Challenges of Being an Entrepreneur
There are many challenges to being an Entrepreneur that the Entrepreneur needs to learn to take in stride and overcome. I have encountered some of these challenges and it takes perseverance, planning, and some inner work to overcome these challenges and to keep moving forward.
Here are my top 6 challenges of being an Entrepreneur:
Reduced Income: As you start your business, you will likely have a time period of making zero income (unless you start your business as a side-business). You will also likely need to invest some of your own money in your business which means dipping into some savings. You may need to reduce some of your living expenses as you start your business to make up for the shortfall.
Being Your Own Boss: Sometimes it can be difficult to stay motivated and focused with no one to hold you accountable other than yourself.
Wearing Different Hats: You will likely have to complete many different tasks in operations, marketing, sales, financial management, project management and for some HR, especially as you start out; this can be a challenge if you're not willing to learn new things and expand your skill set.
The Right People: As you grow your business, you will likely need to contract out some work or hire some people to help you. It can be challenging to find good people that can work within your budget and are a good fit for your business.
Relationship Stress: You may go from being a stable contributor to your household to making less money as you start out and living on a shoestring budget as you get your business off the ground which can lead to relationship stress. You may be spending more time on your business and less time with family and friends especially if you start your business as a side business which can cause some strain on relationships. Family members also may not be supportive and think starting a business is too risky. As you grow your business, your income will vary and if you have a downturn this could create relationship stress.
Emotions and Fears: As you start your business many fears may surface especially the fear of failure. If fears are not addressed it may lead you to self sabotage.
Being an Entrepreneur is the road less traveled and it takes grit to overcome the obstacles the Entrepreneur faces. It can really help to work with an Entrepreneur Coach to help you stay accountable and focused on your goals and overcome your fears and quiet your inner-critic. It also helps to talk with an Entrepreneur Coach about any challenges that come up and work together to come up with a plan to keep you moving forward. Those are my top 6 challenges of being an Entrepreneur. If you think you're ready to start your own business and design your ideal life, then send me a message to inquire about private 1 on 1 coaching or take my quiz to find out.
Farewell,
I look forward to hearing from you,
Ash Enns