Comments

  1. All of these ARE major challenges for small business owners, Kristen! The cash-flow issue is so important to master. Businesses have ebbs and flows, and being frugal in the flush times is key!

  2. So true, the struggle is real, Kristen. You have to be prepared for that money flow to be going outwards at the start of any business, and ride out the storm. It really does take courage to push through and you are right about how often we attach our self-worth to our net worth. When I stopped teaching kids to focus on people with disabilities there was a big gap in my life that was only helped by the fact I no longer had to promote myself. Now I’m back to all that promotion and it sometimes stresses me so much I feel sick. That’s when I have to take a step back and remember I’m in it more to help the kids than I am to get rich – that’s what keeps me going. However, I sure would like that money flow to come in my direction little more, but it’s early days. 🙂

    • Oh yes.. I can totally relate and I feel your pain Tami. Hang in there girl and you have the right focus!

  3. You nicely summed up most of my stressors! I’ll add one more: having to know what and how to do nearly 25 different jobs. True, we can outsource and should. Alas, outsourcing everything usually isn’t possible in the startup phase. As you well know, I often struggle with any item on your list above–it varies by week, ha! It’s nice to know that I’m not alone and that the struggle is real. 😉

    • Oh no Meggie, you are not alone and we all struggle with all of these AND the juggling act!

  4. You covered all the key issues that entrepreneurs face. One more I’d add is that it is often a challenge for those who want the results they believe come from being an entrepreneur, and yet don’t really have the constitution needed to be one. Not all people are self-directed and like to work on their own. It’s so important to recognize how you work best and then go from there. I’ve always had an entrepreneurial streak, however, actually succeeding often looks much more appealing or glamorous than it is! Thanks for the insights, Kristen.

    • I never thought I could work from home until it happened and like you said, it isn’t for everyone Bev. Thank you!

  5. These are fantastic points Kristen. Hiring others to help is critical, especially with the social media part of a business. One error I made that I would not do again is I signed up for too many webinars and overwhelmed myself with too much information and didn’t have the time to implement it. I ended up with notebooks of “To Do” projects and then became paralyzed with too much. Don’t spread yourself too thin.

    • Oh yes Candess and my tip on that is… if you don’t know what you will do with the data/information, then maybe don’t work to see out the answer.

  6. I can’t imagine working for someone else. I’ve been self-employed since I was in my teens. I’m to the point now where I’m probably to bossy to even volunteer for too long of a period. Thank goodness most of that was required when my children were smaller. There are some people who would wake up paralyzed by fear just from their overview of the day as an entrepreneur. It has it’s rewards – and it’s costs. A big decision going in. Thanks, great post!

    • Wow.. I had no idea Cathy.. what all have you been doing since you were a teen as far as small biz?

  7. Great insights and things to be aware of for anyone starting their own business. Awareness allows you to set yourself up for success at the very beginning.

  8. Kristen,
    The cash flow is important to start the buissness and be able to outsorce the jobs so focusing on the material and the major points of the buissness instead of having to spend so much time in one area.

    Lori

  9. Having had an all-absorbing business – a large dance studio – I really appreciated this point especially: “As an entrepreneur, it’s crucial to build a life and identity that has nothing to do with your career or business.” I think it is so important, contrary to stock opinion, to take our eyes off the prize every so often! As you say, we must stay grounded and well-rounded as a human being, and, most important, not to tie our self-worth to our business success or failure.

    • Wow.. who knew… a dance studio.. how exciting and exhausting I am sure. Yes, great point to have something fun that has nothing to do with our business. Thanks Reba

  10. Cash Flow! I know so many people who have tried starting businesses on a shoestring who have only been able to get so far. I don’t think it’s impossible to do so by any means, but having some cash flow that can be managed (and liquid when needed) makes it so much easier!

    • True Jennifer.. and I guess it also depends upon the industry. But if you don’t have the cash flow… you will definitely need to put in the man hours… because a business won’t grow by itself without time or money!

  11. In today’s ultra-ambitious corporate world, every entrepreneur faces various challenges either during their startups or in the mid-section. Well, it is the time, which provides some source of resources to the entrepreneurs to get through all the hurdles in the way. Here, you have pointed out 4 paramount summons that every tycoon encounters in his journey to entrepreneurship. In addition to that, time management, cash-flow administration, employee recruitment are some of the tough provocations that usually appear in front of an entrepreneur while pursuing his dream. Well, in this regard, I just want to say that a tycoon should not possess self-doubt because this is a kind of attribute which will make the path more difficult when he is going to face these summons.

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