In today’s world, most people see entrepreneurs as individuals who are living the American Dream with little to no worries. Well, that’s not entirely true. What you should know is that the life of an entrepreneur is not as easy as it seems. Behind those “flexible schedules” and charming smiles are constant struggles and challenges. In other words, entrepreneurship is riddled with harsh and yet rewarding challenges that you’ll have to overcome especially if you’re looking to become successful.
Do you have what it takes? Let’s see….
If you have the opportunity to meet a successful entrepreneur, he or she will tell you about the fair share of setbacks they have had to endure over the years. (insert: blood, sweat and tears (well, maybe a lot of the latter)) It’s practically impossible to find someone who became successful as an entrepreneur with no roadblocks or hurdles to overcome.
Being a small biz owner isn’t for wussies or the weak of heart. Serious determination. #TheStruggleIsRealClick to tweet
So, if you keep that in mind and you are running a small business, know, you aren’t alone. Don’t be discouraged when things don’t go as planned — you need to be strong and focus on your goals, as many before you and failed ten times over and still pressed on!
Here are 4 common challenges entrepreneurs face and overcome
First, just have to say.. flow as a verb is said to mean a continuous stream (which assumes it is coming or going, but either way.. it’s moving). Further, as a noun, it means that it is the action of something moving in a steady stream. Now, as most entrepreneurs, or business owners know, especially those starting out… that the FLOW we speak of, is usually a flow leaving our account to someone else’s. Remember that American Dream we spoke of, that is the continuous INCOMING flow, right?
So, this leads us to the point that incoming cash flow is crucial to the survival of any small business, and yet, many entrepreneurs struggle to pay bills. This typically happens when they’re waiting for checks to arrive.. or more so, CLIENTS! Then, once you have the clients, be sure you are creating systems that give you money up front to cover the tools that you need to perform the service and/or product or get those invoices paid asap after the delivery.
Time Management and Focus
As we know, not everyone has the ability to lead a company and it truly does take a special kind of person to step out and start and run a business. But even the most organized folks can still struggle when they start up and run a business of their own. It requires structure, goals and of course time management. Let’s not forget that “work/life balance” as if that ever can occur?
For instance, when you’re working on different responsibilities at the same time, it can be almost impossible to manage them all and allocate the appropriate amount of time to each of them. Just know that you’re not alone in this struggle — most entrepreneurs are likely to have issues with time management, even the most disciplined ones. Let’s face it; everyone has the same 24 hours in a day, you can’t control everything that happens, but you can control what you decide to do with your time, so figure it out and start managing your time now!
Hiring the Right People, or Outsourcing
This is yet another struggle any entrepreneur will have to face since their business and reputation is on the line. As we know, hiring the right people could lead to the success of the company, but the wrong hire could ruin the whole plan. Similarly, hiring and outsourcing can be synonymous in this point in that outsourcing a piece of a product or a service can add to or take away from the end product or service. Can you relate to this? I sure know I do as most of my work is done online and once it is “done” it is live so anyone working with my client work is immediate seen and potentially cached by the search engines with little to no guarantee of being able to take it back.
So, if you are hiring an employee or outsourcing some work, the best thing to do is create an on-boarding strategy, test the employees/contract worker out and have an entry period to check work before giving them full reigns.
For starters, entrepreneurs are individuals with strong personalities. Most of us are very likely to measure business success by how well a company performs financially. This is exactly why many entrepreneurs tie their self-worth to their net worth.
Keep in mind that some businesses are likely to fail and this can put entrepreneurs in a tight spot. Business failure can cause entrepreneurs to struggle with identity issues, financial issues and other issues that have been previously based on high expectations.
As an entrepreneur, it’s crucial to build a life and identity that has nothing to do with your career or business. Easier said that done, we know! You can work to create a separate solid foundation that carries your family, hobbies, friends, religion and other interests along. This will give you something to hold onto if you fail to achieve your business or career goals, or heck, just have a few ebbs and flows and need an outlet that isn’t work!
Cash flow, time management, outsourcing & self worth – The Struggle Is Real, to say the least.Click to tweet
So there you go! I know most can agree when I say entrepreneurship is not for the weak but the courageous. Business success is not easy to attain as you may have to go through a series of setbacks before reaching your desired destination. But the good news is, you can become successful if you stick to the path and face your challenges head-on.
If you are reading this and you are a new entrepreneur or one who has been in business for a short or long period of time, feel free to share What Has Helped You Stick Through it All & Succeed????? Love to hear from you!