For many people, becoming an entrepreneur is the equivalent of living the American Dream. Being able to work as often as you want, when you want, and most importantly, not having to answer to anyone… all of those things are big perks that everyone would love to experience on their jobs. The only problem is they’re only showcasing one side of entrepreneurship.
Just like in most cases, there are two sides to every story. Entrepreneurship comes with a lot of challenges. Granted, those challenges can be quite harsh but nonetheless, they’re still very rewarding. You can look up the backstories to some of the world’s most successful entrepreneurs and see that their success didn’t just happen overnight. They received a lot of “no’s” when looking for funding of their business, they were told their idea was stupid, and worst of all, they were told that their business would fail.
As an entrepreneur, being told that your business is going to fail is probably the worst thing you could hear. Failure is already at the forefront of your mind anyway. After all, becoming an entrepreneur is a huge risk financially, and the statistics are against you… so what are you to do? Become a statistic? Inc.com states that 96% of small businesses fail within the first 10 years. You, of course, don’t want your business to become part of that statistic but you also don’t want to not even give starting your own business a try either.
Sure, the stats are out there but that doesn’t mean you have to be part of the statistic. Sometimes it helps to know what challenges are going to be coming for you before you begin your entrepreneurial journey. By knowing the challenges upfront, you’ll be able to take those challenges head-on and not crumble under the pressure. Take a look at some of the biggest challenges entrepreneurs face.
Dropping Your Previous Career
If you’re going to start a new career as an entrepreneur, you’re going to have to let go of your current position and dedicate yourself to your career as an entrepreneur full time. Some people would like to think that they can manage to do both but it’s practically impossible. You’re either going to slack off in one or the other. Now, in the beginning stages of starting your own business, you might be able to work on your business on weeknights and on weekends but in order for your business to grow and achieve the success you want, you’re going to have to quit your day job.
Letting Go of Control and Hiring Out
As an entrepreneur, your business is your business, right? It’s your creation and the thought of letting someone else take the reins on any part of it can feel like giving up a part of yourself… Well, it’s understandable to feel that way but if you want your business to grow, you’re going to have to give up some of that control, especially in areas of business that you’re not well versed in.
Now, just because you’re reaching out for help, that doesn’t mean you’re giving your business away, by any means. Hiring out is actually one of the smartest business moves you can make. If you’re not familiar with web design, there’s nothing wrong with looking to hire a credible web designer. Sometimes, in order to control your business’s destiny, you have to let go of some of that control and listen to the experts in their fields.
Funding Your Business
Finding funding for your business is probably the most discouraging part of becoming an entrepreneur you’ll face. They say it takes money to make money and it truly does but it’s important that you know that you’re probably going to get tons of “No’s” on your journey but that’s no excuse or reason to give up… you have to keep on pushing.
One of the best things you can do before going around asking for money is to first think through all of your funding options and once you do that, start networking like a crazy person! Not literally, but you definitely need to put yourself out there and starting building positive relationships with potential lenders and investors.
Just think about it. You’re going to be asking to borrow money from various lenders and financial institutions; people you’ve never met. If the roles were reversed, would you give money to some random person asking for money? Yes, it’s business but still, when you’re asking for a sizable amount of money, your likelihood of getting approved for it is enhanced when the investor actually likes you.