TOP 5 WORST THINGS ABOUT ENTREPRENEURSHIP
CHALLENGES YOU WILL FACE STARTING OUT
Image by WEB WIDE
There is no doubt that when you get the entrepreneurship thing right, there are incredible rewards and a huge sense of accomplishment knowing that you started something from scratch and watched it grow into something sustainable and worthwhile.
But, make no mistake, entrepreneurship has its fair share of ups and downs or challenges if you will, this is why many people who branch out into entrepreneurship end up reverting to something that is safe such as a corporate position or just a regular 9-5.
I am not trying to discourage you, but entrepreneurship is really not for everyone. And if there is one thing I know, you will question if you are made for it every step of the way. You will be tested, and the biggest thing that will determine if you endure will be your sheer determination and belief in your overall vision.
THESE ARE THE TOP 5 WORST THINGS ABOUT ENTREPRENEURSHIP
UNCERTAINTY
When it comes to guarantees, there are none in entrepreneurship. That is why I respect entrepreneurs at all levels and especially the ones who actually make big things happen, I think it’s dope as hell. Much like what Elon Musk did with Space X or Tesla.
Fig 1. [Image of space X rocket launch trajectory]
Image by SpaceX
Fig 2. [Image of Tesla Electronic Vehicle]
Image by Taun Stewart
When a person can step out on nothing but their faith in themselves, and their vision, the best thing you can do for that person is encourage them.
When you have a regular 9 to 5 position, you clock in every morning knowing exactly what you are going to do and how long you will spend at work doing it. You have all your tasks that you need to complete and at the end of the week you know exactly what you will be getting for completing those tasks. No disrespect to my 9 to fivers but that’s a bit easy. Sometimes I think employees don’t understand how easy they have it.
Entrepreneurs are different. They don’t have set schedules. And even if they do, I can assure you that most of the time they will be working later than the scheduled time, or earlier than scheduled time. What they are going to do changes a lot and not only that, but they also have to be thinking of new things to implement.
After doing all of that, they don’t know if their work will pay off at the end of the week or month. Especially when they are starting out.
WORK-LIFE IMBALANCE
It is not often you find entrepreneurs who have a perfect work life balance. More often than not you will find an imbalance. Entrepreneurs often find it difficult to make their personal and professional lives distinct from each other.
When you are growing a business it takes time, effort and mental and physical focus. In the early stages, you will, or you should be documenting the processes for the everyday tasks you perform so that you can eventually hire someone else to help you.
It takes a lot of energy, and most times you are left with little time for things like hobbies, leisure activities and personal relationships.
Image by Tobias Flyckt
That is why it is good to have people around that are understanding and encouraging.
PRESSURE
Entrepreneurs face a lot of pressure when trying to grow a business. One of the biggest pressures they face is from their own selves. The pressure to achieve or realize their potential or see their vision come to life can be both a blessing and a curse, but on the negative side it can take a huge toll on their mental wellbeing.
Another pressure entrepreneurs face is pressure from friends, family and close people to them. Imagine setting off on a journey to build your business from the ground with no connections, no existing customers, and no track record.
A lot of the times friends and family don’t understand this and may have a number of concerns. Sometimes these concerns may come off as doubt to entrepreneurs which can lead to a sense of pressure to perform.
HIGH FAILURE RATE
While entrepreneurs are usually optimistic, they have to operate with the knowing that there is a high failure rate when it comes to entrepreneurship. Thinking about the risk of business failure can be mentally taxing.
INCOME UNCERTAINTY
Image by WEB WIDE
Every entrepreneur will tell you about income volatility. You may have a good week this week and for the next week or two you are wondering if this is really what you signed up for.
Your paycheck is not steady, especially when you are starting out trying to build your clientele.
Remember you have bills to pay, people to pay, and it can be annoying whenever you are not able to at least predict your income. There may also be investment opportunities you miss out on just because you haven’t been able to bring in some money this week.
It is one of the worst things about being an entrepreneur.
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Everyone's experience is different. What do you think are some of the worst things about entrepreneurship?
Let me know below.
Like I always say, entrepreneurship is hard, but the most important thing you need to know is that it's doable. Until next time.
GOD SPEED
