Overcoming the inevitable hurdles of entrepreneurship
When you’re slaving away in a job you hate, the appeal of entrepreneurship is obvious. Entrepreneurs get to choose their own working hours, they don’t have a boss looming over them at all times and they know that they have taken their careers and their financial wellbeing into their own hands and are not consigned to subsisting on scraps from the corporate table.
But while entrepreneurship can be extremely liberating it is not without its hurdles. From the difficult balancing act of investing enough in the business to facilitate growth while maintaining a healthy cash flow to maintaining the line between work and life. Starting your own business may be a fantastic opportunity, but it’s no land of milk and honey. In order to make a success of it in small business, it’s helpful to take a proactive approach to the inevitable hurdles of entrepreneurship.
Being an entrepreneur, while liberating, can be the source of enormous stress; not least because your personal and financial circumstances are directly tied to the success of your business. As such, it’s important to take steps to relieve stress. Be realistic about what you can and can’t accomplish alone and don’t be afraid to outsource parts of your business from digital marketing to outsourced IT consulting. Even solopreneurs should recognize that they need help and support to avoid burn out.
Depression is an inevitable consequence of stress. The life of an entrepreneur lacks the inherent structure and consistent effort/reward ratio of salaried work. While entrepreneurs are well positioned to enjoy the fruits of their success, they must also bear the full weight of their failures and this can take a toll on them psychologically. The life of an entrepreneur is often lonely and unforgiving. They have little time to celebrate their success but their mistakes can seem magnitudinous. This is why it’s vital that all entrepreneurs dedicate some time to themselves to center their minds and regain a sense of enjoyment in their lives. Whether it’s taking the kids on a fishing trip, going for brunch with your friends, or simply taking yourself for a long walk in the park.
It can be extremely frustrating when you seem to lose longstanding repeat custom to your competitors. The important thing in dealing with competition is not to bury your head in the sand. Keep a close eye on your competitors and undertake regular competitor analysis. Look for areas in which they could do better and ensure that your business outshines them in those areas.
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