Although entrepreneurship can be extremely rewarding it can present itself with its own set of challenges. No matter how long an entrepreneur has been in a business, they have experienced their own set of challenges whether that is keeping the business profitable, establish a strong brand, or stand out amongst the competition.
Even though all entrepreneurs encounter challenges, new entrepreneurs have their own set of challenges to overcome. If you are thinking about diving into the world of entrepreneurship, you will want to make yourself aware of the biggest challenges you will encounter at the start of your entrepreneurial journey.
You are leaving a career.
When looking to create your own business, it is time to quit your day job. It is almost impossible to successfully run a business while managing another full time job. In the early stages, you may be able to manage your business on the weekends and the night, but if you are looking to grow, you will have to dedicate most of your time an energy into this new job.
It can be intimidating walking away from a steady job to something that is a little less bit predictable, but there are no easy ways to approach uncertainty. The best thing you can do is think smart, and go with your gut feeling.
You don’t have the funds.
As a newcomer to the world of entrepreneurship, your cash flow is not an unlimited pool as you wish it was. Experienced entrepreneurs have will often have a few advantages over a newcomer, whether that is a pool of capital from a business they sold or their business already produces a steady stream of revenue. Starting from scratch means that you will have to network with as many as people possible and think through all of your funding options before selecting one.
You will feel lonely.
One challenge of entrepreneurship that isn’t mentioned too often is that you will be lonely from time to time. Being your own boss means that you won’t always have teammates to rely on. On top pf that, you will be working long and late hours that can prevent you from seeing your family. Loneliness is something that many new business owners don’t think about until it happens.
You have to make decisions.
One of the most stressful challenges that you will encounter is making decisions. On a day to day basis, you will make hundreds of decisions ranging from something small that will impact how the next hour goes, to something big that will impact the entire business. For a new entrepreneur, being thrown questions and being forced to make decisions can create a lot of stress, but you will get used to it soon enough!