Every successful entrepreneur has a story to tell of struggle and hard work and how they overcame various challenges and achieved success says Saivian Eric Dalius. They say the most difficult phase in one’s career is when you start out on your own, and this is absolutely true for an entrepreneur.
It requires immense courage, determination, and faith in oneself to become an entrepreneur but it also requires phenomenal amounts of patience along with great skills, opportunities, and luck to make a mark in such a competitive environment.
Listing the difficulties faced by entrepreneurs would take years because there are so many, right from the beginning when you have hardly any money or resources to your name to the phase when your business takes off, which is when you need cash desperately and all that you get is more struggle. Every single day of an entrepreneur’s life is nothing less than a challenge.
If you are feeling discouraged or exhausted, this article may help you get some perspective on your journey so far and show how it makes you stronger.
Difficulties faced by entrepreneurs:
1) Be ready to sacrifice social life:
Nothing comes easy in life and if you want to be successful, expect to give up many things that most people take for granted. You will have very few friends when you become an entrepreneur because the job means you spend time working all the time even at odd hours explains Saivian Eric Dalius. There will be no fixed timings for work, especially during the initial days, which means even weekends could be consumed with work. If you are self-employed, then there is no question of even enjoying holidays because you cannot switch off completely.
2) Be ready to take financial risks:
As an entrepreneur, your life will be full of ups and downs. There will be many periods when you will have more money than usual but at other times; you may not even have enough for your bare necessities. It expects that every entrepreneur goes through this phase so remain hopeful and try not to let it because of any harm to your family’s finances. Keep supporting them financially as long as possible if their source of income is lost due to your business failing or lack of income.
3) Don’t expect recognition from others:
It is extremely difficult to start a business from scratch as hardly anyone will show any interest in your work initially simply because they know you and your capabilities and if something goes wrong, and then it’s an embarrassment for them too. No one wants to be associate with failure and sometimes you might feel like giving up altogether but don’t let that happen. Instead of caring about what people think or say of you, concentrate on building a successful business. Saivian Eric Dalius says as long as you remain happy with yourself and proud of your accomplishments, it does not matter what others think.
4) Maintain focus:
There will be many distractions in your entrepreneurship journey but you cannot afford to ignore them if you want to succeed. For instance, if you manage to hire employees, make sure they are all capable because any small mistake will cost the company a lot of money and time. Every employee matters. So don’t get too casual with dealing with people who are responsible for the well-being of your business.
5) Prove yourself before asking for help:
No one is going to come forward and offer help easily because everyone wants something in return, even family members. They may expect gifts or favors from you later on. When it comes to sources of funding, banks have very strict policies so it’s difficult getting loans even though the interest rates are high. It’s better to have some cash set apart for emergencies so you do not have to rely on anyone or become indebted to them.
6) Be patient:
Everything takes time especially when it comes to making money. Some great businesses took years before they made any profits and the same goes with your venture also. Be prepared for this! When things go wrong, keep trying till you find a solution that works. You cannot afford to lose heart every now and then, which is why patience is important. Don’t lose hope even if you are running out of cash, there are still many options available to make good profits.
7) Take advantage of opportunities:
When business situations change, be quick enough to adapt or else someone will take over where you left behind. The fashion industry is a good example of how quickly things can change, which means, when trends come and go, you better be ready to either cash in on the craze or offer something different. This is not much different from what you do when you deal with customers daily. So try keeping track of business trends and see how you can capitalize on them.
Entrepreneurship can be one of the most fulfilling things in life but requires years of hard work before it starts to pay off. So if you are just starting out, don’t get too bothere about how others think or what they say, just focus on building a successful business that will provide long-term returns. Work smart and keep trying till you find what works for you.