The Biggest Challenges of Entrepreneurship

In a recent blog we touched upon entrepreneurship because we work with a lot of startups and entrepreneurs, and we are indeed entrepreneurs ourselves. We had some nice feedback from some of our clients so we wanted to write a part 2!

One of the things that you are likely to find out when you become an entrepreneur is that it comes with its own challenges. Those challenges may be hard going at times, but the one thing to always keep in mind is that they will be worthwhile in the long run.

So, what are these challenges that entrepreneurs can face, and is there anything that you can do to try and work around or through them?

Giving up on your current work

If you are in steady work and have been developing your career, then you may find that the idea of giving that all up and starting something new is the biggest challenge of all. It is scary, this is true, and unfortunately there is no easy way to get through this, but you should always remind yourself that it will be worth it all in the end!

Money worries

Whilst many people may think that being an entrepreneur means that you are going to be bringing in a whole heap of money, however, this really isn’t true. This is especially true for those early times, particularly if you are going to be giving up your day job. Money is going to be tight, this is true, and this is one of the hardest parts of setting up your own business and seeing it through. The thing to remember is that if you put the hard work in, at the end of it all, money should be a lot more comfortable for you.

Building your team and leading them

If you have spent your time working for others, perhaps being an employee, then making the transition into being a leader of a team or a business as a whole is a really tough transition. Not only are you going to be responsible for hiring and choosing staff to help you achieve your goal, but you are also going to need to lead them to it too. The thing with this challenge, is that you can learn to be a great leader with time and of course by listening to the advice and thoughts of those around you too.

Being lonely

As humans we have a basic need to socialise, and being an entrepreneur, particularly in those early days on your own, is lonely. You are not going to have colleagues and work mates around to rely on, to sound off with or simply to talk to. However, it isn’t all doom and gloom, sure you are going to be spending some time alone, but there are things you can do to make the loneliness sting that little bit less.

You have to improve your work ethic

Working for yourself means that you are in charge of what you do. This means that you are much more likely to drift away from tasks that you need to complete or get distracted. You are in charge of making sure that you get things done, no excuses, which means that you are going to need to buckle down and get focused.

These are some of the challenges faced by entrepreneurs within a variety of industries. You can fix them though and find yourself one step closer to achieve that end goal.


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