The road to success is a bumpy one, as the famous saying goes. So ensure whatever transportation you decide to take on this journey is equipped with both seatbelts and airbags. That is what is key here, ‘being equipped’ so that’s why we think it’s important to enlighten any first time entrepreneurs of 6 of the biggest challenges they face in the pursuit of entrepreneurship.
- Abandoning another career
Goodbye job security and hello uncertainty. In order to fully commit to your career as an entrepreneur, you will have to reach that point where you decide it’s time to pack in the stability of your current job to dedicate your time to your new venture. Although, at first you may think you can juggle both, for those wanting to scale a business quickly (and successfully), the most logical step to take next is to hand in your notice at your current job. This can be incredibly daunting, however equally liberating.
So you’ve quit your job and told everyone you’re pursuing the life of an entrepreneur. You’ve seen how glamorous your life could be by looking at others and that’s what you want for yourself. Well then, if you’re serious then prepare to be lonely. It’s a singular position, unless you have a co-founder and in order to ensure your vision is a success you have to be the driving force behind it. That means early starts, long nights, passing on fun with friends and not seeing your family as much as you would like.
There isn’t one obvious choice of funding for being an entrepreneur, (both a blessing and a curse), as you weigh out which option is the best for you and your business. Whether it’s crowd funding, pitching to angel investors, getting a loan (or perhaps all three!), the logistics and the pressure of obtaining that initial seed money can be stressful.
This is where new entrepreneurs will have to perhaps work harder than those who’ve already started businesses. As a first timer you won’t have the investment contacts or client connections to give you that initial boost. Expect to graft harder than you ever have before.
- Decision- Making
Making hundreds of decisions each day that directly affect both you and your business can be exceptionally wearing. There is in fact something called ‘decision fatigue’, which new entrepreneurs can experience if they aren’t prepared for what lies ahead and you can suddenly find yourself feeling burnt out before the even bigger decisions have begun. Not to mention when you suddenly are making decisions on behalf of your team…
- The Unknown
This is ingrained into your conscience as you go to bed and as you wake up. The fear of the unknown is what can both terrify and stimulate you to strive harder. Dealing with difficult questions in regards to things such as your 3-year business plan, how profitable you will be and your companies overall general survival can be very nerve racking. Unfortunately at the beginning of your start up journey, you cannot be fully sure of whether you can confidently answer those questions and it is this ‘not knowing’ that many first time entrepreneurs find the most unsettling.
- Being the visionary/driver/inspirer/ leader/believer
Yup, that’s a lot you have to cover in being a new entrepreneur. You have to believe you can do it if you want others to believe you can also. That air of confidence as you essentially ‘sell’ them this vision of what you think (or should I say know) will be a success. You want people to get on board with your idea, so be the driving force behind it and ensure that they do.
Being an entrepreneur isn’t easy and if you think the above is just too much to handle, then we would advise you to think very seriously about whether you should pursue this career and life choice. As an entrepreneur you are putting a lot on the line and you have to weigh up whether you believe you have the belief to make it work. However, don’t let this put you off, as the rewards of your hard work will be unparalleled to anything you have done before.
Twenty Mile Club