4 Challenges Entrepreneurs Will Need To Overcome
No one ever said starting a business would be easy. In fact, sometimes it can feel like the most daunting thing there is.
Sooner or later, you’re going to realize that you’ve hit a roadblock. Before getting too discouraged, you need to understand that it’s totally normal and to be expected.
What REALLY will separate you from every other entrepreneur out there isn’t whether or not you get stuck — but what you do about it when you do.
1. Being The Decision-Maker
Let’s start with what is often the hardest aspect of starting a business — embracing the fact that you’re the one who calls the shots. There’s a tremendous amount of pressure when every major choice and the entire direction of the business lies in your hands. When you’re the one calling the shots, you have no one to blame but yourself when things don’t go as planned.
It takes an incredible amount of inner-strength and confidence to not rely on anyone “above” you. There is no safety net. There is no “someone else will figure it out”. For better or for worse, everything is now up to you. And sometimes? Sometimes that’s a tough pill to swallow.
2. Work-Life Balance
There’s always work that need to be done or an idea that needs to be fleshed out, especially when you’re first starting out. That’s what makes it so, so simple for your new business to completely take over your life.
Finding that balance between free time and work is especially difficult when your new business is so intricately intertwined with personal life. It’s hard to figure out when to shut off the laptop before you mentally shut down, but finding a healthy balance is key to staying sharp (and sane).
If your initial goal is, as Pink Floyd so eloquently put it, to “grab that cash with both hands and make a stash” then you’re in the wrong field. Entrepreneurs shouldn’t expect to be making money hand over fist right from the beginning.
On the contrary, you should be prepapring yourself for the reality of making less-than-normal wages for awhile. Income may be less than you’re expecting, it may not be steady…it may not even be existent at first. This is a harsh reality that new business owners must brace themselves for so that they’ll be able to pull through an initial rough period.
4. You Can’t Do Everything Alone
Being a one-man-band is only feasible up until a certain point. As you really begin to scale, you’re going to find that it’s virtually impossible for you to handle everything solo.
That means it’s time to start finding capable people you trust. But team-building is challenge in and of itself. Just because you’re passionate about your business doesn’t mean your potential employees are. Making your first few hires should be a careful decision — your business is still small enough that welcoming the wrong people on board can do a lot of damage.
Every entrepreneur of a small business will face the occasional obstacle. But with Coffee Time on your side, you’ll know what you’re up against — and how to overcome it.