As a business owner or entrepreneur, you must expect to struggle, fail, and question yourself as you strive to expand your company. You’ll squander a lot of time, your staff might not care, people will judge and criticise you, and you’ll almost certainly need the assistance of a startup mentor—probably multiple startup mentors.
Entrepreneurship is a broad term that can mean different things to different people in the world. For example, an entrepreneur might start a business that creates products of their own, while someone else might start a small-scale business where they work for themselves but sell their products to other companies.
It’s hard to say how many people are currently entrepreneurs in the United States at this time; according to U.S Census data from 2013, there are around 24 million people who are self-employed, and between 2010 and 2012, this number grew from 24.4 million to 24.8 million.
But whatever the definition of entrepreneur may be, no matter their reasons for starting a business – they must be prepared for the struggles that come with entrepreneurship.
What must an entrepreneur assume when starting a business?
Starting a business is an exciting task that can bring joy and fulfilment to a person’s life. However, it should also be noted that starting a business is not an easy task – many entrepreneurs have failed at their businesses, and some of those who have succeeded spent years working hard to achieve their success.
When looking at data about entrepreneurship in the United States, one can see how difficult it is for an entrepreneur to succeed.
1. A lot of pressure
In the eyes of big corporations and politicians, no job is safe until it is outsourced overseas to a cheaper worker that will work for less money. The term “business owner” has come to mean the same thing as “lazy rich guy who spends all his time relaxing in his mansion.”
But this is not what entrepreneurship means to an entrepreneur. The threats are much more real and more unstable than what lies ahead during retirement.
2. Daily frustrations
Startups are hard to get off the ground sometimes, and there’s no guarantee that a business will be successful. On top of this, the startup business often has strict deadlines for getting their product into stores or getting online. This means you have to get together with your employees at all hours of the night and manage them as well as your own personal life.
Sometimes these can become frustrations that can bubble over into becoming bitter fights with your employees. But if you work together with your staff, you may find that you can overcome these difficulties.
3. A lot of emotional stress
As an entrepreneur, you often end up going back and forth with your employees on how everything will be run. You must also be able to stay calm in the face of chaos, especially when the economy is in a downturn. Many people feel that this part of just being an entrepreneur can easily get under your skin, as it can make you feel out of control in times when everything seems to be breaking down.
So ask yourself are you able to stay calm when your employees become frustrated or do you blow things out of proportion? This can be an easy part to overlook when you’re first thinking about starting your own business, but it is important to remember that it can be a very big part of the daily grind.
4. Lack of income
You might think that if you start a business, you will be able to make more money than if you were an employee. But this isn’t always the case, as when you are your own boss, your paycheck is often delayed. It might take months for certain transactions to go through.
These delays could mean that even though the company is making a profit, you are taking home a minimal amount of income until things get straightened out. This could put a strain on your personal relationships and finances.
This can be a daunting thing to think about but it is something that you must keep in mind when you are starting your own business. Be prepared and know that you might go through some hard times before you ever see the big payoff.
5. Lack of employee benefits
It is true that if you start a business, you have the option of working for yourself. But the money is often extremely low for quite some time. In fact, your income will remain small even after years of hard work. You will not be able to afford health insurance or any other type of benefits package as an entrepreneur.
Obviously, the long term view is that you could reach a point where your small business will be making enough money for you to pay for the things that you want. But this can take years to reach and it requires an extreme amount of hard work and dedication.
6. An uncertain future
If you are working for yourself, then your job security isn’t what it used to be. It’s basically a chance that you’ll be able to find a job again if you do happen to be laid off or let go.
So how well do you deal with the lack of job security? If you know that, then you’re well on track to success. Make sure you have the right level of confidence about yourself, and you’ll be able to adjust better to change.
Some people will throw up their hands and say “no way! I need job security!” But that’s wrong.
7. Lack of appreciation
You might feel as if there is no one in the world who can appreciate your hard work as an entrepreneur, especially if you are doing it on your own. You must remember that it takes an incredible amount of dedication and perseverance to start a company all on your own.
This can become toiling to not receive a lot of appreciation from your staff or from the public. This is when you need to feel as if you have the right personality for business, and that you are a person who will know how to deal with these situations in order to continue to thrive.
8. It takes persistence to gain success
It takes a great deal of perseverance and hard work to start various companies. It’s a long process, so you’ve got to be prepared for the setbacks and failures. You have to keep going and get yourself through it, so that you can see your company grow in the right direction.
Hard work is not for everyone so you must know yourself well enough to see if starting your own company is something you will enjoy doing. Remember the rate of failure typically is because people give up. Don’t be that person, you must be willing to accept the challenge!
9. Lots of work
Starting a company requires you to concentrate on all the tasks that you and your business needs. It’s a lot of hard work, so there’s no time to waste. There’s always something that needs to be done and it will never end. You can cross things off your list, yet there are always more tasks in sight.
Late nights, long days. It’s all part of it, so pull up your sleeves and get ready to work.
10. Is it worth the risk?
Most people are scared of taking any risks at all, but it’s important to realize what being an entrepreneur entails. The risks and rewards are usually greater than most people can handle, but the reward is worth it – it’s not like other jobs where compensation is high but you are stuck with a job that you hate.
11. It’s a lifestyle
The lifestyle of an entrepreneur can be quite influential. It requires you to keep working in order to reach your goals, but the job has a formal structure that allows you to be creative and independent. You can work anytime and anywhere, so you are given time to learn more about your company, or take trips across the world with your family. Entrepreneurs enjoy flexibility in their work, allowing them to take advantage of new opportunities.
12. It can be overwhelming
Starting a company is a large task that is often very time-consuming. Some tasks can take months to complete and because of this, the entrepreneur must devote their full attention to the job at hand. If an entrepreneur likes their job but isn’t passionate about it, they can avoid stress and burnout by taking some time off from the business – only keeping on top of things when needed.
13. It’s different than other jobs
The benefits for entrepreneurs are unmatched by most jobs. Should they fail, they will still be able to use their creativity and whatever knowledge they have gained to start over.
What are the benefits of starting a business as an entrepreneur?
Starting a business while can take a physical and emotional toll. When you grind it out and get to a place of success the rewards far outweigh the challenges. Here are some of the reasons that make entrepreneurship worth it for most business owners:
1. You get to have a say
As an entrepreneur, you run your own business, so you will have a lot of say in what happens at your company. This means you can make more money since your income will be directly based on how much work you put into the company. You can even make decisions that will benefit the company, and this is a great asset because you get to run your own business.
2. You can stay focused
As an entrepreneur, you are your own boss and you have access to many resources. This means that when you don’t feel like working or staying on top of a task, you can go home and watch TV. As long as the tasks are completed each day, you have no excuse to not continue with them as soon as possible.
3. You can take your business anywhere you go
If you are an entrepreneur, you can work from home or wherever you want to because of the number of resources that are made available to you. This means fewer distractions and more time for tasks that need to be completed. Getting things done is easy if you have a laptop, and it’s even easier if you have a smartphone with Wi-Fi.
4. You can live your life any way you want
Entrepreneurs are free to follow their own paths with their labor. They can choose to be at home or out on the town, having fun and enjoying life as a normal person. They don’t have to spend all of their time working, which is especially great for someone who is constantly at work. You can enjoy your personal life and do some things that would have been out of reach to you before if you were still working for someone else.
5. A life of independence
As an entrepreneur, you don’t have to answer to anyone else. You work for yourself and yourself only which means you can get things done in any way that is best for your company. This is a great feeling, especially if you are constantly being questioned by someone else about how you are performing your job.
6. You can make your business better
As an entrepreneur, you have the ability to make a change in the world around you. It doesn’t mean that it is a good idea, but it means that you can make changes to benefit your company. You can decide to produce something different and improve on an aspect of your company that needs improvement. You get to be in charge of your business and that is a great feeling.
7. The workday goes by quickly
When you work as an entrepreneur, things happen quickly. The days go by fast and you learn how far you can push yourself before you are worn out. It’s easy to get things done in the morning and feel like you are still in bed when the end of the day rolls around.
8. No one else gets to tell you what to do
As an entrepreneur, you are in control of your own business. This means that you don’t have anyone else telling you what to do or how to run it. You can design a company that is based on what is best for your situation and even change it if need be. You are free to do whatever you want and work with people that you want.
9. You can keep your life simple
As an entrepreneur, you get into the mindset of doing whatever it takes to make money. You are never going to settle for less and it easily becomes easier to get things done because of this attitude. You don’t need a lot in order to make money, so it’s not difficult to stay focused on what really matters – making that money!
Is being an entrepreneur worth all the sacrifice?
If you’re starting with this question, this comes down to your mindset really. If you’re starting with a mindset that it’s a lot of work, then you shouldn’t pursue it. You’re going to feel tired, frustrated, and close to burnout far sooner than you probably thought you would.
But if your mindset is one of opportunity and possibility, then there is no question that it’s worth all the hard work. It can be very rewarding when your business takes off and starts producing the results that you want.
If you are looking for more guidance. here we have created an entrepreneurial mindset development guide. It will help you changing your mindset, and developing the right values to become a successful entrepreneur.
Can you become an entrepreneur if you have a young family?
Yes, of course. If you’re interested in entrepreneurship, then it doesn’t matter what your situation is. Most entrepreneurs’ have a family to take care of and are still able to maintain their business efficiently. Of course, it’s not always easy and consistent; but if you’re committing to every day, trying your best, then you should be fine!
How to be a successful entrepreneur?
Successful entrepreneurs are not born, but they are made. There is no one factor that you can point out that will make you successful. Instead, it’s a combination of factors that make up the best entrepreneurs. Here are a few things to help you get started:
- Be passionate about your business and what you do.
- Start small, but start consistently.
- Create a plan of action, but always be flexible.
- Be willing to take risks and not fear failure.
- Be willing to learn new things and try new things, even if you don’t know what’s going to happen next. The more you try and fail, the more you learn!
- Don’t get stuck on one idea. Instead, have many ideas and keep working on new ideas until you find the right one.
- Be creative and innovative.
The life of an entrepreneur is not easy but it can be very rewarding. It’s an exciting career that offers many benefits and it’s an opportunity to truly make your dreams come true. It’s important to find the right balance and to also know when you need a break.
The things you need to assume being an entrepreneur are self-confidence, perseverance, courage and optimism. Just be ready to take some calculated risks, and as you begin to see some results, you’ll find out that entrepreneurship can be one of the most rewarding jobs ever.
Good luck on your journey!
You can learn more about the entrepreneurial mindset here.