OVERCOMING THE CHALLENGES IN ENTREPRENEURSHIP
Some view entrepreneurship as a dream job while some others see it as a lot of busy work. But in actual sense, entrepreneurship depends on how you see it. It provides an opportunity to be free from being delegated to and greater responsibility and accountability associated with delegating to others. Entrepreneurship consists of many pros and cons, but few regret their decision to become one.
Entrepreneurship requires bravery and for those that are brave enough to face the challenges of starting and owning a business, the rewards can be far more fulfilling than a traditional desk job. The following are some things to expect as an entrepreneur. Considering them will enable you assess if entrepreneurship is your thing.
- Work-life balance
Entrepreneurship requires hard work which can mean working from anywhere at any time, the downside with this is that you’d pretty be working during most of your free time attending to several tasks.
- Self-motivation
As an entrepreneur, you do not require a boss to keep you in line. You are your own boss. This requires a huge amount of self-discipline, a self-taught responsibility - the discipline to get up early to work, helping team members on a certain project, or holding meetings on holidays.
- Risk-taking
Starting a business requires a lot of financial and legal risk taking. Hence you need to really do your homework before starting. Businesses without a plan in place to manage their finances risk ending their ventures prematurely. Entrepreneurship is no walk in the park.
- Few business connections
Building a business require having some level of networks of investors, partners, influencers, and team members. In order to succeed running a business, you would need to have to build your business network from the ground up. That may be challenging for those with little networking skills.
- Building reputation
Building up a new brand can be one of the biggest challenges for a new startup. Unless you have an innovative breakthrough on your hands, you’ll likely have dozens of competitors that your target audience will already be more familiar with.
- Legal considerations
Legal compliance is absolutely mandatory in building a business in order to avoid developing a negative reputation, or eventually risk the threat of litigation.
- Leadership
Entrepreneurs may struggle in their newfound leadership role, if they have come from background that affords them with little or no skills managing people or prioritizing activities. However, the good news is that leadership can be learned and developed with time.
- Limited supplies/technology
A new business may not have all of the supplies that enable them run the business with ease including hardware such as computers, printers, scanners etc, industry-relevant web apps and software. This poses a challenge that can be overcome as the business grows with time.
- Fewer benefits
A starter may likely not be able to offer healthcare plans or discounted gym memberships early in the early stage of the business endeavour. Lack of these benefits may turn a few potential customers and employees away.
- Roles and responsibilities
Although you may go with the title “CEO” or “Founder,” you would in many occasions be using multiple titles at once including sales, business development, finances, legal, marketing, human resources, and business admin work. You will likely be in this situation until your team gradually expands and become stronger.
