Although I’ve never heard anyone claim that running a business is easy, it’s not too often that you hear exactly what makes being an entrepreneur so frigging challenging. Well I’m here to tell you why. My intentions aren’t to dissuade you from launching your own biz, but rather to prepare you for what’s to come should you dare to take this incredible leap.
So here are four things that people don’t tell you:
- You will plan/forecast and prepare as best as you can and chances are things may still go awry.
Wait, not only awry, but things you never expected will creep up and throw you for a loop. Case in point. When we initially filed our business name, although it was approved by USPTO, this did not stop an established handbag company from threatening to sue us if we did not augment our name. Well naturally I wasn’t going to give up without a fight… needless to say our legal ping pong game with this company went on for about a year… hello, this was NOT in the plan.
- As a start up with limited funds, you often become a one man act.
If your budget doesn’t allow you to pay others for their services it becomes paramount to develop a working knowledge in: social media, photography, videography, marketing, sales and business. And this my friends takes time. Of course as you grow, it will be necessary to relinquish some of these responsibilities but until then buckle up and enjoy the ride!
- Your time and your finances become extremely limited.
If you are someone who is used to being free with your time and your money, once you decide to launch a business, depending on how serious you are, both will require extreme discipline. You may even lose a few friends due to your inaccessibility, your inability to return phone calls and your constant use of the word “no”; but those who truly support you will stick around while your business and your new life are “under construction”.
- You have to prepare to be successful.
It is important that you have a firm foundation on who you are so that you will remain true to yourself whether the business fails or succeeds. Identify your non-negotiables. What are your standards? These things are key because success has a funny way of causing people to compromise and ultimately lose themselves if they are not careful. But we know that this will not be your fate!
So there you have it. Just a few things (in my opinion) that make entrepreneurship so challenging, but ultimately in the end, it’s all worth it… I hope! :p
Are you considering going into business? Or are you already in business? We’d like to hear from you!