Entrepreneurship helps us to improve our lifestyles. It not only brings money to our bank account but also contributes to the economy in a great way.
It is not just a career path but a way to make a difference in this world. But does entrepreneurship only have positive effects? Do you think successful entrepreneurship is too easy?
Had this been the case, everyone would have quit their regular 9-5 jobs and started their own businesses.
How does entrepreneurship affect your life personally and professionally?
Entrepreneurship can have a positive or negative impact on your life. It all depends on the things you do, and the actions you take. When done correctly, it will help you achieve more than what you ever thought was possible.
Challenges Faced By Entrepreneurs
There are two main reasons to choose entrepreneurship over any other career option. First, the freedom to do what you love without taking anyone’s permission, and second to bring change in society.
But as you know, everything has advantages as well as disadvantages.
So if you are interested in entrepreneurship, you must know what problems and challenges you will face in your journey. We have divided these challenges into two types i.e. personal and business.
Personal Challenges
1. Time Limitation:
Building and managing a business alone is not an easy task. It takes so much of your time and effort that 24 hours may fall short for you.
As an entrepreneur, you have to consciously work day and night for your company, especially when you are just starting out. Hence the time limitation is one of the biggest challenges an entrepreneur has to face.
2. Relationship Management:
Another difficulty entrepreneurs face is managing their relationships. Family and friends are the only people who love and support your entrepreneurship journey the most.
But as an entrepreneur, you have to multi-task and due to limited time, it becomes difficult to manage your relationships and spend time with them.
3. Stress and Depression:
There is a lot of work pressure in entrepreneurship which also brings stress and headaches. There can be many reasons for work-related stress like increased workload, long working hours, increased responsibility, etc.
Sometimes this stress can cause anxiety, sleep problems, and even depression.
4. Health Problems:
As mentioned above you have to work long hours and late nights to get success in entrepreneurship.
So it is quite possible and very common that you skip your meals, experience sleepless nights, leading to various health problems. In addition, stress and anxiety can lead to other serious health issues as well.
5. Increased Responsibility:
If you are choosing to work on your own then you may also be aware of the fact that every responsibility of your organization is on you.
You will also have to work in business operations, management, marketing, sales, and as a customer representative. There is no other person you can depend on.
Of course, as you grow you may have a team to delegate your work but still, you will be responsible for taking every decision of your organization.
Professional Challenges
1. Environmental Risks:
Environmental risks are very dangerous and every business, small or big, has to deal with them. It includes various types of risks such as climate change, earthquakes, supply chain inefficiencies, accidents, etc.
Some environmental risks can be controlled and some cannot. But the damage caused by these dangers is huge.
2. Team Management:
Teams play a very important role in entrepreneurship but it is very difficult to manage a team, especially if you want everything to be perfect and your way.
Not every mind is the same and different perspectives and thoughts can do wonderful things together. But to get the most out of your team, you also need to trust them and give them the freedom to do things their own way.
But in the initial times, entrepreneurs find it very difficult to manage a team and delegate essential tasks to them.
3. Financial Risk:
There is a huge risk of financial loss in entrepreneurship. It may sound harsh but it is the ultimate truth that every new business is prone to failure.
It is great if you get success in one attempt but it is very rare. And if for some reason your business fails then you lose all your capital invested in the business.
4. Competitive Risks:
More or less every business has to face competition. While healthy competition is not bad but if it is huge then you have to work very hard to stand out in the crowd.
You have to be one step ahead of your competitors in all aspects from innovative ideas to technology, from marketing to sales, etc.
5. Economical Risk:
Economic risks affect the entire economy of a country such as credit risk, taxes rates, business laws, etc.
Nowadays, every day we wake up with new government policies and business rules. These rules and regulations create various difficulties for businesses to operate and survive.
Few More Facts of Entrepreneurial Life
1. You will have to work on weekends and holidays if your business requires it. But you may decide to work late at night and enjoy your weekends.
2. You will have to work with full determination and dedication. Remember that there are no bonuses or promotions to keep you motivated.
3. You will fail but you have to stand up and work again. Most of the entrepreneurs fail but they keep working till they get success.
4. You will have to face criticism. It can be from your friends, competitors, or even your customers.
5. You will have to sacrifice many things in your life like late-night parties, weekend trips, important functions, etc.
Conclusion
The purpose of this post is not to demotivate you, but to show you the other side of entrepreneurship, which people rarely talk about.
So that you can prepare yourself for all the hurdles and obstacles that may come across in your entrepreneurship journey. We wish you the best of luck in your life and hope you can make a change in this world.
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