Being an entrepreneur is as challenging as it is fun. Whether you’ve just quit your job or this is your first one, operating a business brings many challenges, many of which make people quit and go back to working at one of their old jobs.
To prepare you for entrepreneurship, in today’s article we are bringing you 3 walls that you are very likely to hit if you become an entrepreneur:
1. Time management
It was difficult to manage your time at work and home while you had a regular boring job, but when you become an entrepreneur, it becomes a real nightmare. Time management is one of the most important and effective skills to have in life, especially if you’re an entrepreneur.
As the owner of a business, you are responsible for everything. Sales, making phone calls, task organization for both yourself and your employees, this all falls on your shoulders. Not to mention that you constantly have to work on growing your business and all the strategies that come with it.
You will find yourself making important calls while your employees are in need of clarification for a task. It gets overwhelming super-fast. What’s important is to manage your time as well as you can.
What to do?
Organize a meeting every morning with your employees, split tasks and discuss them, in case someone has questions related to their part of the job.
Prioritize tasks that are closer to their deadlines and avoid panicking, since this is bad for morale. If you are worried about something, your employees will be, too.
If there is a complex problem you are facing, try to break it down into simpler problems that can be solved one by one, this will make it so much easier. Start with simpler tasks and work your way to the harder ones. Write things down and make lists of tasks, this can help a lot with gaining perspective. Once you can clearly see all your tasks, it’s easier to say: ‘Oh, this isn’t as bad as I thought, these aren’t as difficult and there isn’t as many.’ Also, don’t be afraid or ashamed to talk to someone, a second perspective can help immensely and save you a ton of time you would have spent dwelling and hitting your head against a wall.
And maybe the most important part: breaks. Even the most focused of people need a break every once in a while. Try to take a break every 52 minutes for 17 minutes (studies suggest that this is the best way of taking breaks) and if possible, go outside and take a short walk and get some fresh air. Give your eyes a break from a screen from time to time. Don’t forget to eat and hydrate!
2. Money shortage
Sometimes you will make an investment mistake or have a not-so-successful marketing campaign. Keep your head up, this is not the end of the world, although it may seem so. Remember that you can always borrow money from a friend or family or get a loan.
The most important thing is to persist and, I’m well aware how cheesy this will sound, follow your dreams. If people like your product or service or you are sure that they will, you need to stay determined. Until the money situation is more stable, sometimes you will need to increase the prices or negotiate better payments, delay increases in salaries, and sell unused assets and equipment that you have. Some of these options are very hard, but necessary if you want your business not to crash and burn.
Measure cash flow for the future, next month or even week, if you are in a really bad spot. This will help you predict any shortages that can happen, but also learn more about what and how much money is being spent on things. To get more sales, you can offer discounts to your loyal customers, since this will make it more likely they purchase your product almost immediately.
3. Feeling like you aren’t making any progress
No matter what kind of job we do, hitting this wall is almost inevitable. But entrepreneurs hit it way more often because they are managing so many things at the same time, getting overwhelmed and facing financial and creative difficulties. Feeling stuck in a rut is dangerous but there are ways to get out of it and feel like you’re making progress again.
The first and most obvious solution is to create new habits. Identify what’s causing you problems and change the way of doing things if you feel like they could be better or even more interesting. Most importantly, don’t put yourself down. Don’t say words like ‘I can’t do it’ or ‘I’m not smart or good enough’. They don’t help in any way and if we keep repeating them in our heads, eventually we will start believing them.
Instead, say ‘I can do this’ or ‘I’ve got this’. Remind yourself of all the successful things you’ve done and all the achievements that you’ve made. It may sound like a bunch of nonsense, but our state of mind impacts everything we do.
It’s easy to give up. In fact, it’s the easiest thing you can do. Rome wasn’t built in a day, and so neither business in the world. It takes time to grow and learn how to overcome obstacles. As long as you remain determined, you will persevere in entrepreneurship and become a successful entrepreneur.