It isn’t easy to leave your well-settled job and go for your start-up. There can be many different reasons. You must have got an amazing idea for your start-up, or you might be tired of working for someone else. And why not go for your own business when you can build your empire instead of building someone else’s empire.
There are many reasons to back off and go back to the job but never stop yourself from going ahead and try avoiding all those negative thoughts.
But apart from keeping the negative thoughts away, you should be aware of the problems that you might face as an entrepreneur. We’re going to discuss eight major challenges that you might face as an entrepreneur. The five major challenges are as follows-
1. Worklife balance
2. Time management
3. Stress and Depression
4. Cashflow Management
5. Doubting yourself
1. Work-life Balance
Work-life balance is a really important aspect of entrepreneurship. Most entrepreneurs fail to make that balance in their life. Work-life balance is all about making a balance between your work life and other aspects of life.
According to digital.com, research shows that lack of healthy work-life balance leads to different stress factors, compromised immune systems, heart disease, high blood pressure, etc.
In a hurry to grow at a fast pace, you might avoid this factor in your entrepreneurial life but don’t make this mistake in your life because it will eventually result in bad results for you and your company.
2. Time Management
It is not possible that we talk about the challenges of an entrepreneur and time management is not one of them. There are a lot of things that an entrepreneur needs to do in his or her journey; therefore managing time for everything is a challenge in itself. There is a lot of examples to prove this.
According to Inc Magazine, small business owners waste around 21.8 hours each week. According to Salary.com, 89 percent have admitted now of wasting time at work every day. According to the Alternative board, 68.1 percent of work time is invested ‘in’ the business that is day to day task of the business instead of ‘on’ the business that is strategic planning, long term goal planning, etc. Just 31.9 percent of the time is invested ‘on’ the business.
3. Cashflow Management
Cashflow management is the most important aspect of an entrepreneurial journey. Managing cash flow is not a cup of tea. Entrepreneurs make a lot of cash flow management mistakes that they have to pay for, later. Overestimating sales volume, starting big with huge investments and not maintaining a budget are the major reasons for cash flow management blunders.
According to PayPie, Small businesses of all sizes consider cash flow one of their top 5 challenges and among failed SME’s, 60 percent cited cash flow as a cause.
So, therefore keep this problem on the top of your priority list. As per Oyo founder, Ritesh Aggarwal “ Start small, nail it and then make it big”. Don’t make huge investments and go slow and steady because turtle did that and rest is history.
4. Mental health issues
Facing all the problems, entrepreneurs are much prone to get stressed and go deep down into depression. Small business economics took a survey and found that “Mental health differences directly or indirectly affected 72% of the entrepreneurs in this sample, including those with a personal mental health history (49%) and family mental health history among the asymptomatic entrepreneurs (23%).”
These mental health issues eventually lead to the end of an entrepreneurial journey. So consider keeping good care of your mental health above all other problems through meditation and other methods. It will ensure the existence of positive thoughts in your mind and your long run in the market.
5. Doubting yourself
Is your start-up idea good enough? Will it ever work? What will people say if it fails? Will I get financial help for business? We often think about these questions before starting up, and why not? It’s a big step but just keep one thing in mind. After thinking about all the aspects and factors related to your start-up business, you should be confident enough about your start-up. There’s no going back after you start.
Ola owner Bhavish Aggarwal needed funds for his start-up, but everyone found his idea weird and a flop. We all know what happened next. Ola has a net worth of 10 billion dollars. So never doubt yourself and don’t let people make you doubt about your idea ever.