Entrepreneurship seems like a glittering profession to many of us. Why should it not be? The success entrepreneurship brings you does not come alone. It brings respect, popularity, and money in leaps and bounds. So, it would not be wrong if anyone is naturally inclined towards entrepreneurship as it seems exciting and promising.
The electrifying vibes of self-empowerment and autonomy stir you whenever you come across such socioeconomic influencers called entrepreneurs. But what you are unaware of is their struggle and emotional stronghold over the situation when they just started their journey. Nothing is as easy as it seems in entrepreneurship. You have to deal with market difficulties taking a toll on your personal life and societal pressures at the same time.
In this article, I will share a few things that are, for sure, lying in wait for you in the entrepreneurial journey that will mentally push you towards quitting.
1. Criticism
Believe it or not, our society follows a herd mentality. Out-of-the-box actions raise eyebrows of the people around us. Entrepreneurship is one of such queer actions according to society.
You become an object of troll and criticism in your initial days. Be ready to be questioned, criticized, and devalued at every point in your journey. Not just that, you will be compared with men of your age or even younger ones, and it will be pointed out how well they are doing in their careers. Your success will zip off their mouths, but your failure will make you a parable for them to narrate.
The best you can do to circumvent the criticism coming your way is turn partially deaf. Take constructive criticism, work upon revamping the deficiencies, and stride ahead.
2. Expectations of Family or Partner
Being a part of society, family or partner is also influenced by the stability that conventional jobs offer. Letting their child or partner take a bumpy ride of entrepreneurship is going to be worrisome for them. The differences in career choice can invoke disagreements and quarrels between you and your parents or partner.
Entrepreneurship has uncertainties at every step. You have got to convince yourself and your family or partner that you are well capable of taking risks and well prepared to achieve success in your determined career path.
3. Cutting On Expenses And Luxury
The nascent venture does not guarantee you surplus revenue around the calendar. You might earn more than usual in some months, or some months you might have to pay even the maintenance costs from your savings.
You never know how the situation turns on you. So, as a precaution, you have to save as much and as possible you can. For that, you might have to relinquish luxury and go for what we call standard or average. You might have to cancel your foreign trip, purchase a mid-range mobile, curtail your entertainment and dining out expenses, and even postpone your plan of purchasing a car.
The money you save needs to be reinvested in your venture to scale up the growth faster. Your spendthrift nature will hinder you from saving money, but you have no option but to save for the future and unforeseen circumstances.
4. Personal Life and Relations are compromised
I often read inspirational stories of people who chose entrepreneurship because they didn’t want to settle with 9 to 5 jobs. I wonder if they knew entrepreneurship is a 24×7 job and strong enough to work the extra hours, or they just plunged into entrepreneurship without knowing the reality.
When your venture is into a nascent stage, you have to work relentlessly to build contacts, get leads and improve sales without expecting a week off and leaving.
You might have to work during the time reserved for your beloved ones. You might have to neglect your gym time and focus on completing the presentation. Entrepreneurship is a time-demanding profession, but you have to juggle to balance your personal life and work.
5. Inbound and outbound money flow will have a significant gap
The maintenance cost of a startup during its nascent stage can go in a multitude of the revenues made. The electric and internet bills, travel expenses, office rent, employees’ payments, and much more miscellaneous expenses must be managed from the revenue generated.
You might find yourself in a situation where you are paying more and earning less. Unfortunately, this situation won’t change overnight. You have to be patient and focus on the growth of your startup.
6. Depression
A plan struck into your mind. The plan seems profitable, and you start working upon it. But a few days later, everything seemed to work in contradiction. The things you planned do not happen accordingly. Your products turn out faulty or not built in accordance with the market needs.
Or, on the other hand, you have an excellent start to your venture. Your startup performs well on chart sheets, but still, the stress of providing something unique and staying ahead in the competition can ghost you.
Whatever situation you are in, stress won’t leave you alone. Stress can snatch away your concentration, sleep, and decision-making ability. So, You have to learn how to deal with stress and cultivate mindfulness.
Entrepreneurship is a journey that provides you with an opportunity to evolve your personality and transform society. During the testing time, your conviction and perseverance is the only formula that will pave your way to success. I have mentioned above a few things that will impede you at some stage in your journey as an entrepreneur. You have to be well prepared to deal with them to avoid harming you and, eventually, your venture.