Let's discover the concepts and myths about entrepreneurship based on my personal experience in the establishment and development of start-ups. I have been an entrepreneur for the past five years. I tried many things, but failed in the past. Many people think that I am an entrepreneur because I want to make money or I want to create impact. Yes, these reasons are included in the list. But the biggest reason I became an entrepreneur is that I don't know what else to do. Nothing can challenge me to stay focused. That is why I do what I do. But it is also very difficult to do this. Running a Glorious Blog is challenging and heartbreaking. Let's take a look at the top five challenges that entrepreneurs face in their journey.
The biggest challenge entrepreneurs face does not come from outside. This is an internal struggle. Constant self-doubts keep screaming at you, making you doubt whether you have the confidence to succeed. Left unchecked, doubt will swallow you up and turn you into a negative and depressed person. Such a person cannot be a successful entrepreneur. The solution to this problem is to learn new things for at least one hour a day. Read books, listen to audiobooks, and spend some time following tweets from successful entrepreneurs. The best way to eliminate doubt is to see that others have done it and to believe that they can do it and you can do it.
2. Managing complexity
Another great challenge entrepreneurs face is the complexity of managing and operating a business. Compliance and taxation will be high. Navigating your business in such a complex structure will cause anxiety and sometimes even frustration. The work will be divided into small parts and there will be many things to do. If you create a to-do list, it will be an infinite to-do list. Because the to-do list is very long, you must constantly prioritize tasks, outsource, or even delegate, and ignore some until they are urgent and important. The solution to managing complexity is that you have to work hard. This means working on weekends, from early morning to late night, doing some work while waiting for something. I remember once my partner frowned at me because I spent 10 minutes replying to an important email while waiting to board the plane. We ended up being the last person to board the plane, but I finished the job and forgot about it. If such sacrifices are not made in the early stages, a successful business will not be built.
3. Building an A-Team
Entrepreneurship is not a job. But for several years, at first, it feels like a high-pressure job with multiple bosses (your clients), and you'll feel like the sole captain of an unmanned ship. Some people will eventually get rid of this situation, but some people will fall into this cycle forever because they cannot build Ateam. Ateam is a team that cares about your business and customers like you. When you start building Ateam, things will slowly start to get easier and you will be able to focus on the vision and long-term development of the company instead of solving urgent but trivial things in day-to-day business operations. Most entrepreneurs cannot create Ateam because the purpose of their entrepreneurship is to create freedom and wealth for themselves. You cannot attract teams with this type of priority. If you want to build a team and attract the best talents to your business, your business must have a higher goal and vision in order to have a huge impact on the world. The goal-oriented business attracts A-level teams.
4. Managing close relationships
Many entrepreneurs find it difficult to manage close relationships, especially romantic ones. Unless your partner is very supportive and understands the entrepreneurial mood, you may find yourself in a dilemma between what to do at work and what to do at home. Entrepreneurs' minds are constantly flooded with ideas, things to do, concerns, and enthusiasm for the future. It's like running some applications in the background on your computer all the time. If you are married or in a domestic partnership, if your partner does not understand your thinking, starting a business can be more difficult. Add children to the equation and the situation will get worse. Fortunately, someone understands me and gives me the mental space I need. If you ask me something, it will take me 510 seconds to answer, because I already have a lot on my mind. If your partner does not understand your psychological stage and is not supportive, then building a long-term relationship while trying to build something can damage your relationship and your business business. Find someone who is very supportive or remains single until you are sure you have built something worthy of your future. Entrepreneurs do not have a work-life balance, because for us, work is life.
5. Managing cashflow and finances
When you start, a business is like a pet. Then he becomes like a demanding child. Left unchecked, it will become a difficult monster to tame. A company is an organism with many parts. All the parts together produce an outlet. Companies also need information. Entry can take the form of capital, labor, concentration, creativity or teamwork. Output is revenue and profit. Small businesses consume less energy. Small businesses can still produce more results than inputs. If you want more production, the natural tendency is to increase your input. But many times, when balance is lost, things break down. Take, for example, a marathon runner, who can consume 2,500 calories a day and run 50 kilometers. You can't expect to eat 2,500 calories for a five-year-old and expect him to run the same distance. It will take years to reach this level of health. It is not just an input measure. Many entrepreneurs eventually provided too much food for the company at a very early stage, and then the company fell ill. In the early stages of a business, managing capital, cash flow, and labor requires many instinctive decisions and instincts. Unfortunately, in my experience, this is a skill that cannot be taught. It can only be learned through experience. Most startups failed because the founder tried to expand the scale of the Glorious Blog, and things broke down. When the output is lower than the input for long enough, your business will eventually die. This is where entrepreneurs seek external capital, but at the wrong time capital is like feeding too many babies. It takes a lot of courage to stop something that desires to grow. Capital is a double-edged sword. You want a healthy business, not an obese business. Stopping investing and letting things stabilize is the hardest thing to do in a company, but it's the most important thing. Other than patience and experience, there is no straightforward solution to managing cash flow.