They say it’s lonely at the top.
And even when your empire is modest, the psychological burdens of running your own business can take their toll. It’s the unspoken dark side of entrepreneurship that no-one wants to hear – which is understandable. Starting your own company is a leap of faith, and the fuel for that faith is pure optimism – belief in your own ideas, being able to sell them convincingly. Little wonder the struggles are much less talked about than the victories- we’re all aiming to live the dream. But forewarned is forearmed, and if you understand in advance what struggles entrepreneurs face, you’ll be better equipped to avoid them.
Struggle #1: A Jump In Responsibility
You may be dreaming of waving goodbye to that boss who steals your ideas or crushes your confidence, but without a management structure to answer to, suddenly the buck stops with you. Having to make so many decisions constantly can be exhausting and lead to increased stress. Find some techniques for stress management and make sure you practice them to keep things in balance. Try to clear enough time in your schedule to spend time with friends and family and decompress with a hobby. Even if it feels hard to find the time, nothing is more important than your well being.
Struggle #2: Financial Worries
When you start your own company, you’re probably dreaming of making it big, but it’s quite normal for businesses not to turn a profit in their first few years. Many entrepreneurs take from their savings or assess small business loan rates to get the capital they need before launching, and this creates a lot of pressure in needing to make a success of things. Be prepared for a tough few months without personal income and all the stresses that brings.
Even if you are making money, the risk factor and the uncertainty are completely different from being a salaried worker. Often, you have a lot more personally invested or may even have borrowed money from your family. Money can be such an emotive topic and frequently becomes tangled up with our feelings of self-worth. Make sure you are regularly monitoring business finances, and that you have someone such as a mentor to talk through money worries with.
Struggle #3: Feeling Lonely
Among all the brilliant moments your entrepreneurial journey will bring, there can also be times when it’s quite lonely. You have a lot of worries suddenly that your friends and family may struggle to fully understand, and that can make you feel disconnected.
On top of that, you’ll be working long hours and may struggle to find time for keeping up with loved ones. You may easily feel isolated and as if no one really understands what you’re facing. Joining some local business networking events can really help as a sounding board and to meet others in a similar situation. Sharing the struggle and the low moments as well as the successes makes it easier.
