While it may appear to be glorious, the life of a self-employed entrepreneur is actually rather challenging. Sure, they are their own boss, can work in their pajamas, and can essentially do whatever they want. However, the the true nature of being an entrepreneur is much more challenging than that.
Entrepreneurs deal with numerous obstacles on a daily basis. Since most entrepreneurs rarely talk about them, Corporate Business Solutions Consultants have assembled five of the most common challenges that entrepreneurs face day in and day out.
It’s Hard Work
The amount of back end work that goes into being a successful entrepreneur is rarely seen. Normal work days (for an entrepreneur) can last anywhere from 12 to 20 hours depending on volume. Furthermore, some even work overnight just to stay afloat.
So what?
Over-working yourself can lead to exhaustion and even illness. It’s important to not only be in good health before you start a business, but to also maintain great health while running your company.
Financially Strapped
Outside of the hard work and long hours, being an entrepreneur can leave you with very little wiggle room when it comes to finances.
Think of it this way: once an entrepreneur completes work for a client and sends an invoice, he/she needs to wait for the payment. Generally speaking, this can take up to two weeks or longer. On top of that, some clients may not even pay at all.
Little To No Time Off
Without a flexible schedule, entrepreneurs might be setting themselves up for a lot of stress when it comes to personal and family time. With a fully booked schedule, entrepreneurs find it difficult to attend things like family gatherings, sporting events, or birthdays. As a result, some family members may feel neglected.
Little Knowledge
While most entrepreneurs don’t like to admit it, many lack the necessary skills to help launch their business. This can include things like web development and digital marketing. Sure, hiring someone is an easy solution. However, that costs money, and not all entrepreneurs have that much cash on hand.
Fear
While fear of failure is certainly a reality, stress and lack of sleep can contribute to that sentiment. When the feeling of fear becomes too strong, many entrepreneurs will quit. Having said that, a supportive spouse and/or family can help an entrepreneur overcome feelings of self-doubt.
Although being an entrepreneur may seem like a glorious job, it certainly has its challenges and setbacks that make it a very difficult career path.