Being an entrepreneur is great. Your income potential is unlimited, and you’re in control of your most valuable asset: your time. That said, there are also many challenges that go along with being a entrepreneur, and those who don’t know how to adapt will end up failing. The good news is that overcoming these challenges isn’t as hard as you have been led to believe, but the first step is being able to recognize them before they become a problem. Let’s look at three major challenges of being an entrepreneur, and how you can deal with them.
Table of Contents
Lack of Support From Friends and Family
A lot of people become entrepreneurs thinking that their friends and family are going to be cheering them on, only to find out that many of them are crabs in a bucket offering little to no support, or even ridiculing their efforts as an entrepreneur. Why is this? The fact is, most people have simply been conditions to think that working their entire live for the benefit of the ruling class is just the way things are done, and that “hard work” is a virtue. If you’re an entrepreneur, or are considering becoming one, then you know that this is not the case.
Regardless of why you’re not getting the moral support from your friends and family, there are ways to deal with this problem. Firstly, surround yourself with like-minded individuals. You can go to entrepreneur meetups in real life, of join entrepreneur groups online. Secondly, don’t talk to your friends and family about your entrepreneurial ventures if they aren’t supportive. Keep it on the down low, and let your success speak for itself.
Extra Expenses, Bills, and Taxes
If you’re an entrepreneur, especially in the US, then the system is going to be working against you, at least until you reach a certain level. Instead of receiving healthcare and retirement plans through an employer, you’ll be expected to get it yourself, and it can be pricey. Taxes are also an issue as you will find yourself paying a higher tax rate, and of course, there won’t be a nice tax return for you at the beginning of each year either.
Budgeting and careful planning are the only ways to overcome these financial hurdles. Things like healthcare, taxes, and retirement must be factored into your business budget from day one. It also doesn’t hurt to save up an emergency fund either, just in case something comes up like a medical emergency that your insurance won’t cover.
You Must Be Self-Motivated
When you’re an entrepreneur, you’re your own boss. This means you have to have the initiative to work when you need to, and take the time to learn what needs to be learned. For example, if you’re opening a Shopify store online and you need to learn how to make money on Instagram Shopify, no one is going to be responsible for teaching you how to do it, you’ll have to find the information you need on your own.
The best way to stay self-motivated is to keep a schedule, and task list. It can be easy to just do whatever you want since your time is your own, but by carefully scheduling your days, and creating a task list.
Is Being An Entrepreneur Worth It?
Anyone who has succeeded at being an entrepreneur will tell you that it is worth the challenges that go along with it. However, those that fail may have a different perspective on things. The fact of the matter is, if you’re going to become an entrepreneur, be prepared for the challenges that await you, and have a plan for how to overcome them. If you can do that, then you can succeed as an entrepreneur, and achieve your dream life.