5 Hard Things About Entrepreneurship

It’s wonderful to be your own boss and there are many people out there who choose to go that way – in fact, a lot of people want to work for themselves one day. There’s a common belief that when someone works for themselves, they can dictate their own time and do what they want with their business. To an extent, this is true, but there is a lot to learn about being an entrepreneur and it’s not all chosen hours and bonuses.

While it’s great to be your own boss, there are difficulties in entrepreneurship and a part of the deal is taking the good stuff as well as the bad stuff – and you have to be willing to do that. Listening to other entrepreneurs such as Dee Agarwal, you will take on board everything that you need to know before you strike out alone. So, with this in mind, here are five hard things about being your own boss – but know that they will get easier with time, experience and a lot of hard work.

It Stops With You.

Any issues, celebrations, problems and hardships? They all stop with you. You are the person in charge and responsible for everything, and this is not always easy. You are the person everyone will come to when they need help, and you’re also the person who will bear any consequences if something goes wrong. This means long hours, a lot of pressure on your shoulders and you will have to make any sacrifices required of you. Being solely responsible for everything? That’s not easy!

Delegating.

It sounds easy to delegate to others but when you are the person raising a business, you feel like it’s too hard to let any of the business go. Given that you will be responsible for everything, it’s not easy to allow someone else to take over and be a part of things. Delegating is hard as an entrepreneur because you will still feel as if you are in charge – and you are but you won’t be doing everything!

Starting Alone Is Different.

Are you planning to buy into a business or are you going it alone and starting from scratch? They are very different things, and you need to know which one you plan to go for before you get started. Buying an existing business, you will have existing staff and have to make a transition. This can be difficult, but when you go it entirely alone, it’s hard to find the support you need to build momentum. It’s a “pick your poison” moment!

Taking Risks.

When you decide to be an entrepreneur, you have to take some risks in what you’re doing to do well. If you’re not the person to take a risk or two, then it will be far harder for you to run a business than you think. You need to want to try new things and see what happens. You can then learn from any mistakes along the way!

Money.

As the leader, you are going to be in charge of financing your business and this is hard. You need to rent office space and pay for insurance, drum up financial support and keep everyone on the payroll paid well. Getting an accountant to help you financial is a big deal and it will go a long way to helping you out!

This is a contributed post.