Entrepreneurship
seems exciting especially in the beginning. The thought of giving up your job
to enter the world of business is exhilarating. Of course, entrepreneurship
comes with numerous perks including a lot of freedom but every coin has two
sides and it is vital not to forget that.
Entrepreneurship,
just like every other endeavor, comes with its own set of challenges and
perils, which is why many people fail to stick to it until the end. While
entering the world of entrepreneurship, not many people anticipate these
perils. Having to face them without being prepared hits many entrepreneurs
quite hard, which is why they fail. Therefore, it is important to understand
the highs and lows that you can expect so that you start your business with an
informed mind. Preparation is the key to success for sure. In entrepreneurship,
along with preparation, you need motivation to keep you going through the thin
and thinner.
Let
us identify a few common perils of entrepreneurship so that you know what to
expect once you get started:
Lack of Focus
Entrepreneurship
requires complete and utter focus but this is much easier said than done. The
problem is that, thanks to advanced technology, we have a plethora of
distractions that can keep us from focusing on our business. We have social
media, text messages, calls, Internet surfing, and so many other distractions
that it is easy to lose focus and waste time.
Also,
there are many entrepreneurs who are lost in too many ideas. They are usually not
able to set their mind on one goal or on one task because they have too many
things going on. An entrepreneur should learn how to set priorities at work and
within work as well. Only then will he be successful.
Business
failing solely due to lack of focus are not unheard of. In fact, a majority of
startups crumple in the first year itself due to this problem.
Over-working
This
is again a startup peril. Most founders turn into workaholics. They work day in
and day out, burning the midnight oil each and everyday. There are some who
don’t take breaks even on weekends. While this might seem mighty focused of
them, you should realize that this degree of overworking would burn you out
before you realize it. It is very important to remember that there is much more
to life than your work. Focus on all aspects of life and balance them.
One
more thing to know here is that business requires trust and delegation. Don’t
be under the impression that you can do everything single-handedly. If you are
not ready for full-time employees, you could hire freelancers during the
initial stages. Delegate and trust your employees so that you reduce your
burden and don’t head towards a serious burnout.
Overworking
will also make work seem like ‘work’. You will stop enjoying entrepreneurship
and it will become taxing. That stress can also lead to the downfall of your
business.
Fear
With
entrepreneurship comes the fear of failure, which is dangerous. This fear can
hinder your growth, stop you from taking decisions, and can cripple your
business within no time. Entrepreneurship comes with risk. The very definition
of entrepreneurship includes the word ‘risk’. That doesn’t mean you get so
scared that you become completely indecisive and start doubting yourself.
If
you don’t make mistakes you won’t learn anything. If everything seems to
blossom at every step, it is highly likely that you are actually going in the
wrong direction. Challenges will come, mistakes will be committed, and you will
need to take chances regardless of the risk involved. The trick is to take
failure optimistically and to learn from it.
Embrace
failure; don’t be afraid of it.
Expecting too Much too Soon
This
is a problem that many entrepreneurs face because they start a business
thinking they will taste success immediately. Well, the truth is that you have
to do a lot of work before you can taste success. Success comes only after
unremitting effort. Also, it is important to look behind monetary benefits and
to look at the value that entrepreneurship. If you only want money and if you
want it quickly, you will head towards disaster.
Be
an entrepreneur because you want to be an entrepreneur, not because you want to
earn a lot of money in a short span of time.
Lack of Motivation
This
usually happens when you start facing challenges. A rejection, a mistake, or a
complaint from a customer can be very disappointing. A couple of more such
failures can really crush your faith of being successful. Some entrepreneurs
are actually driven into quitting altogether.
During
such times you should try staying optimistic and you should tell yourself that
failure is a part and parcel of business. Only when you overcome the challenge
will you smell success. When all seems to go down the dumps, you should go back
to when you started and remember why you are actually doing this. Why did you
start entrepreneurship? What drove you into setting up a business? What is your
goal? What do you aim to achieve? The answers to these questions will
immediately lighten your mood and help you see the positive side of business.
Every cloud has a silver lining. You
just need to be patient and work hard even when the clouds are dark and dense.
These
are the most common perils of entrepreneurship and entrepreneurs face them
because of their own myths and expectations from themselves as well as from
their business. Overworking, losing heart, being scared of failure, and not
focusing on work are among the biggest dampeners. Avoid them and you will have
a fruitful, satisfactory business.
Be passionate about what you do and let it drive you on the road to success!
Sanjay Prasad
Entrepreneur & Mentor
