So you started your own business. That’s a goal many people only dream of and not many achieve. You may be giving yourself a well-deserved pat on the back, but there are always things in the back of your mind that may cause you stress. The fact is that starting your own business takes time, effort, and a lot of faith. Not only must you have faith in yourself but you must surround yourself with others that have faith in you and vice versa. You, your business, your family, your clients, and your employees… that’s a lot of people to have to constantly worry about. Not everyone can cut it as an entrepreneur and there are many aspects of entrepreneurship that aren’t as glamorous sounding as you may have thought when you started your journey. Sure there are entrepreneurs whose ideas have gone on to become so popular that it seems like their products sell themselves, but that’s a sliver of the reality of it. In truth, entrepreneurs must constantly be on their toes. Here are several things to know about about being an entrepreneur and building your business from the ground up.
1. Letting Go Of Other Dreams And People
In order to fully realize one dream, it may be necessary to let go of another. Dreams come with sacrifice and these could be personal or professional. If you aren’t ready to let go of your cushy corporate job then you may find that there is not enough time left over to focus on building the brand that you’ve always dreamed of. If your family and friends are not fully on board with your dream, there is a large chance it won’t work out. A support system is key in realizing your dreams. You may have to ditch the naysayers, at least for a while.
2. Balancing Work And Life
If you are building a company from the ground up, you can say goodbye to any free time. Many entrepreneurs find themselves in a constant swarm of meetings, brainstorming ideas, networking, and more. Even if you do make it out to your daughter’s ballet recital, you could find your thoughts drifting off to your business. Long hours are a requirement for entrepreneurs. When it’s your business and your livelihood, it’s no wonder that it takes center stage in your mind. Especially, in the beginning, you might find yourself shirking your chores, skipping the gym, and trading in your favorite sitcoms for informative podcasts.
“It’s lonely at the top.” There’s a reason for this popular saying. The bigger your business gets, the more competition it will have, and therefore more people who will be against your success. Then, of course, you are the boss of your huge empire. You’re surrounded by many people throughout the day, but you can never get too friendly with your employees as that may later cause tension or backlash. There’s no lonelier feeling than being surrounded by people and not having anyone to lean on.
It was your dream to become your own boss, right? Did you ever think about all the not-so-fun things that go with being the boss? Didn’t think so. There are some unpleasant rules that need to be established for any business to run successfully. You might have to implement rules that your employees do not particularly care for. There’s also the annoying responsibility of having to fire people from time to time, who aren’t aligned with your company’s direction. Along with implementing rules, you’re also tasked with carrying them out, and most people will divert to you when they have questions. Answering other people’s questions, along with being the one who is responsible for creating “new ideas” all the time can be very taxing.
5. Succumbing to Decision Making Fatigue
As mentioned before, you’ll be tasked with answering a lot of questions throughout your day. These questions will come from clients, investors, and employees all day long. You could suffer from some burnout and mental fatigue after a long, grueling day. The more decisions you make throughout your day could become steadily worse if you’re not accustomed to exercising your decision-making skills. You should implement a plan to avoid some simple decisions so that way you have more brainpower later and you will stay rational and informed throughout the day.