Big Challenges of Entrepreneurship

  • Time. Many people start a business while continuing to work full-time. This will cut back on the amount of time that you have to devote to your business, though it allows you to still maintain your burn rate. Know you can change your burn rate by eliminating or decreasing rent, launching your business before supporting a spouse or child, or not going to so many damn happy hours. Use Freshbooks for time management.
  • Support. Many people do not have support from their friends and loved ones. They might not want you to quit your full-time job to focus on a business that might not succeed. They might not understand when you end up working long hours trying to get your business going. Know your support system, and surround yourself with support if you don’t already have a comfortable amount.
  • Organization. It’s impossible to manage all the tasks required of a business. You’re expected to have an online presence, yet somehow keep track of which large client didn’t reply to your email. Plus, recalling useful websites you were referred to and what time your client is meeting you next Thursday are just as high a priority. Instead, make getting organized and utilizing free online resources a priority (we recommend Trello)
  • What success means to you. Many people think that their business will be successful right away. When it takes more time than you thought (or does not do as well as you first thought), you can quickly get discouraged. Define what success means to you: Is it financial success? Is it influencing 5 people? Is it solving a problem that drives everyone insane?

There are a lot of challenges that you will face as an entrepreneur. You may not have as much time as you like to devote to your business. What that means is that you will need to be highly organized so that you are ready to work when you do have time. You should also try to surround yourself by people who support you. People who do not support you will hinder the success of your business, even if they’re friends or family. You should also be realistic when you define what success means to you.