As a follow-up to our recent article, “Business Success: 12 Benefits of Being an Entrepreneur,” we’re going to cover some of the challenges that come with being self-employed. After all, according to the United States Small Business Association, a third of small businesses fail within the first two years, and more than half fail within the first five years.
Not surprisingly, the challenges of entrepreneurship represent the flipside of the advantages we discussed in the previous article:
Choosing your own schedule can result in wasted time without the proper time-management skills.
- Even while traveling, it may be necessary to handle work-related crises—in some ways, you are always “on call.”
- There are no paid sick days or vacation days, so you must decide how much each day off is worth to you.
- You are responsible for completing any tasks you can’t afford to outsource.
- Hiring employees means you must learn how to conduct interviews, uphold workers’ legal rights, and coordinate payroll.
- If you don’t yet have the leadership capabilities to direct others, you will be taking a crash course once you hire freelancers or employees.
- You must narrow all of your innovative ideas down to the ones that have the most potential to help you achieve business success.
- If you don’t maintain a professional appearance in person and online, it is sure to reflect poorly on your company.
- You are responsible for funding your business, even if you’re operating at a loss.
- Only results are profitable, not time clocked, so it’s possible you will work hard and still end up disappointed.
- You must be familiar with each aspect of how your business operates, including those which may not interest you, to ensure everything is running smoothly.
- Only you can motivate yourself to achieve business success.
To sum it up, let’s say that with freedom comes responsibility. If you can’t handle one, you aren’t yet ready for the other.
Of course, we don’t believe people should just give up on their dreams. If you are struggling to achieve business success as an entrepreneur, we can help with our individual coaching. This service can be provided via e-mail, Skype video conferencing, or telephone, as well as in person. As successful entrepreneurs ourselves, we understand many of the common issues that small business owners face and how to overcome them, so don’t hesitate to ask for help.