Being an entrepreneur is an incredible experience. You can grow a business from the ground up, create exciting products or services from nothing and build a team around you as if they are your adopted family. What’s more, if your business is successful in the long run, you can earn more in a year than the vast majority of conventional workers could dream of earning in a lifetime.
Why? Because you carry all the risk and complete all the hard work (at least at first), which is the flip side of entrepreneurship.
In fact, while it’s easy to see the success stories as glamorous, you don’t see the long nights, the constant uncertainty that exhausts your spirit, the fight to get your brand recognized and the agonizing process of developing products and putting them out to the market.
These are the challenges of entrepreneurship that no one tells you about before you embark on the journey. To prevent yourself from getting a horrible shock further down the line, here are three major challenges of being an entrepreneur that no one tells you about:
- You need specialist insurance
There are many hidden challenges and obstacles to overcome as an entrepreneur, which is why you should invest in specialist business insurance. This insurance – such as public liability insurance – will cover you for any problems you could be liable for.
As an entrepreneur, the buck stops with you. If there’s a problem with your initial products or services (as is likely to happen in any new business), then you’re leaving yourself open to being sued. Therefore, you must ensure you’re fully protected financially from any potential lawsuits that could wipe you out completely.
2. There’s no such thing as the eight-hour workday
As a startup founder, you need to wear countless different hats. You could be the CEO, CFO, CTO, salesperson, or customer service operator at any one time.
You must work on everything from product development to marketing and you’ll often have to make instantaneous decisions that could make or break your enterprise. With so many different tasks to get through, you can expect to have to repeatedly burn the midnight oil in the early stages of your business.
This is about keeping your business functional and outperforming the competition — and staying there.
Startups operate in a fast-paced and rapidly changing environment, and you need to stay ahead of any potential pivots or changes that you need to make. This means continually learning and adapting to new technologies, market trends, and customer demands.
3. You will have the burden of responsibility
Perhaps the greatest challenge of entrepreneurship is the crushing responsibility that has landed on your shoulders.
When you’re dragging a company into existence, you’ll be fully responsible for its survival, the quality of your products, and the well-being of your employees. This can become overwhelming if you’re not prepared for it and don’t have the right systems in place. It’s best to accept this reality as early as possible to so that you can process it and ensure that your business framework can adopt some of this responsibility.
It has been a long time since I joined Research Snipers. Though I have been working as a part-time tech-news writer, it feels good to be part of the team. Besides that, I am building a finance-based blog, working as a freelance content writer/blogger, and a video editor.