Whether you’ve already made the transition from working in an office to running your own office or you’re only in the planning process, being an entrepreneur doesn’t come without difficulties. Contrary to what you might come to believe; you can’t quit your day-to-day job to embrace a fun and exciting career without facing some challenges.
For a start, you need to be mentally prepared for a brand new challenge. It is indeed a different kettle of fish to be running a business – there is nobody else to blame for the occasional mishaps or the poor decisions. When you are in charge, as a first-time entrepreneur, you begin to experience new types of worries. You don’t have to think anymore about whether the boss likes you or not, whether you can leave early to go to a doctor appointment, or even whether you can ask for a pay rise.
But you discover a new perspective on the business world. Your main worry is not to make it till the end of the day and be promoted to a better-paid position; your main worry is to keep the business afloat and growing in a constantly evolving market environment. Aside from financial and strategic concerns, your involvement in your company can also affect your mental health. Here are the seven most common thoughts that keep an entrepreneur awake at night and how to get rid of them for good.
Your Product Doesn’t Sell
You thought you had the perfect product – it was fun, quirky and definitely new – but nobody is buying. What is going on? It’s not uncommon for entrepreneurs to struggle to get noticed on a crowded market. Ultimately, you might need to renew your marketing effort to exist alongside established brands. However, when despite the best efforts of your marketing team, you fail to attract regular buyers, your problem may not have anything to do with promotion.
On the contrary, your main problem is the market, or more exactly a lack of market research. Indeed, before launching your company, you should carry out extensive market analysis to define whether your idea is viable. The research phase is also essential to determine your strategy and identify the necessary cash flow to move your business forward. But if you fail to understand how the market behaves, what the audience wants and what the current trends are, you won’t be able to drive sales.
You Can’t Find An Investor
You’ve got that fantastic idea, but somehow you can’t get any bank interested enough to lend you the necessary money to make a start. You may not need to apply for a commercial loan to make it work. While it can be difficult for startups and small businesses to earn an investor’s trust – even if you go to the Dragon’s Den – through traditional methods, a crowdfunding platform offers a fresh and personal presentation that can appeal to a broad audience.
Indeed, as a small business doesn’t fit the financial mould in terms of what a banking institution or an experienced investor expects, crowdfunding lets you use your quirkiness and your individuality as an advantage to appeal to the public.
Employees Challenge Your Decisions
When you run a business, you also need to take difficult decisions, such as getting rid of the staff you don’t need or can’t afford anymore. Nobody enjoys a dismissal – employee or employer. It is a stressful event for all. More importantly, it never is an easy decision to take. It can destroy an employee’s confidence and lifestyle. But it can also affect your reputation if your former employee tries to get back at you for unfair dismissal.
Thankfully, you’re not alone; you can count on professional employment law solicitors to help you clarify the situation. It is crucial to keep the conversation open ahead of dismissal so that there is no reason to contest the decision.
It’s A Lonely World
Stress comes with entrepreneurship. It’s very lonely at the top, and when you run a business, there is no one you can confine to. Countless cases tell the stories of entrepreneurs who have developed depression, anxiety disorder, and severe health issues as a result of their unique position in the company. You need to be prepared to act before loneliness kills you. Working with a partner or a co-founder can reduce the risks of isolation. You can also join an entrepreneur network to connect with same-minded people.
You’re Competing Against A Former Employer
What happens when you find yourself in a market position where your biggest competitor is your previous employer? Things can go ugly. In fact, most companies add restrictions to some employment contracts to stop their best talents working for a competitor or becoming a competitor themselves. However, you can expect these restrictions to wear off after 12 or 24 months. As long as you have not left your employment with the addresses of the main clients and a copy of their products, you shouldn’t fear competition.
You Can’t Find The Right Talent Locally
Approaching a specific niche market can be advantageous, except when you need niche skills too. Most entrepreneurs struggle to find local experts for highly targeted skill sets. But you don’t have to worry about it: That’s precisely what remote working options are about. Indeed, you can embrace the advantages of working with a remote team, ensuring that you find the talent you need at the price you want.
You Can’t Get Noticed
Why is it that despite your spot-on market research and your marketing communication, people continue to ignore your brand? You might be committing one of the biggest sins of entrepreneurship: you might be doing what everyone else does. If you want to get noticed, you should never copy the competition. While you may not want to go out of your comfort zone, pushing the boundaries and doing something that nobody expects can earn you a lot of customers in a very short time.
Entrepreneurship goes hand-in-hand with anxiety and stress. Whether it comes from the loneliness of from a lack of financial resources, you’ll avoid hitting a wall on your path to success. The best way to tackle obstacles is to keep calm and focused, surround yourself with the expertise you need and have fun during the process!