Self Employment Guide – Challenges Faced by an Entrepreneur

Are you unsure about your capability to handle life as an entrepreneur? Are you seeking for a clearer understanding of the challenges you would face? Let me share my experience with you.

On this entrepreneurial journey, you will experience many high points and several low points. It’s not necessary that the very first entrepreneurial venture you get into might be a resounding success. It does not matter; just keep looking for one, which suits your personality and liking. In one of the surveys done on 500 self-made millionaires, it was found out that these millionaires failed on 16 previous ventures (on an average) before striking it big on the 17th one. So keep trying and you will definitely make it.

However, you can expect many challenges along the way. The #1 challenge you may face is fear. All kinds of fear…fear of failure, fear of losing money, fear of success, fear of rejection, fear of poverty, etc. Overcoming this takes time and experience. The only way to tackle fear is to face it! Do the thing that you fear the most, first. Once you cross this big hurdle, then the rest of the fears will seem insignificant. This one challenge reveals the real you to yourself. The #2 challenge and next in line is doubt. You may question some of the choices you made; Questions like, “Am I doing the right thing? become a regular feature during the early stages (especially if you were an employee earlier). This will vanish once you start delivering results. Thirdly, the pressure to succeed and not lost face is another one you have to deal with. This creeps in when the going is not as smooth as expected.

Your internal desire to impress your closest friends and family will be your biggest challenge. Once you are successful, everyone will be on your side. Fourthly, temptation of the comfort zone keeps itself busy around an entrepreneur (especially a home-based one). You have to learn to discipline yourself to overcome it by developing positive habits. One too many have succumbed to this one. Another challenge which I succumbed to during the initial stages was overwhelm. When I started my business, it seemed like information overload…’so many things to learn and do, so little time’ syndrome. But fortunately, the information was properly arranged that I got over my overwhelm in little or no time at all. Another challenge would be the need to go the extra mile. This will become a regular occurrence in you life as an entrepreneur. It is a necessary challenge as it builds your character in a big way.

There are some other challenges too, but the above are the ones that I personally experienced. I hope the above information will be useful to you. Good Luck!