If you’d like to learn how to push past the struggles of entrepreneurship so you can have a successful business, sign up for the free 90-Day Master Class hosted by the founder of Addicted2Success.com, Joel Brown.
Becoming an entrepreneur isn’t as glamorous as it seems. Some motivated entrepreneurs are blinded by the clout that comes with the title of “business owner.” Their ambition is so great that they overlook potential frustrations and hurdles. Although being a successful entrepreneur comes with plenty of rewards and financial freedom, it takes plenty of work to get there. And success doesn’t come without some frustrating hurdles along the way.
Let’s take a look at a few of the most frustrating things you’ll face as an entrepreneur just starting out and how to overcome them:
1. Who’s the boss?
As a business owner and entrepreneur, you get to be your own boss, right? Not quite. This is one myth that many new entrepreneurs face. Being a business owner is risky. The lines between employee and owner are sometimes blurred. There are no clear boundaries for when your day starts and ends.
Entrepreneurship isn’t a 9-5 job where you punch a clock and leave without another thought. You’re the one in charge! And while this is attractive to some people, most ambitious business owners don’t realize the level of stress and responsibility that comes along with owning your own business.
Your livelihood depends on the success of your product or service. Your customers are your primary source of income. There are no guarantees and that means no protected income. Not only are you dealing with the stress of paying the bills both at work and at home, but you’re now responsible for dealing with all the tedious tasks that help your business run day-to-day.
As an entrepreneur, you’re still held accountable but instead of answering to the boss (you), you have to answer to employees and customers. One way to handle this hurdle is to surround yourself with responsible employees that can help take on some of this stress and handle customers when your patience wears thin.
“Be so good they can’t ignore you.” – Steve Martin
2. Financial Uncertainty
It’s no secret that you need money to get your business started. Planning ahead can help you get there. Obtaining financial backing and putting aside an “emergency fund” before you launch your business is a good start.
Once things get off the ground, you’ll rely on revenue and payments from customers and clients to cover overhead costs. This includes things like inventory, payroll, and rent or a mortgage. But what happens when your customers can’t pay on time?
Late payments can kill your business. This is a common hurdle for small businesses dealing with big-name clients. These big businesses don’t think a few late payments are a big deal. They know they’ll pay you eventually.
The problem is, many small businesses rely on these payments for day-to-day survival. A few late payments could mean the difference between paying your rent and getting evicted.
To avoid these headaches, create a detailed payment schedule and hold customers accountable for paying on time. If you can, collect payments before providing your service or product. Some businesses choose to set-up an automated payment schedule to guarantee they receive payments when you need them most.
3. Invest more than just your money
When you’re the boss you don’t have to do much more than signing the checks and count your stacks of money, right? Wrong! Successful business owners get their hands dirty by working alongside their employees.
Most businesses start out small, which means a lot of the responsibility will fall on your shoulders to start. You’ll be involved in a little bit of everything from sales and advertising to customer service and finances. While this might be frustrating at first, it’s a good way to learn and build your business from the bottom up.
Be prepared because these tasks are usually tedious and labor-intensive. As your business grows and you start making money and building your team, you can hire more reliable employees to do these jobs for you.
As frustrating as this is for many new entrepreneurs, there are some benefits. You’re in control of everything from the color of your advertisement to how inventory is arranged on the shelves. While these might seem like insignificant details, they go a long way in attracting customers and bringing in revenue.
You’re also creating the foundation for the processes and systems you want to use in the future. You’ll gain insight into all aspects of the business. Once things stabilize, you can move into a more administrative position, but never forget where you came from.
“Don’t worry about failure; you only have to be right once.” – Drew Houston
4. The customer is always right
As infuriating as the old saying is, “The customer IS always right.” Eating humble pie is one of the less-glamorous parts of being an entrepreneur. Bad reviews and customer complaints can do major damage to your business including your reputation and your income.
While no one likes dealing with a displeased client, big businesses can handle it without much trouble. Small and new businesses, on the other hand, can get hit hard by just a few unhappy customers. Customer complaints can cause big problems and require emergency damage control.
Unhappy customer comments can also be hard to swallow as an entrepreneur. They feel like a direct, personal attack. You may start doubting yourself and your potential for success. Can I come back from this? Is my business good enough? Am I good enough?
Don’t let a few unpleasant customers get you down! Do your best to make things right and recover. Don’t get lost in feeling sorry for yourself or the damage could be much worse and last much longer.
Negative online reviews are especially hard to deal with. With so many people on the internet, you can’t hide from a bad review. But it’s important to remember that how you react to a bad review is just as important as what the review says.
It’s also important to respond fast. Don’t let bad reviews linger on the internet for too long. This increases the chances that a prospective client will see them and make a decision based on them. The longer a negative review sits online without a response, the greater the risk that you lose potential new customers.
5. The buck stops with you
Most entrepreneurs consider their business their baby. You live and breathe your work. While this is admirable, don’t be surprised that your employees aren’t quite as impassioned as you. At the end of the workday, they leave work behind. You take it with you everywhere you go.
Regardless of how loyal your employees are, your business just doesn’t mean that much to them — but don’t take it personally.
But employees aren’t the only ones who might leave you high and dry. Vendors and third-party dealers probably don’t share your same sense of urgency when it comes to stocking shelves and meeting deadlines.
One way to deal with this hurdle is to have a plan B. Be honest about the things you can’t change. Getting upset or overly stressed will cause panic and stress throughout your business and won’t do anyone any good. Don’t take three delays personally.
Check your emotions at the door and focus on the task at hand. Take one day at a time and you’ll be surprised at how successful you’ll become.
What do you think is the most challenging part about starting your own business? Share your thoughts with us below!
Why Entrepreneurial Innovation Matters More Than Ever
Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics
Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership. (more…)
How to Lose a Team in 10 Days: Are You a True Leader?
The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.
How You Can Start Networking in Style in 2023
By investing your time and effort in networking, you will gain more business through the relationships you make
Are you completely new to networking?
Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.
It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?
Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.
Rock up with confidence
If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.
Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!
Where to go networking
If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.
For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!
If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.
Get more leads and referrals
This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.
Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.
When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!
Grow your business
By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.
We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.
2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.
5 Keys to Building a Valuable Business
There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.
There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing. Or the chance to make money doing something you truly love and the ability to be your own boss and set your own hours. (more…)
7 Tips to Becoming a Successful Networker
The 2-Minute Rule: The Secret to Habit Success
The Imbalanced Problem with Work/Life Balance
How to Find the Courage to Start New
Failing is More Important Than Succeeding
77 Inspirational Quotes That Will Change Your Life
(Images) 52 Motivational Picture Quotes For An Epic Year Of Success
30 Famous Quotes That Will Inspire Success In You
40 Rare Motivational and Inspirational Picture Quotes
(Images) 60 Colorful Picture Quotes To Empower Your Life
3 Prince EA Videos To Change Humanities Path To Greatness
(Video) What Is Success? An Entrepreneurial Story To Inspire You
(Inspirational Video) What If Today You Knew You Were Going To Take Your Last Breath?
How To Make Enough Money From A Blog To Quit Your Job – Kate McKibbin
How Finding Your Passion And Becoming An Entrepreneur Can Lead To Happiness – Chiquita Searle
Success Advice4 weeks ago
The Dark Side of Success: How to Identify and Avoid Toxic Leaders
Success Advice3 weeks ago
How to Focus Your Mind on Your Goals in 2023 Constructively
Success Advice4 weeks ago
How to Fast Track Your Career for Guaranteed Success
Life4 weeks ago
Grit: The Key to Your Ultimate Greatness
Entrepreneurs4 weeks ago
How to Lose a Team in 10 Days: Are You a True Leader?
Success Advice3 weeks ago
How to Develop a Following of Passionate Fans Even Before Launch
Success Advice3 weeks ago
How to Think Like a CEO for Your Future Success
Life2 weeks ago
3 Simple Steps to Cultivate Courage and Create a Life of Meaning