Most times, the normal challenges to starting a business which might include setting up a good plan, locating the right opportunity and financing the enterprise, are not the only things you will be faced with as a new entrepreneur. There are lots of potential disasters tagged alongside with businesses and most times you may not even be able to avoid these disasters irrespective of your smart approaches.
Many a times, these dangers come later on in the business. Before venturing into the business, you should make a mental picture of how these potential disasters might affect your mind and also think of what to do to counter these challenges. Below are some takes on achieving this purpose.
Issues with long term daily job
In their bid to create a successful business, most entrepreneurs end up creating an environment that would be difficult for them to flow in. In the long run, they realize that they have ended up creating a business with the same trend and stresses seen in other businesses and hence duplicating the same kind of trend. Since you must attend to your business on a daily basis, you will discover that your freedom has been lost in such a business setting.
Formal training courses
Entrepreneurs oftentimes feel all alone as large entrepreneurs send their top staff members to leadership programs and technological meetings but new entrepreneurs seldom have the money, incentives and time to participate in these things. This often leads to a bad feeling and many entrepreneurs often begin to feel that they are no longer important and competitive in the business framework.
Personal wealth management
You will often realize as an entrepreneur that there is a difference between business management and personal wealth management. The skills required to grow your business is not the same as that required for your personal finances. There are lots of risks involved in a business. This is because of the numerous factors to which it is exposed. In many cases, the entrepreneurs will just end up making poor decisions if they do not have a steady flowing stream of finance. This might even lead to the breakdown of the business as the entrepreneur might just realize that he has lost the business and that his years of labor are all wasted.
How the society sees you
On the onset, you are the hope of the people as you begin running your business. However, down the line people may begin to see you as someone who does not have job security and some may even begin to compare you to your classmates who are employed in large corporations.
The worst seems to happen when your business falls into an industry with negative stigma. This may not necessarily be your own fault but you do have to hide the role played by your business after all.
Your business should be more than the money
Down the road in the business, even successful business owners might begin to wonder whether that is all there is for their business. To achieve the success you desire in your business, you need to ensure that there is more to your business than the money.
You need to follow the steps of good entrepreneurs like Bill Gates and Richard Brainson who find personal adventure in business and as Guy Kawasaki said, main reason you should start a business is to make a meaning. This might involve creating a product or service which will eventually change the world into a better place to be.
Idea should be the basis of establishing your business but to go over the disasters, you need to have a strong sense of realism. You should know that you are in for a lifetime deal when starting a business and therefore you need to consider the challenges you will be faced in the long-term basis while not overlooking the short term ones.
June 7, 2017