We’ve all had those days when we’re so tired with our desk jobs that we stop and think about how fun it would have been if you were Bill Gates.
I always thought that if I were the founder of the world’s top software company, I’d be on a 24/7 vacation, reading the best books and travelling to the best places around the world.
But years later, as I ventured to entrepreneurship myself, I realized Bill Gates wouldn’t really be the 24/7 vacationing type.
Know why I think so?
The Anatomy of an Entrepreneur
For starters, entrepreneurs are those who venture into businesses. They are people who chose to put their fate in their own hands — those who chose to take risks.
You see, being a productive entrepreneur is not a walk in the park. It takes time and dedication to be successful and I don’t think lying in your bed all day would suffice.
On the other hand, being an entrepreneur is more than just venturing into business. It’s also about making that business successful and sustainable.
Entrepreneurship is about having the right mindset, motivation, and endless drive to push forward and challenge limits. This is why being an entrepreneur is so hard.
5 Struggles That Entrepreneurs Face
More than financial freedom, one thing that entices people to become entrepreneurs is the freedom from office politics. Entrepreneurs love being able to work on their own terms.
But venturing into a business is not that easy. Most entrepreneurs experience certain problems, such as the following:
1. Insufficient Capital
Starting a business requires budget, but some choose to go on with their venture without enough funds. This can be a problem in the long run. As much as possible, make sure to acquire sufficient capital for your business.
2. Lack of Knowledge
Some see business ventures as a railway for instant success. This drives them into impulse decisions without the right knowledge, experience or resources, without knowing what they’re getting into.
3. No Stable Paycheck
Entrepreneurs enjoy working their own hours because they’re the boss. But the downside is that they don’t have a stable paycheck, especially in the early stages of their businesses. It can be disheartening and stressful, but all entrepreneurs go through this process.
Entrepreneurship is a lonely road, unless you’re starting a company with a partner. You’re on your own. You have to work hard alone and make tough decisions by yourself. It’s the price that you pay for building your own empire.
5. Always On the Grind
The irony of entrepreneurship is that it requires more hard work compared to, say, a day job. Because you’re starting from scratch, you have the tendency to overwork yourself to the point of burning out. Work-life balance is a struggle, too.
10 Ways to Improve as an Entrepreneur
1. Wire Your Brain
Starting a business is not just about putting up a company. It’s also about making it successful, and this involves time, money, effort, and dedication.
This can be very challenging for most, so when you decide to be an entrepreneur, remember to have the right mindset.
Wire your brain to be stronger for all the challenges you may encounter.
2. Always Ask Questions
You can never know enough. When you’ve chosen to become an entrepreneur, you’ve listed yourself for a lifetime of endless learning.
Remember that your business needs to cope up with demands and changes in the society.
With that in mind, learn to always ask questions, know the latest trends, learn from anyone and everyone and use the things you learned and apply it to your company.
3. Be Smart About Time
We would usually love another 10 minutes in bed in the morning, wouldn’t we? Well, I’m sorry to tell you, that’s not how successful people do it.
Because they manage their time wisely. Take the time to plan how you will spend your week or day. Use a priority planner like Week Plan to schedule and prioritize tasks.
4. Find a Mentor
Surround yourself with fellow entrepreneurs. Listen to their own venture stories and learn from them.
Get yourself a mentor from those who are veterans in the field, listen to how they did it, and remember if they can, so can you.
5. Widen Your Network
As an entrepreneur, it is important to widen your network. Meet people whom you can learn from, attend meetups or gatherings, and join forums and discussions.
Aside from fellow entrepreneurs, widening your network also applies to reaching out to your brands’ audience.
Reach out to people who would purchase your products, and one effective way is by using the power of technology including social media and other channels.
6. Sharpen Your Communication Skills
Your ability is usually showcased along with how you communicate well with the people around you. It takes a good speaker to be a good businessman.
Become an effective communicator. Learn to engage with the way you talk.
This can prove to be very important because a business is anchored on the people and their needs. That’s why it’s important to learn how to leverage the power of words.
7. Learn How to Manage Money
Starting a business can be taxing. Profit from your company doesn’t really come overnight. That’s why learning to manage your finances is a very important matter.
It would always seem that your funds wouldn’t be enough to bring your company to its full potential, so be frugal about it.
Learn where and when to spend. Think about everything twice and avoid impulse spending.
8. Lead, Not Just Manage
In addition to communication skills, you also need to work on your leadership skills. Your company is made up of people who work for you. And they are an integral part of your success.
It’s important to know them, to listen to them, and to learn from them. Don’t just manage your people. Lead them.
9. Keep Your Eyes and Mind Open
Change is constant. Businesses strive hard to keep up with the competition and the demands of the customers, so it’s important to keep your eyes open for the latest trends.
This should also be observed in cross-investments too. You need to be flexible and adaptable to thrive.
10. Never Back Down From Challenges
Failure is inevitable. And there will always be risks. It wouldn’t really always turn out the way you want it to.
In addition, it is always better to eat the frog for breakfast which means you should take on the difficult tasks and challenges first things in the morning.
There would be times of challenges. Learn to fight back and learn from your mistakes. Never give up.
Whatever your reason may be to decide to be an entrepreneur, remember deciding to be one is a risk. Be brave, keep an open mind, and believe in yourself.