The Challenges Every New Entrepreneur Will Face
For various reasons, the thought of running a business is alluring to many Filipinos. Some like the thought of setting their own hours and being their own boss. Others want to follow their passion and make a living from doing what they love. And of course, practically everyone wants the financial rewards, recognition, and independence that come with becoming a successful entrepreneur.
From talk shows to the office water cooler, this is an ever popular topic of discussion. It seems just about everyone has entertained the prospect of dropping everything and venturing into the world of capitalism. Despite this, how many people do you know have actually taken the plunge? Why do most of us never go further than dreaming?
Probably because of how hard it is; when you look behind the romanticism, you will find that running a start-up is one of the most exhausting and stressful things that a person can ever do. Even with a fantastic idea and enough passion to move mountains, this is still no easy feat.
Why Many New Businesses Don't Make it
What does the typical entrepreneur have to deal with? Every business and situation is unique, so it can be hard to answer this, but there are some challenges that you will inevitably face. How you respond to these can determine whether or not your struggling start-up lives.
First of all, finances are your main concern. No matter how you look at it, money is the lifeblood of business, and you will need to have a very solid grasp on it. There have been many promising start-ups that collapsed because the management did not properly handle the expenses and cash flow, resulting in running out of funds and going into debt.
Second, finding the right employees can be difficult. And even if they have the skills you need, the business might not be earning enough to take on too many new hands. Thus, most small businesses rely heavily on the founder to pick up the slack. This dependence is not just bad for your health, it can also spell disaster if you become sick or injured and no one is around to take charge while you are gone.
Finally, the fatigue will take its toll on you. There will be tight deadlines, long hours, and annoying clients. You will often find that every time you solve a problem, two more take its place. While some thrive on the extreme pressure, even the most determined entrepreneur will have days when they just want to throw in the towel. You will have to find a pace that can keep both the business and your sanity in good condition.
Running a new business is a delicate balancing act, and the owner has to work much harder and care more than anyone else. There are no short cuts. You need to be flexible, self-motivated, and highly disciplined in order to succeed.
Appreciating the Bright Side
If you find any of this discouraging, just keep in mind that despite these challenges, we have it great compared to our ancestors. Merchants from a hundred years ago would weep at how privileged we are: Anyone with internet access has virtually unlimited information at their fingertips. Communication is instant and practically free. Logistics like travel and shipping are fast and convenient. Even now, technological breakthroughs happen every day, creating new opportunities for the innovative.
So take heart; there has never been a better time in the entire history of mankind for doing business. The key to success is to not take it lightly, and be willing to do whatever it takes. If you are ready for these challenges and meet them head on, you too can become a great entrepreneur.