Entrepreneurship comes at a price, and here is how not to pay it

Entrepreneurship comes at a price, and here is how not to pay it

Entrepreneurship

GlobalLinker Staff

GlobalLinker Staff

2 Nov 2019, 10:00 — 5 min read

The world of entrepreneurship is as conflicting as the world of glamour. From far it looks appealing but as you get closer, you see the hardships, turmoil and above all the price an entrepreneur pays to make their business a success.

Here are the top 4 factors that can affect an entrepreneur during their journey.

1. Entrepreneurship can be lonely

The path to establishing a business from scratch is often lonely. Though you meet many people along the way who help in various phases of your business, it is only you who understands the business from its core. Hence many a times, entrepreneurs are referred to as solitary soldiers, who work single-mindedly towards their goals. They are the ones pulling off a tough show. From managing every small aspect of the business to scaling it, the journey can take a toll on them psychologically.

The path to establishing a business from scratch is often lonely. Though you meet many people along the way who help in various phases of your business, it is only you who understands the business from its core.

 

Pro-tip to avoid getting psychologically drained: Go out often and meet people who you know can cheer you up. Spend sometime in prioritising self-care. Practice yoga or any other activity that lifts up your spirits.

2. Insecurity surrounds the world of entrepreneurship

Starting a new venture comes with its share of insecurity. You are not sure of the reaction your business will get, if people will like the idea, whether you will be successful or not. And it is these insecurities that can sometimes get the better of you. But it is important to remember that everything in the world is uncertain. You must look beyond that and even if your venture fails, you will always have something to build again.

Pro-tip to avoid insecurity: Imagine the worst case scenario and what would you do if anything of that sort happens. If the end result is still fruitful and you think you can overcome that phase, everything else is worth giving a try.

Also read: The Secret Saboteur

 

3. Entrepreneurship is a delicate mix of responsibility and balance

Again, when you decide to venture onto the path of entrepreneurship, you must take responsibility of everything that will come along the way. From choosing investors to partners and clients to hiring employees to work for you and managing every other aspect of the business, all that responsibility lies on your shoulders and all of this can become overwhelming at times.

And when that happens, you need to remind yourself of the balance you need to maintain in your work and personal life. Being passionate about something can take away a major chunk of your time and it is important to constantly remind yourself to maintain a good health and take breaks to rejuvenate yourself.

Pro-tip to maintain a work-life balance: Engage in some hobbies during the weekend, attend workshops you are interested in, focus on your health and get sufficient sleep.

Also read: Focus on your hobbies, excel as an entrepreneur

 

4. Failure along the way 

Success and failure are two faces of a coin. And in the entrepreneurial journey, failure is common. This can take a psychological toll on the minds of entrepreneurs leading to depression and bitter relationships. But it is important to remember that focusing on failure will not yield any results. You should instead look at the brighter side of it. Afterall failure gives you the opportunity to start something new again.

Pro-tip to deal with failure: You must have heard of the phrase, “failure is the pillar of success". Hence embrace failure in order to emerge stronger and more confident. Remember, the storm has passed and it’s time for the sun to shine through!

So, as a business owner, are you too paying the psychological price of entrepreneurship? If yes, then it is time to take proactive steps to address this issue. Remember that entrepreneurship is a process in itself and it will give you the maximum dividends only if you enjoy it.

 

Also read: How to deal with the crazy ups and downs of entrepreneurship

Image courtesy: shutterstock.com

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GlobalLinker Staff

We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.

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