The Content Below is made by Patrick Bet-David of Valuetainment
Modified by Preyansh Dutta
On the path to success, you are bound to face some sort of challenges. These challenges can sometimes be so overwhelming that they can force you to quit your journey, and lose faith in yourself. Some of these challenges are listed below:
1) Sacrificing the 9-5 Job
First, you have to be prepared to sacrifice your normal job salary. Having a salary is comfortable and keeps you in the safe side. It’s a nice, comforting pillow, but if you are going to be an entrepreneur you will have to know that the higher your risk, the greater your reward. As a 9 – 5 employee, you will have a salary and benefits such as health insurance. As an entrepreneur, your salary goes out the window. You have to only focus on your business, and cannot be wasting time in a 9-5 job.
2) Managing the Business Capital
The next of the ten challenges every entrepreneur will face is capital management. What do I mean by capital management? It basically means how you manage your money that you have saved up in your business and later on be able to reinvest it in the same business. If you manage your capital well, it allows you to stay in business long enough to make it as a business owner. If you know how to manage your capital properly and use that capital to expand your business, you will have an edge over others.
3) Processing Issues
Next is a very underestimated one, processing issues. As an entrepreneur, you have to process many unknown issues you’ve never experienced before. In other words, you will have to face different kinds of challenges, and not give up due to the difficulty of the challenges. You’ll often say, or think, “I never knew. . . ” It’s going to happen. So if you don’t know how to solve your challenging, you’ll have a hard time. You need to anticipate that there will be many unknown, unanticipated issues that you need to solve that no one tells you about ahead of time. This is why it best to research a field before you go in it.
4) Team Building
The next of the challenges that every entrepreneur will face is team building. How are you going to put your team together? How good of a recruiter are you going to be? Are you good at bringing in solid talent? You’ll face the challenge of building a team when you realize you can’t do it all. And it comes down to how well you build a team.
5) Persuasion & Vision
Next, is casting a vision and persuading others to want to believe in your vision and be a part in creating your business. You have to constantly cast a vision of where you want to be a year, three years, five years, ten and 20 years down the line. Everyone around you believes in the vision based on how you cast it. If you can’t cast the vision, you’ll lose the best type of talent.
Next, you will most likely be lonely for a good amount of time. There will be many lonely nights. There will be many days where you’re going to sit there by yourself saying, “I don’t know if this is going to work out.” At times, you will not have people to text or talk with. No family, friend, girlfriend, husband or wife, you will need time for yourself and not feel like talking to anybody at all. You cannot even complain to any of them because YOU decided to become an entrepreneur. Nobody forced you to become an entrepreneur, it was completely your choice. The last thing you want to hear is, “I told you not to do it!”. When something fails everybody will tell you that they knew it wasn’t going to work, however they are the same people who seem to take the credit when something does work. So there will be a lot of lonely decision-making processes. You’ll experience a lot of lonely mornings, lonely nights, and lonely weekends, but remember it is all for your goal.
7) Setting Up Business/ Taxes
The next of the challenges every entrepreneur will face is taxes and lawyers. It is advised that you go to a financial advisor or somebody who knows the process of setting up a business and see the legal things that you have to do to establish your business. You pay taxes on a new code as an entrepreneur. You will need a CPA that knows how to transition you from W2 to being an entrepreneur. You’ll also need lawyers to protect your business and advise you on how to structure your company. For instance, you need advice on LLC, S Corp, C Corp. This means you’ll need to speak to lawyers and CPAs in ways you probably never have before. They’ll tell you things you’ve never heard before. You may be tempted to sit there and act like you know what you’re talking about, but you have no clue what they’re saying. You don’t want to admit it because they’ll charge you more, but you need to ask. Say, “I don’t understand. Can you please explain this to me?”
8) Do a lot of different things.
Next, you’ll be doing many different tasks, and you will have to be ready for it all. You’ll be a salesperson one day, clean the kitchen the next day, and file paperwork another day. You have to do it because no one else will. You have to answer the phones sometimes, and get back to texts you probably shouldn’t as the CEO, because you have to do a lot of different things.
9) Knocked Out
Next, people will want to knock you out. You’ll have to deal with people that want to put you out of business. And you’ll say, “How brutal is this? You can’t be this cold.” But it’s the world of business. You’re taking a piece of business away from them, and they want to put you out of business. To sustain in the competition, you will have to work harder, and grow exponentially until the point, you are bigger than your competition.
10) Inconsistent Mood
Lastly, the last challenge you may face in your journey is the inconsistency of your mood. Somedays, you will be extremely lazy, and stressed out. Other days, you will be hard-working and motivated. No matter what happens, you will have to keep fighting for your dreams, and remember, “Without a vision or a dream, a man perishes.”