Being your own boss is the dream of most entrepreneurs, but it comes with a price. The freedom of not having to answer to someone else becomes the obligation of having to answer to the needs of the business. In this sense, the business is the new boss.
Work-life balance: Starting a business will consume a lot of time, energy and commitment. Not letting the business prevent you from having personal time is a challenge. An entrepreneur needs to set aside time in the workweek to spend time outside the business and stick to it.
The failure to deliberately manage a work-life balance can lead to burnout, health problems and lost relationships with family and friends.
Where to start: Starting a business requires a seemingly endless list of things to do; it can be overwhelming and lead to paralysis and inaction. The best approach is to organize the tasks, pick one and get started.
Managing growth: After making the first sale, the next challenge is to manage growth which will require more money, time and employees.
Making decisions: Since you are the owner, you have the final decision. The business, in the beginning, will not have a management team to consult with. The decisions all belong to the owner, and this can be a daunting feeling of responsibility, knowing that you alone have to bear the consequences of your decisions. The employees expect the owner to take charge and direct the troops.
Self-doubt and criticism: In the beginning, customers and competitors will not take a budding entrepreneur seriously. Everyone will be quick to share their opinions on what you are doing wrong and why it will not work. The truth is, outside of immediate family and close friends, nobody will be rooting for your success.
With this ocean of negativity, self-doubt will start to creep in. Maybe they are all right. Maybe starting this business was a bad idea. If you have done your homework, this is the moment to overcome the fear of failure and have the confidence in yourself to keep going.