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Hearing one saying that he or she is an entrepreneur sounds so good however, on the other hand it also has its own dark side. Once you make the decision to become an entrepreneur, be ready to lose money, be isolated, be rejected, work under pressure and face frustrations. In this article we will unfold the dark side of entrepreneurship and how to embrace or manage such.
Financial Risk
To begin with, entrepreneurship is associated with a lot of financial risk. However, you have to master the art of minimizing losses in your business. Factors that mainly contribute to financial losses are being in the wrong business, poor financial management and inadequate cash flow or trading losses among other reasons. If you are giving your business all it takes and still doesn’t push volumes, you are certainly in the wrong business, you went for a problem not worth solving. Do your research and find out what you are doing wrong, if you are near to perfect jump out. Unfortunately, being an entrepreneur means being a multitasker, hence a financial manager. Go for the good financial practices so that you protect your business from loss. Also make sure your business has a positive cash flow or not operating at a loss for survival. Do a self-assessment and correct where you are falling in business. Read more on this, on the article “managing financial risk.”
Isolation
The entrepreneurial road is an isolated one. You spent a lot of time focusing on personal and business development at the expense of pleasure. With time, you miss the Friday night hang outs and other events you see as time consuming and unnecessary. By so doing you lose close friends and sometimes your girl/boyfriend. However, create a new circle made up of people who easily relate with you and understand your entrepreneurial frustrations. Share your burdens and be assisted in finding solutions.
Rejections
Rejections are inevitable in entrepreneurship, it is your own vision and you should work on it till it is appreciated. You will ask for meetings, assistance and or partnerships, most of it will bring in negative results. Nevertheless, don’t give up, some will open doors for you and learn to appreciate their assistance. To add on, embrace those rejections, and make them your stepping stones to success. Remember, the future is worth all the struggles and sacrifices associated with starting-up, keep on keeping on!
Demanding
The entrepreneurial journey is so demanding. Imagine how many things you have to do on a daily basis besides managing your business. Now let’s add on meetings, reports, research and production, It all leaves you drained and exhausted on a daily basis. In some cases, multitasking becomes the order of the day and you should manage all tasks. This inevitably stresses you. However, you have to carefully schedule, priorities and execute tasks. Above all be hardworking and adaptive, each different situation, requires a different you.
Frustrations
Last but not least, entrepreneurship comes with a lot of frustrations. This comes due to financial loss, isolation, rejections, demanding schedules and failures. You should however understand that it is part of the journey and you should learn to detach business from personal life. Remember, each situation requires a different you.
