The Other Side of Entrepreneurship
One day you are awake, and you suddenly do not have the zeal to go to work again. After all, you have always dreamt of owning your business, and you are tired of working under someone. Therefore, you take the great leap and decide to start your business. Of course, you have heard your friends talk about Kusnap and how it is an amazing selling platform. So, you desire to join the platform and be a vendor on it.
You have struggled to get your start-up capital, and you feel great about the idea. You have bragged to your friend about how you are about to become a CEO, and you have even stopped going to work without putting in a proper resignation letter.
However, is being an entrepreneur always rosy? At Kusnap, we are always ready to receive vendors and help you accomplish your selling goals. However, we also love to be realistic, and we are here to tell you that there is another side to being an entrepreneur.
This article will highlight some of the challenges you will face being an entrepreneur and how you can tackle them. Once you properly understand these challenges, you are good to go.
Benefits of Being an Entrepreneur
Of course, many benefits come with being an entrepreneur, and we shall explore these rosy aspects before we talk about the challenges.
So, we spoke with some of the vendors on our platform, and we asked them what they enjoy most about being an entrepreneur.
Rosemary mentioned that she loved that she now had a flexible schedule.
- Flexible schedule: According to Rosemary, she loved that she didn’t have to wake up at a specific time again or have to endure being at the office until late hours. Rosemary now has ownership of her time, and a flexible schedule. According to her, having a flexible schedule has made her more productive, and she will not trade it for anything.
Paul, another vendor, mentioned that he enjoys satisfaction from being an entrepreneur.
- Satisfaction: Paul was once a banker as he was forced to study financial accounting in school. However, he had always wanted to be a business owner, and he wasn’t happy with his job. Paul always complained and was grumpy, which wasn’t something that Paul liked. Therefore, he took the bold step and quit his job one day. Now, he enjoys work satisfaction like never before running his business.
Interestingly, Brenda mentioned that she loved how being an entrepreneur has given her leadership experience.
- Leadership Experience: Brenda has always been the shy type and sometimes struggled with low self-esteem. She was always the type to hide behind others and never wanted to make important decisions. But all that changed when Brenda started her business as she became the sole decision-maker and couldn’t rely on others to take the role, except she did not want her business to excel. She has enjoyed the change so far and is excited about her progress.
Confidence told us that many things have been positively different for him since he became an entrepreneur. And one of the things that stood out for him was his constant growth and development.
- Constant growth and development: As a business owner, you are always looking for resources that would boost your business as you understand that you have competitors and need to surpass them. Therefore, you are on a continuous learning and growth path, which is what confidence is experiencing. Confidence is glad that he has become open to new things and develops daily.
Challenges of Being an Entrepreneur
We have already established that being an entrepreneur is an enjoyable journey. However, let us look at the other side of being an entrepreneur and tackle such challenges.
- Cashflow management
As an entrepreneur, you will start dealing with money in bulk more than you have before, especially if you have no idea of finance. In such cases, it is easy to feel overwhelmed, and you may even begin to indulge in excessive spending. Many people get excited when they start yielding profit from their sales, and they do not make the right financial decisions. Instead, they begin to spend on unnecessary items, would backfire on them in the future.
Cashflow management is essential for every business, and misappropriation of funds has led to the downfall of many businesses.
Solution: The solution for this issue would be to take classes on financial management to learn how to manage your funds better. In addition, it would also be best that you open an account separately for your business. We do not advise business owners to use their personal bank accounts to receive business money as the temptation would be higher.
- Hiring employees
Many business owners might not talk about it, but one of the major challenges they face is hiring employees. Understandably, there are some processes that you need to undergo when you are hiring an employee as you want to be sure that you are getting the best hands.
For many business owners, it is their first time running a business, and they do not know the hiring processes. As a result, they often fall to the sentiments of employing their friends, which may have a negative outcome as they may not be serious about the business or share the same zeal.
Solution: It is always best to free sentiments when picking people as your employees. The goal should be to choose passionate people who have impressive track records. In addition, it would also come in handy to work with experienced recruiters as they would take the stress off you.
- Decision making
It would be impossible for us to talk about the entrepreneurs’ hassles without mentioning decision-making. Many entrepreneurs may even argue that it should be the number one challenge we should have mentioned.
Often, we see that business owners let their personal biases get into their decision-making process and affect the business. But, of course, we agree that the process of decision-making isn’t easy, and we are not saying that you will figure it out immediately.
However, you need to be deliberate and conscious when deciding for your brand. And just like Brenda, we can assure you that you will excel at it eventually.
Solution: Before deciding for your business, you should flip and put yourself in the shoes of your customers. Any decision you make should be beneficial to them and not based on your bias. After all, a business cannot survive without customers.
From interactions with brand owners, they often struggle with finances to grow their business. Some think that money starts flowing in immediately, but the reverse is the case once they start the business.
They may sometimes need money to put some structures in place to grow the business, but they get downhearted when the finance isn’t coming in and wonder what to do. It is at this point that some business owners give up and quit.
However, a good entrepreneur is not a quitter. Therefore, quitting shouldn’t be on your mind.
Solution: The first step to overcoming this challenge is to have a positive mindset. Also, you should be realistic and know that you wouldn’t always make money, especially in the early stages of the business.
Next, you shouldn’t be ashamed to advertise your business and put it out in public. You may find some investors through this method and even get more customers.
Also, you may be tempted to take a loan. However, it is always best to have a repayment plan before taking a loan.
- Time management
Many people and professionals struggle with time management. Therefore, it should not be surprising that an entrepreneur struggles with time management.
Sometimes, it could be that you are still trying to adjust to the change of running a business, and it is looking overwhelming. You often feel that you do not have enough time to execute all your plans.
Well, allow us to tell you that you need a breather and shouldn’t be too hard on yourself. The fact that you struggle with managing your time does not mean that you are a bad entrepreneur, as many people also encounter this challenge.
Solution: It would be best to have a planner of schedule that lets you prioritize the things you need to do. Then, it would be best to handle things one step at a time so that you do not burn out or feel overwhelmed.
Working closely with an alarm would also be helpful in this situation.
- Handling criticism
Sadly, many entrepreneurs feel attacked when people correct them about certain things that concern their business. Yes, you are the business owner, but that does not mean that you know everything about handling a business.
The idea of accepting criticism seems strange to some business owners, and it affects their business. For example, it could be that someone has seen some loopholes in the marketing strategies proposed by the business owner and decides to point them out. However, the business owner assumes that the person is undermining their intelligence and sees it as an attack.
Of course, such a person would have an issue running the brand since they cannot accept criticism.
Solution: A business owner should always be open to criticism and never be scared of going back to the drawing board. In addition, business owners should always accept that life is a continuous learning process as that is the only way they can excel.
One of our vendors told us that he struggled with loneliness for the longest time when he began his brand. He felt that he should not waste his time with extracurricular activities and focus on growing the brand. Thus, he began to push away all his friends unintentionally.
People began to avoid him with time as they felt that he was always over-serious, and he began to feel lonely. At that moment, he realized that he needed to draw a line and find a bridge between running a business and having friends.
In addition, he says that running a business while dealing with loneliness can mess with anyone and advises against it.
Solution: The fact that you are running a business does not mean that you should drive away your friends or not have a social life. It would be best if you always made time for relaxation regularly as it is needed for mental stimulation.
- Stress management
We are sure that you have always heard entrepreneurs complaining about stress management. But, unfortunately, the truth is that you would not understand until you wear their shoes. From the outside, it always seems like running a business is always pleasant. However, many structures need to be in place, and it becomes stressful when you are doing everything alone.
For example, you own a show business. Then, of course, you would need to handle running a social media page, taking content pictures, regular posting, responding to customers, liaising with vendors, strategy development, delivery of products, and more. All these can be tasking on one person and might have you rethinking your business decision.
Solution: It is always best to remember that no man is an island. The fact that you are a business owner does not mean that you can do everything yourself. Thus, you should always reach out to people and get help when necessary.
- Strategy development
We had earlier mentioned strategy development as one of the things that could stress an entrepreneur. Therefore, allow us to repeat that it is one of the major challenges of any entrepreneur. It is one thing to have an idea for a business, but knowing how to manage this business and boost sales is another thing.
A business is nothing without a proper strategy, and it requires a lot of mental work. It is always best for business owners to remember that they do not have industry monopoly. Instead, they have many competitors, and their deployed strategy would give them an edge over their competitors.
Solution: One of the best solutions, in this case, is to take classes on marketing and strategy development. A business owner should never be hesitant to learn new things to boost business growth.
In addition, it would not be inappropriate for entrepreneurs to work with business consultants for strategy development.
- Customer retaining
Do you tend to retain your customers as an entrepreneur? Of course, we know that you are always excited when you get new customers. However, do these customers always come back, or do they move to your competitor?
While a business would always love to gain new customers, we also advise that you deploy strategies that would help in customer retainership. The goal is to ensure that you do not lose any customers to your competitors as every customer is precious.
And, once you gain customer loyalty, you would see that you would get more referrals which would boost the popularity of your business.
Solution: Getting your customers’ phone numbers and emails is one way of ensuring customer retainership, as you can also send them texts and newsletters.
In addition, you can also have a customer loyalty reward scheme to make your regular customers feel seen. Customers love to feel that they matter to the business, which should be your goal.
Some of the frequently asked questions about the challenges of entrepreneurship include:
What are the challenges faced by entrepreneurship in Nigeria?
Aside from the factors that we have highlighted, the inability to get loans is another challenge that many businesses face. It could be that the interest rates are too high or some other problems. Yes, we advocate that people should always have a repayment plan before taking loans. However, the banks should also have friendly loan plans for businesses, and it should be a seamless process to get these loans.
Why is entrepreneurship difficult?
We do not agree that entrepreneurship is difficult, as many people are enjoying it. However, we agree that it might be challenging initially, but you should not give up. Instead, you should follow the solutions we have highlighted to the different challenges, and we are sure that you will pass any of the hurdles you face.
Kusnap isn’t only concerned about getting vendors, but we want productivity from our vendors as our platform gets better when our vendors grow.
Therefore, we checked for the various challenges a vendor might face in the entrepreneurship journey, and we discussed them in this article.
Once you begin to apply the proposed solutions, you will enjoy being an entrepreneur.