While being an entrepreneur comes with lots of benefits – more freedom, more influence – it also comes with a lot of hardships too. Today, I’d like to talk to you about some of the downsides of running your own company and being your own boss.
Some of the more the difficult parts of being an entrepreneur include:
Starting from scratch: Most of the time, if you’re running your own company, it means building a business from the ground up. While there are things you can do to plan ahead- like planning and research – it’s still a tough and time-consuming process. For many entrepreneurs, building a business requires a lot of resourcefulness. You need the time and money to grow your company. You need the flexibility to change plans as needed. And you need the perseverance to see things through. After all, building a business takes years and years of hard work – with no guarantee of success at the end.
Working long hours: A lot of the time, if you’re running your own company, it means putting in the hours. While there are some things you might be able to outsource – like admin or accounting – it’s still important to stay on top of things. There are many different aspects to running a business – marketing, sales, production, and customer service – and they all need constant attention. For many entrepreneurs, owning a business requires a lot of energy and enthusiasm. You need to be okay with the long working hours. And you need to be okay with the constant fatigue. After all, building a business takes years and years of commitment – and there’s no avoiding the work.
No employee benefits: One of the biggest downsides of being an entrepreneur is the lack of a safety net. You don’t get the same work benefits as you would with a traditional job – like health insurance, paid annual leave, or company retirement plans. You’re completely on your own. For many entrepreneurs, owning a business requires a lot of personal sacrifice. If something bad happens in your personal life, you can rarely get paid time off. You don’t always get the time you need to cope with sickness or bereavement. You often have to go back to work before you’re ready. After all, running a business is a lot of responsibility, and in most cases, if you don’t work, you don’t earn any money.
Dealing with setbacks and losses: One of the biggest risks of being an entrepreneur is the lack of return on investment. You don’t get the same financial security as you would with a traditional job – no setup costs, no equipment costs, and a regular salary. For many entrepreneurs, owning a company requires some personal investment. If you want your company to grow quickly, you usually need to invest some money in marketing and sales. While it’s possible to get some financial help, most entrepreneurs usually end up investing at least some of their savings. And while it’s possible that everything will go smoothly, most entrepreneurs face challenges along the way. You need to be okay with the occasional setback. You also need to be okay with the possibility of losing money. Both are likely to happen at some point.
Final Thoughts
I wish I could say that running a business is easy. But it’s not. It takes a lot of time, energy, and money. It also takes a lot of hard work and perseverance. And there are times when it’s really tough. As I explain in my YouTube video, these past two months were hard for me – on both a personal and professional level. But I’ve decided to keep moving forward and to continue growing my companies, no matter what. If the past few months were tough for you too, feel free to reach out. I’m always happy to talk to other entrepreneurs and to offer advice where I can.