Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many people say they want to become entrepreneurs, but they don’t understand all that goes into becoming one. There are a host of other considerations involved than when being an employee. The following contributed post is there entitled, The Things People Don’t Consider When Becoming An Entrepreneur.
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When trying to become an entrepreneur, you’ll often find that people are only thinking about a few things, and nearly all of them are positive. People think about the money, the opportunities it could bring, and the general happiness of being their own boss. Does this sound like everything that’s going through your mind at the minute, or perhaps did go through your mind when you were setting up your business. But there really are some things that we know people just don’t consider when starting up their own business, for one reason or another. Perhaps the positives really do cloud the vision, and it becomes hard to see what the reality is behind it. Which is why we want to create this article for you, because we really do want to highlight some of the things you might not think about when becoming an entrepreneur. It’s not even if you’re just considering to become an entrepreneur, because we know that some of you reading this might actually already be an entrepreneur, and trying to deal with the scary realities yourself now. We want to make this journey easier, and we think the tips we’ve got below for you will do just that, so keep on reading to find out more.
The Personal Losses
There are some personal losses that you will feel alllll along the way of your business journey, and the first will start at the very beginning. The first loss you’re going to have will be financial, because we hope that you’re not just going to rely on the banks to give you a loan. Do this, and the money you could be racking up will drown you in the coming years. Unless of course you do become that successful entrepreneur that can control the money of their company without having to keep dipping back into bank money to move forward. So, if you’re investing so much money, you probably want to know how to make sure it doesn’t become a personal loss, and more a personal gain. Well, all you have to do is grow, grow, and grow some more. If you take it steady, seek out opportunities, and focus on getting your company name out there in every way that you possibly can, then you’re heading towards success already.
We think another big personal loss that people never seem to consider, is the loss of your time that you’re never really going to get back. You might think that your working life was restricting, but those of you who run your own business at the minute will know that your time just melts right away, and your main focus does become your business. All hours of the day are controlled by it, and if not because you physically have to do something, then because you’re thinking about it constantly. Don’t even get us started as to what it’s like when things start going wrong. You have all of these worries going on, and you just know how much is riding on it, yet you still have to try and balance normal life as well. Our top tip is to always communicate your fears with the people closest to you, and perhaps even have a business advisor on hand to help you through any of the tricky situations. Someones to talk to, and someone to guide you is actually going to be so beneficial.
The Problem Solving
Problem solving is something you’re going to have to become good at, but we don’t think people are actually prepared for how many problems they’re going to have to solve. It can become a serious issue for a business when there’s just so many problems present, but we think we have a few solutions for you. A big problem a company has is tracking what their employees are doing, and what they should be paid for. For example, some companies pay mileage if their employees are out on their road, but tracking actual business mileage can be hard. However, if you check out companies such as triplogmileage.com, you’ll find your solution to your problem. All you need is an app or software to track it for you, and you’ll find it’s so much more trustworthy than your employees. You also need to be able to track the hours they’re working, and we promise you there’s software for that to. We think that pretty much any problem you have can be solved with software, so check out what solutions you can find today!
The biggest lingering feeling that every entrepreneur has to go through, is the one that they’re going to fail. It’s the feeling that your business is going to drop at the minute, and the financial weight is going to come crashing down on you. Because if you have a big investment from the banks and your business fails, you’re just going to have a whole world of problems to deal with. But these lingering feelings are something you’re most likely going to have to deal with everyday. The slightest change in your monthly profit, a slow day in the office, an employee leaving… it can all trigger these feelings. But, we think the best way to battle them, is to focus on turning them all into positives. If you know you’ve had a really slow month with your profits, figure out a plan that will ensure you more than make up for it the next month. If you feel like your business is becoming a little stale and that’s why you might not be able to attract as many customers, think of ways that you can jazz it up a little bit! We also find that business owners have the lingering feeling of success in their mind, which can only be a positive. If you always have that thought that you’re going to succeed in your mind, it’s going to be so much easier for you to have that drive to win. We think it pays for a business owner to be a little cocky in this respect.