Entrepreneurship: It Sure Ain’t Easy, But It’s Achievable

Entrepreneurship: It Sure Ain’t Easy, But It’s Achievable

As an incorporating business, we help entrepreneurs launch new ventures every day; and as an entrepreneur myself, I know how challenging it can be to start your own business and keep it growing. Entrepreneurship is an exciting and rewarding path, but it sure ain’t easy! Below are some challenges of entrepreneurship and tips on how you can overcome them on your path to success.

It Can Be a Lonely Road

Starting a new business from the ground up is an exciting time for any entrepreneur, but it can also be isolating, stressful, and time consuming. When you’re just starting out, you have to wholly rely on yourself to grow the business. That means time away from family, friends and your significant other. If you’re not careful, the isolation can take its toll. Here’s are a few tips to remember:

• Create a routine -- and stick to it!

  • Stick to your working hours. Stay consistent in the time and work you put into your business, and the output will be consistent, too. Keep yourself honest and make sure that you’re putting in the work required to move forward.

• Set boundaries that work for you

  • When you start out, you certainly need to give it your all and in some cases that means giving all of your time. While you certainly need to hustle, it’s important to make sure you don’t over exert yourself. Set boundaries and make sure you take care of yourself so that you can continue to be productive.

• Don’t forget to reach out to your loved ones

  • Don’t forget to make connections outside of your networking circles. Maintaining healthy friendships and family relationships will help keep you grounded and focused as your work towards growing your business. Plus, it helps to have an emotional support system when times get tough.

Think Marathon, Not Sprint

According to Inc., about 60% of startups make it to the five-year mark. With only a little more than half of new companies making it to five years, it’s important to remember that starting a business is a long-term endeavor, not an immediate moneymaker. After all, many “overnight successes” take years to happen.

• Keep Your Vision

  • When navigating the long road of business, it’s easy to lose your vision. Keep your goals top of mind. One colleague of mine used to keep a $100,000 check taped above his bed so that he’d see it every morning when he’d wake up and every night before he went to bed. His goal was to create a company worth $100,000 -- and he surpassed it!

• Start With Small Goals

  • While it’s important to think big, the only way to get there is by making small moves. Think of each move as a stepping stone closer towards your overall goal. Each win will take you closer to continued growth and expansion.

It’s a Team Effort

As your business grows, so will your company. For many entrepreneurs, the idea of branching out and hiring employees can be a daunting task. You’re used to wearing many (if not all) hats and the thought of depending on others can be stressful. As stressful as it may be, it's the key to growth!

• Delegating Is Your Friend

  • Delegating tasks can be an art form. If you do it properly, you’ll see continued success. The key to proper delegation is clear communication. Make sure you identify details that are both important to you and crucial for the success of your business so that you and your employees can be productive.

• Surround Yourself With Talent  

  • You’re only as strong as your weakest link, right? Surround yourself with good, hardworking people that share a passion for your business, trust your vision, and possess the skills and talent needed to grow the company.

I hope these tips and tricks will help you stay motivated as your embark on the exciting path of entrepreneurship. While these tips are broad and don’t dive into the nitty gritty aspects of business, they’re great tips to keep in mind when times get tough -- and they will! Always remember to stay focused and work hard and you can take your business from startup to profitable in no time!