These are The Hardships of Being an Entrepreneur. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. This is part four in our Entrepreneur Month. We will discuss the hardships of being an entrepreneur.
I was hesitant to share this at first. What we do here is to help you start making a difference in your life. This includes the decision of becoming an entrepreneur. However, we also want to be transparent because this is reality. You will be facing either some or all of the hardships that will be mentioned in this article. Might as well hear it from us so you will know the things you may face.
DISCLAIMER: You need to do your own due diligence when it comes to what I will be sharing here. The information that I will talk about is from what I got from my own personal experiences as well as from other entrepreneurs and businessmen and women. Even with all this information, you must do your own research. Entrepreneurship is not an easy path to take. What you decide to do is up to you, so work at your own risk.
Types of Hardships
Types of Hardships
There are two types of hardships that many entrepreneurs go through. First is the internal hardships, which are hardships you will be facing from your own emotions and mentality. The second type of hardship is external hardships. These are the hardships you will be facing from everything around you. Most of the time, external hardships will affect internal hardships. We will break what these hardships are to have a better understanding of what they are.
Hardships of Fear
This hardship will always be there. Even if we are told to be fearless, that is a challenging thing to do. The truth is that fear will always be there and whenever we are succeeding, either those fears will get bigger or new fears will come in. The only difference between a normal person and an entrepreneur is the way they react to those fears. A normal person will let fear take control over them, while an entrepreneur will find a way to turn that fear into the excitement that actually pushes them to keep going.
That change in an entrepreneurial mindset begins with building up courage and bravery. Now we have talked about this a lot in our article from two weeks ago, so if you have not yet, you can read it here. Basically, we need to be brave when we are in the face of fear. Like what I said last week, to be brave does not mean you are fearless. It means that even if you are afraid, you push on through anyway. Every entrepreneur begins with this when they believe so much on what they are trying to achieve.
Hardships of Not Knowing
This particular hardship correlates with the hardship of fear. One of the main things you are afraid of is the fear of the unknown. When you finally fight this fear, you will find that you still will not know a lot of things. Most entrepreneurs started off not knowing anything. As they innovate and create new ideas, they are adding more things they do not know about.
This comes from an open mindset with the ability to adapt to new things and constantly scale up. The only way to prepare for this hardship is to always learn new things and experiment with new ideas. You will find that most entrepreneurs are always trying to better themselves. If they fail from the experimenting, they learn from it and try to pivot that idea with a better solution. They know that if they are not learning new things, they will eventually be taken over by someone better and more capable.
Hardships of Stress
You will feel this hardship a lot. This hardship will always find a way in your life. Even when it comes to life in general, stress will be there. In a way, this can also be considered as an external hardship. Stress can come from within you and it can be influenced by what is around you as well.
The way most entrepreneurs find relief from stress and anxiety is to seek help from other people. Like what I said earlier, we have many limitations in our own knowledge. And as we would like to learn it all to better ourselves, there is only so much we can carry. That is why top entrepreneurs outsource those specific stresses to people who actually specialize in those tasks. If you are a new entrepreneur, this does not mean you need to hire people. You can seek help from people you know because they might know those certain things and if they do not, then build up your network.
Hardships of Overworking
This hardship is really dangerous because this can be the reason why most entrepreneurs quit. There is a specific mindset in this community that can be dangerous for entrepreneurs. This idea is to work hard everyday, start earlier than everyone else, finish later than everyone else, hustle every day, and do this till you reach where you want to be. Unfortunately, this is not effective for most people.
Consistently working will actually make you less effective. There is a bunch of research showing the proficiency of workers to the amount of time they work and in most cases, the proficiency becomes less the longer they work. What makes this even more dangerous for entrepreneurs is when they reach a burnout, which can eventually make them want to quit.
There are two things you can actually do about this situation. First, you need to take a break and not worry about doing nothing for a while. Next, you need to check what you are really doing. You will find that a majority of the work you do is not even productive. You are wasting time on some tasks, so look at what you are doing and reallocate your time and effort to the tasks that are actually positive for your business.
Hardships of Consistency
Now this is the exact opposite of the last hardship. There are those who are working too much and there are those who are working too little. You are either hardly working or you are only working hard when you feel like it. When you know you need to finish something, you will not do it because you are not feeling it. Laziness is not a new concept to you and you probably procrastinate on all your work.
If this hardship is the opposite of the last one, then the same goes for the solution. You need to master self-discipline. If you rely on motivation and inspiration alone, then you will fail. Motivation and inspiration alone can only take you so far. You need to set schedules and learn self-control. We will be talking more about this in later articles, so subscribe to our newsletter if you have not already.
Everyone Close to You Will Judge You
Out of all the hardships, this one hurts the most. You would expect to have the people who are dear to you understand what you are doing. In reality, they are the ones who really misunderstand you. Of course you cannot blame them. You are the first person to be doing something outside of the “normal route”.
Many people judge by their limiting beliefs. They think the only way to be considered “successful” is if you go to college, graduate with a degree, and get a high paying profession. Yet, believe it or not, this is the best route for a majority of people. The truth is that not everyone was made to be an entrepreneur mainly because of how uncertain entrepreneurship can be. Unfortunately, all you can do is eat their words and keep working on what you are trying to build because the only time they will understand is if you succeed. If you fail, then they will feel like they were right and will never learn how to grow; whether it is your friends or your parents.
Here is an obvious one. If you are building your own business, expect to not have any money coming in right away. For some, this might take more than five months. Although, for the majority of people, this may take more than five years. That is why those bigger business startups seek help from angel investors.
I hope I did not slap you with this realization. It is true that if you want to have a lot of room in your business, you will need some cash to burn. If you think your business idea will not work for top investors yet, then do what I said in last week’s article. Check that out first if you have not seen it yet.
The Constant Change In The Market & The World
This is one you really do not have power over. We can really see this in the current time we are living in. Because of the virus outbreak, a lot of small businesses had to close down. This can happen to you as well.
Of course that is if you are not adapting your business to the times. Even if recessions close a lot of businesses, many new businesses are made as well. You need to always find opportunities during hard times. If your business does not adapt, then you have a high chance of losing it. This can be either from a recession or a new business that saw your weaknesses and exploited it for their advantage. Keep an open mind, innovate, and adapt to the times.
Something to Remember
Something to Remember
We shared these realities because it is the truth. Even if you are aware of them now, you will still have a hard time going through them. However, do not let your fear overtake you. Instead, look at your vision. If you believe in your vision, then you will do anything you can to reach that vision. So when the hardships do come to you, just keep going and eventually you will reach your destination.
Thank you for joining us today. Now normally I would not do this at the end of a video, but I believe this can help you if you live on the eastern side of the United States. Since most of us are stuck at home, it probably means the cost of utility bills has risen from the average. Well what if I told you that you can save money on your electricity bill?
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Since we talk about fear, I have written an article talking about the things we fear and how to overcome them. You can read and learn more about it over here. If you are already starting your journey, I would like to ask what hardships are you facing right now? If you stuck with us to the very end, write down “courage” in the comments to know who are the real family. This is The BE Mindset Group and just remember to be alive, be free, be happy, be you.