As an entrepreneur, life is not easy as it seems. Though entrepreneurs escape from corporate life to start on their own, they often find that reality of entrepreneurship is not as rosy as it seems.
Entrepreneurs bear the brunt of unpaid bills, unhappy customers, low revenues etc. Cutting down on expenses mean loss of social life. The health issues that crop up ( as I discovered last year for myself ) also leave us and our businesses vulnerable.
The constant connectivity from mobile phones and tablets keep us glued to the business. There is absolutely no time to switch off. We are worried about if people are writing about our business. If not then why and if yes ,then we want to know what are they writing.
Is grass green on the other side?
Isn’t it ironic that when we are in corporate world , we aspire to break out of it and on the other hand when we are entrepreneur, we long for safety of corporate job. The grass is always greener on the other side. It is true that there are lesser headaches in a 9 to 5 job. We need to deal only with work pressure and bosses.
As entrepreneurs here say that life is indeed tough for them. Read on.
Why did we become entrepreneurs in the first place?
The reasons we ventured into entrepreneurship were among the following
We felt under-appreciated for our work
We felt our capabilities could be put to better use
We saw how any system that we observed was inefficient and just one product could change it
We felt inspired to make an impact on the world
It is important to analyse what we came here for. Wasn’t it for “To go where no man ( or woman ) has gone before ?” If yes, isn’t taking a small stress now is part of the overall grand vision ?.
Taking care of health is very important
Last year, I realized that not taking care of health can bring the business to a halt. It is important to chart out how we are going to take care of our health. We need to switch off everything when we are working on our health.
Let law of compounding work slowly
We cannot rush success. Success is not only revenue that one is making. There are a lot of intangibles that cannot be counted easily but which slowly build up with time. In a slow economy, money is hard to come by. People spend less and it directly impacts the revenue. However these times are very useful for building our brand.
A business can attract more attention by creating and often giving away things for free ( or for community use ). This would enable people to talk about our business and get a mindspace.
What I am doing for my business?
For example on my site http://webtecho.com, I am planning to build a few more plugins for WordPress. The main product remains but in the time of recession when sales are hard to come by, it is a good idea to remain focussed in delivering value to community and customers.
The point is simple; law of compounding works very slow initially. After a point, the returns rise rapidly. If we try to rush, we lose track of what is important to us. Giving more time to business to grow reaps bigger dividends.
Are we still excited and passionate about business as we were once?
Sir Richard Branson says that it is impossible to go on 100 miles per hour on empty tank. Read here. When we started our business, we were excited about possibilities. With time , some of the enthusiasm dies down. If one is not excited anymore, its time to relook at other options. Before that, however one needs to look at the reasons for drying up of excitement. Are they temporary causes? Can we come out of them?