Great. You’ve got your ground-breaking new idea that is going to set the world alight. It’s going to trail blaze. Surely, it’s going to be revolutionary. So that’s the hard part over, right? Well, not quite. The journey of a start-up company can be fraught with problems and obstacles. It can, however, offer several not insubstantial rewards!
This short article will highlight some of these potential problems as well as the benefits you can enjoy as a start-up entrepreneur.
Do be aware that there is a fairly high risk of failure – more than half of businesses fail within their first five years of operation. Yet there’s no doubt that you’ll be fully in control of your own destiny. It’s your way or the highway – and your job security doesn’t depend on a single employer. This means, of course, that your decisions can literally make or break your business.
One of the biggest boons heralded by start-up gurus is that they can set their own goals and decide on the best way to reach them. Sure, you can decide your own working hours and locations – hey, you can even opt to work virtually, if you’re tech-savvy.
Yet because you have this very control over your work, there could be a resulting negative impact on other areas of your life. It becomes your responsibility to keep the balance between your business and your family life and health, for example.
The start-up process forces you to learn fast, sure. There’s no time for slacking or coasting! You will, however, learn on your merits. You can let your creativity blossom – like a beautiful butterfly – but ensure that you can be adaptable. There will inevitably be times when you have to deal with the unexpected.
Yes, as a start-up entrepreneur, you will be the boss. You can delegate, hire and fire and decide exactly how your workplace will tick and look – right down to the paintings in the hallway.
Yet you will be the wearer of several hats; it, therefore, helps if you have interests that span several business areas. You could, of course, bring some partners on board to complement your own skills but that could bring its own sets of problems.
Ultimately though, the start-up journey can be an exhilarating ride! Before you strap in, however, just make sure you’re as prepared as you can be for any potential obstacles. Just don’t forget to prepare for your successes too!