It is a known fact that about 20% of start-ups fail to strive in the market because of internal disagreements, and/or a partner leaving. While a healthy conflict is always good for your team, repetitive patterns of disagreement are always a point of concern.
In the initial few years you have to :
Sacrificing quality time :
As a new entrepreneur you will find sacrificing your time with your friends, family, social life, hobbies and many such aspects of the life. Your new venture is more likely to consume your good amount of time and energy.
You can put fancy figures in your excel sheet and do financial projection based on your idea but the ground reality is, ‘whenever you are starting a new business , uncertainty is always going to be there’. Entire process is about hoping for success but never knowing where things will turn.
Inconsistent income flow :
If you are habitual to monthly pay cheques, this may cause a good amount of discomfort for you. I have seen months without earning any significant income and also there were months in which I had made more than my annual package in the job. In the beginning of your venture inconsistency of income is the only consistent factor.
Failure is an inevitable, and essential, part of entrepreneurship and realizing it hardly makes it easier to accept. However, the ability to recover from a failure, minor or major, is what makes the difference. I am a man with a plan and when I don’t have one, I am completely hopeless. But I never give, I take a break, embrace the depression, and come up with a plan.
Personality traits :
This happens many a time with geeks- techy people. If you are shy, calm, quiet and bit of introvert person you will find it tough to compete with a seasoned confident businessman.
Building your core team is a challenge:
There are two things in the beginning . First the idea and second, the people who believe in it. Trust me , good programmers and marketing professionals are hard to find and even more difficult to retain.
Finding investment is tough:
When you are working on turning your ideas into profitable business , consistent cash flow is inevitable. Many new entrepreneurs have difficulties in financing on their own. Pitching to an investor and receiving funding is not easy.
Long working hours:
In job you are expected to work 8-10 hours a day normally. When you become an entrepreneur , you have to work for endless hours. Your ‘to do list’ goes on increasing with tasks and most of the tasks sound important and urgent. The days stretch on you and when you finally go home the work will also follow you.
Frustration hits you like the monthly mobile bill. Every month, we plan something great, but plans fail quite often. We can’t avoid the frustration of failure, but we can learn how to handle it.
You doubt your decisions many times. You won’t find anyone to help you out. This is a side effect of becoming your own boss. You can’t ask for directions all the time, even if you have mentors.
You doubt yourself. After continuous failures, you start feeling like you aren’t worthy of anything. Persistence and perseverance are keys to tackling such a situation.
Addiction of work:
This happens with almost every entrepreneur. Addiction to anything has an adverse effect on life. It’s even possible for someone to become addicted to smoking or alcohol after starting up, as they use it to alleviate stress.
Bad sleep habits take the front seat when you have to deliver a product in time. There is so much chaos, from customers and employees to family, that you often mess up your sleep schedule. My own bad sleep patterns began to affect my productivity, so I started waking up at the same time every day irrespective of my sleep time. My routine adjusted automatically to my sleep timings.
Family relationships suffer:
Have you experienced this when you don’t give time to your girlfriend, wife or kids? Even when you sit with them, you talk about recent funding news, or your difficulties in hiring, or how tough your customer is. Give it a break! Spend some quality time with your family.
Bad food habits:
A very likely situation for bachelor entrepreneurs. You won’t have time to cook food. You will subsist on ready-to-eat junk food alone. You had better get on a fruit diet instead.
No social life:
You won’t feel it because you are busy building your product or chasing your next customer, but your friends know how many parties you are missing.
But at the end of the day… one thing which overshadows all these points is the experience that you get with small failures and small success everyday.