Lifestyle challenges new entrepreneurs are likely to face

Being an entrepreneur itself is a major lifestyle change and challenge for many. Lifestyle adjustments are part and parcel of changes that will take place in one’s life when they chose to be part of the exciting world of self-employment. See what works best for you and adapt accordingly. After all, we lose some to gain some but here are some changes that you probably need to get used to if you’ve taken the first step to call yourself an entrepreneur.

Lifestyle - lifestyle challenge
Picture from Pixabay

 

Delayed Gratification

Patience is really the key to anything. That, coupled with proper knowledge and guidance, any businesses can do well within a short period of time but new entrepreneurs need to understand that it takes a good one and half years before your business can see a substantial growth. Understand that efforts will always pay off but not immediately. Work for your rewards and have the faith and patience that everything, including initial failures happen for a very good reason.

Time with family and friends

Running your own business basically means you need to pay attention to every aspect of your business before it takes off. That means more time for business and less time for yum chas or your favourite mamak joints. Be prepared to say no to your friends and do not expect them to understand because sometimes, they won’t. Family members may be more accepting but try and negotiate an adjustment period with them if they are constantly demanding for your time.

Flying Solo

Most of the time, you could end up being the only person among family or friends to initiate your own self-employment and find yourself being alone in your journey. This may be a lonely process, especially if you do not meet the right kind of people to share or exchange ideas. Try and get a mentor as soon as possible. An experience mentor can guide you through emotional turmoil or help you anticipate the challenges and rewards in store.

Tightening the belt

So a lot of entrepreneurs bootstrap their way through until they are able to secure funding. Industry insights tell us that you don’t really require a steady financial stand to become an entrepreneur but they also tell us that it’s important to minimise spending. You may have to sacrifice your daily gourmet coffees and dining at pricey places or taking that regular holiday or road trips until you are stable enough financially.

Have an efficient working structure

It’s true that many chose self-employment as they are tired of the 9-5 routine jobs. Being an entrepreneur is supposed to bestow you the freedom to choose your working hours and working process but for starters, a structure is necessary to instil that discipline to complete the intended tasks. This will ensure that you progress accordingly.

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