Having your own business can be a thrill. Nothing is more satisfying than working for your customers rather than a manager or a boss. But, all that freedom comes with a few costs. Sure, it’s great to be in control of your destiny. But, there are a bunch of side effects that only mompreneurs know about.
Leaving Your Old Career Behind
A few people leave school and become entrepreneurs. But, they are the exception to the rule. Most of us don’t. Instead, we go and work for another company in search of the perfect career.
Starting up a new business is usually a full-time job. It means it’s nearly impossible to continue with our careers and work on our fledgling businesses at the same time. You might be able to start your business working weekends and evenings. But, it’s unlikely you’ll be able to go far until you quit your day job. And that means that you often have some tough decisions to make.
The most difficult decision is financial. Leaving behind a regular paycheck and benefits can be scary, especially if you haven’t done it before. And usually, there’s no easy way to address this. Taking risks is what being an entrepreneur is all about. Most people, however, do what they can to leave the door open to their old work and save up money beforehand.
IT Breakdown
Even if your business isn’t up to date with the latest technology, it’s almost certain you rely on computing in some way. Even if you just rely on your computer for sending emails, it provides an essential function. The problem is that IT, if not correctly managed, can quite easily go wrong. And it does, it usually means you have to suspend business.
Companies like Brennan IT emphasize the importance of having your IT up and running at all times. And, the good news is that there is support available for businesses with problematic IT systems. IT support can help in a number of ways, from making sure that data can be recovered to having high-performance year round.
Decision Making
Way back in 2011, the New York Times magazine reported on a newly discovered phenomenon in the business world. It was called “decision fatigue” and was found to afflict entrepreneurs and business leaders. One of the problems that leaders in the business community face is getting tired of making endless decisions every day. They have to make decisions from the direction of the company to how a particular worker should spend their next hour of work. And, from a psychological point of view, it can be exhausting.
The problem became apparent following evidence from court hearings. Researchers noticed how the time of day affected the decision-making abilities of judges. Prisoners who had their parole hearings in the mornings had a far higher chance of being paroled than those with hearings in the evening. The pattern persisted, even if the crimes committed were the same.
For new entrepreneurs, this is likely the greatest stress you will face. Early on in your journey, you’ll be less able to delegate decision-making to others. And, as a result, you’ll have to rely on your own judgment.
Being A Visionary
As the founder of a startup, it’s your responsibility to do the creative thinking at the firm. You’ll need creative thinking to get your ideas off the ground. But, you’ll also need it to respond to competitors. There will come a time when competitors will see what you’re doing and want a chunk of the profits for themselves. And it’s in these situations where you’ll need to think on your feet how to respond. As a mompreneur, you rarely have the time to come up with a plan that involves every contingency. And so often, you’ll be playing it by ear. When you’ve not got as much experience, coming up with alternative plans can be tough indeed.
Financing
Even for established entrepreneurs, funding can be difficult. But, at least those with more experience usually have some capital from their first few ventures. New entrepreneurs rarely have anything substantial in the bank that they can use to fund a new business. What’s more, those who are new to the field often lack the contacts of more established players. And this can prevent them from getting hold of the money they need to expand.
So what can people starting from scratch do? If you’ve got an exciting business idea, one thing you can do is tap into the growing crowdfunding market. Crowdfunding grew from $530 million in 2009 to $10 billion in 2014. And, project success rates are hovering around 38 percent.
Mia Guerra
Latest posts by Mia Guerra (see all)
- Five Wedding Details You Shouldn’t Forget While Planning - July 17, 2023
- Essential Considerations When Planning an Extension - July 17, 2023
- Easy Ways to Reduce Your Carbon Footprint and Contribute to a Greener World - July 17, 2023
