The beginning of entrepreneurship is the most difficult to keep up with. There’s so much information to learn that not only do you focus on being a boss, but you must also be willing to become the student at the same time.
I will tell you firsthand from my experience, this shit ain’t easy! It’s also not a decision to take lightly.
If you want to be an entrepreneur then you will have to learn to grow thick skin immediately. Taking things too personal will not help you grow as a boss nor will it help your brand or company get to the true level of success from it either.
However, the beginning stages of building a business are usually the most challenging and will test all your limits. So, I will share my three biggest challenges that I’m currently struggling with as a starting entrepreneur.
1. Building Start-Up Funds
When you’re building or growing a business, it’s no secret that you must invest in your own company.
For me, that includes sourcing fabric materials, registering a domain name, creating a website, registering the business structure (sole proprietor, LLC, partnership, etc.), trademarking the brand name, packaging, logo design, production, promotional products, garment manufacturers, and more. The list is never-ending and you need money to make all these things come together.
Sometimes, you will also make the decision to use some of that money towards a business course, workshop/seminars or mastermind group, especially if you really believe that you can learn from highly successful like-minded people that can help guide or direct you to where you want to go.
For me, building a start-up fund is currently difficult because I’m more concerned with getting rid of at least 90 percent of my debt by the end of this year and then rebuilding that money back into my personal savings. It sounds like a logical plan but doing this would take longer for me to get my line produced and I don’t want to hold up my first collection process.
There are options out there that I can consider such as crowdfunding, finding investors, credit cards, bank loans, and so forth. Unfortunately, all of these things have cons that I don’t like about and wouldn’t be comfortable to continue to use in order to help build my business. So, the next best option for me is to create multiple incomes to get my business moving forward.
I now have to decide what those multiple incomes will be based on my talents and what I’m good at to successfully achieve this goal.
Self-doubt will show up a lot as you continue to embark on the entrepreneurial journey. I believe this occurs more in the beginning because it’s something new, it can be intimidating, you will hit more bumps, failures, and mistakes as you go on, fear will creep in, and many times you will feel discouraged, frustrated or both at the same time. All of these emotions are valid but are also feelings to overcome.
I recently had a moment where I doubted myself in making my brand come to life. I literally sat down staring at the wall for half an hour questioning myself saying “Can I really pull this off? Is this something I really want to do? Can I really sell my designs and have people love them?”
I felt defeated because I faced many obstacles and still do to this day. Luckily, I have a friend who reminded me that all my feelings are normal and are part of the journey of entrepreneur life. He calmly let me know that I was headed in the right direction and I shouldn’t allow the doubts cloud my goals.
Overall, don’t let self-doubt stop you from achieving what you believe in and truly want. Keep going and make it to the finish line. Your consistency and focus will pay off in the end.
Finding the right person to help mentor me has been hard because I don’t want just anybody.
I need someone that I can trust, rely on, build a great relationship with, and can help direct me with all of my questions that I may have in building my own business.
I think having a mentor is important because it helps to widen your understanding of how the business truly works. It will also help you to practice interpersonal skills that can really come in handy for your present and future.
I also love the thought of having someone that can make you accountable to get things done while you try to meet your goals and deadlines. It’s the structure of it all that makes it so effective and it gives you a reason to have no excuses.
The beginning phase is never easy when deciding to become your own boss. You have to really be sure to make this type of decision work for you. It’s not always a glamorous type of life and you will rarely be fully prepared for what will come with it.
However, if you really love what you can do in the world and know what you will offer can help benefit others then every rollercoaster ride will all be worth it.
Are you someone that’s going through a similar journey in being your own boss? What struggles are you currently or have experienced in building your own business? Share below! I would love to hear from you.