Tuesday, June 2, 2015

Hardships of Being an Entrepreneur - Part 1

There are a lot of hardships you have to face when starting the entrepreneurial life.

It's not only just the hardship of the finding money to get things done, but finding the right person to do the right task is a challenge too.

I couldn't write something for a while because I was going through some changes. I had to do certain things just to be afloat and to be with the love of my life.

Balancing everything is always a challenge. I need to work to get things done, but at the same time I can't just take the love of my life for granted. I have to take good care of the love too.

Therefore I wanted to take the priority level of my entrepreneurial voyage to a lower level in order to facilitate a day-today job for earning some money to save and invest in life as well as the entrepreneurial voyage.

It takes a lot of work to get a business up and running, and a lot of money too. So if you are like me and getting the work done through a network of partners rather than setting up an office and hiring some people, it's going to be a tough one.

We have to manage the timeline along with several other partners who are working on their own activities. It's definitely harder than having dedicated people in house, but it is the way forward when starting things up on lower budgets.

A way to overcome the issue of managing partners who will do different tasks/ modules of the same project will be to use email or a software to keep track of everything. This will help everyone be on the loop even if they check and continue work on different timelines.

When you have to do a day job to facilitate things in your life, you have to be careful when planning things on your entrepreneurial voyage. As it will the thing mostly effected from other work.

One way of getting over this is to get an investor early on the project/ or the company. That will facilitate the management of resources monetary wise and will free up your mind to focus on managing the company and resources to get the projects/ work done properly.

But there is a catch to it, as you have to be responsible for an investor. But before that you have to have a great plan to get an investor on-board.

You have to be also careful when travelling to other countries to work or other matters, It can create a communication barrier that has be tackled carefully. Otherwise it will be an expensive mess.

A good way to get over this problem  is to keep everything tracked in emails and keeping a contact from family or a friend at hand to handle certain tasks that requires to be called or visited in person.

I will continue the hardships of entrepreneurship article series as I come across hardships, so that anyone reading this can avoid those hardships by better planning.