The field of entrepreneurship has become an ever-evolving entity. What it was twenty years ago, even five years ago, is not the same of what it is today. For many, these new forces do not simply just make the game harder to play, but the overall chances for success that much more difficult.
To start off, many people have a very misinterpreted understanding of the reality of an entrepreneur. The glamour of the Silicon Valley tech bubble or the superstardom of business gurus like Mark Cuban forces the public to fantasize with the idea of being your own boss. As great as the title may be, the time, effort, and sacrifice needed to ‘be your own boss’ is something that is overlooked and unnoticed. It’s like what Mr. Cuban has said, “You need to work like there is someone working twenty-four hours a day to take it all away from you.”
As an entrepreneur, the challenges of building the foundation of your company take a large amount of effort and sacrifice. Starting off, the overall profession, in itself, can be isolating and lonely, especially during the beginning stages of your startup. While your friends and former co-workers have the luxury of leaving at 5 pm or attending happy hours after work, much of an entrepreneur’s time is dedicated in building and shaping their business. Their hours are not capped to that of society’s standards. Instead, every waking-minute is an opportunity for them to improve their company for their future. While it may seem like their business is a dark and troublesome obsession, the drive itself becomes more of a passion that is necessary in getting their startup over the hump of startup to company.
Now even when your company is over that hump, the overarching challenges do not stop there. Yes, some may pat themselves on the back for achieving a daring feat of making it this far. But for true business leaders and successful entrepreneurs, they look to the future. One of the biggest challenges that many entrepreneurs have at this point is the comparison syndrome. The comparison syndrome, to put it simply, is the act of evaluating and comparing your company with your competitors or other startup companies. This mentality often leads to mistakes and second-guessed decisions. While you should be aware of your competition, comparing your business success with others can be quite damaging for the mental and morale of an individual. As an entrepreneur, you need to be open-minded and strategic with your mindset. You need to go beyond the validations of others and look to create something based off of your vision and goals. Only then will you be able to see success.
But even if they are able to create an intuitive product, the question becomes how can you recreate and improve that product time and time again. Remember, this is still a business. You can only go so far with the same idea each and every time. Take for example Facebook. The entire design and interface of the site has changed dramatically since it launched in the early 2000s. It even continues to tweak and change its model every few months so that it can be up-to-date with the times today. As an entrepreneur, creating the company will always be your biggest hurdle. But your second biggest hurdle will be how you can recreate it again and again.
Now while these challenges may sound daunting, they should never prevent you from following your dreams as an entrepreneur. Remember, the only shots you miss are the shots you don’t take. While it will never be easy starting off, your grit and your drive will be the true game changer in creating a stronger and more impactful future.