Almost everyone at one point or another fantasizes about founding and running their own business. Being one’s own boss, making one’s own hours and schedules, and deciding what is right and wrong at the end of the day is very enticing. We all want some control over our daily schedules and travel abilities, and owning a business seems like the perfect avenue for achieving it.
But, like everything good, there comes the bad as well. With owning a business comes a massive amount of responsibility, stress, time management, and discipline that is required to keep it prosperous and lucrative.
Here are 3 classic struggles you will face in business and how best to overcome them.
1. TIME MANAGEMENT
Probably the number one reason people dream about running their own business is to make their own schedule and manage their own time. But, what people don’t know is that this often becomes the most difficult facet of running a business once the operation is starting to move forward.
Developing the discipline to wake up at a certain hour, work overtime, and work through weekends (often frequently) can be a huge challenge for many business owners. It’s hard to separate personal and professional matters when running a business becomes a 24-7 job.
The best way to overcome this struggle is to incorporate a great deal of organization into the foundation. Buy a daily planner, setup a digital calendar that sends alerts to your phone and laptop, hang up in-person calendars in your workspace, and hire individuals who do the exact same thing. Build an organizational system together, and you will quickly adjust to the proper required hours.
2. IT'S OK TO FAIL
No one wants to fail. No one wants to be told they did it wrong or didn't finish in the end.
Failing is almost a requirement for making it big in business. Bill Gates, Steve Jobs, some of the greatest business minds of our time all failed, MULTIPLE TIMES, and even failed to complete college along the way. Business building is a trial and error process, and business owners need to be comfortable with the possible prospect of failing.
To overcome this fear, it helps to read books and magazines about other businesses and startups failures and success stories. Familiarize yourself with what failures are likely, and start developing a Plan B for if they do. Be practical about the prospect. Failure is only possible if you’re trying.
3. FINDING TIME TO UNWIND
After reading through the first two struggles, you probably guessed this one was coming last. We’ve just run through all the different demands, expectations, and stressful management that come with running and participating in a business. Everything in life comes with balance, and in order to energetically perform at all levels every day, business participants need to find time to unwind.
Mental rest and clarity are critical for optimal performance, and owners need to identify the best ways for them to ease their worried minds.
A great way to overcome this is to build in a gym period every day for stress relief. Set up a “me-time” hour for quality exercise or site seeing. Do something for yourself every day. Explore a new museum, try out a new restaurant, or buy a new book. It’s OK to take a step back. You’ll find your downtime to be some of the best brainstorming periods throughout your week.
These are just 3 of the many classic struggles associated with business. By accepting and studying them ahead of time, you can be prepared to successfully wrestle and conquer them.