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Insight & Analysis - May 28, 2021

3 Things No One Tells You About Being an Entrepreneur

Being an entrepreneur is something to crave, especially when you know you’ve got the zest to keep a business alive and thriving. If you’re sitting at the desk in your 9-5 life picturing your storefront, happy customers, a cup of coffee in your hands and fulfilment on the horizon, then I say keep the dream alive. However, you’d want to go into this phase of your life properly armed and shielded from the many uncertainties.

According to Failory, 90% of the world’s 50 million businesses fail on a yearly basis. You hear a lot of stats about failed businesses, however, what you don’t often hear is the baggage that comes with it, both physically and emotionally. Sometimes the reason why we get disappointed is that we aren’t informed about the vast possibilities we were faced with. While you prep to turn that idea of yours into actual value, let’s count down the 3 lesser discussed aspects of being an entrepreneur you should know about. 

3. You Face Higher Risk of Depression

You face an increased risk of depression as an entrepreneur. It is often said, ‘the greater the risk the greater the reward’, while this is true you’d want to be cautious not to get sucked into the looming pit of depression. According to a study by Dr. Michael Freeman, a clinical professor at the University of California, San Francisco, 30% of all entrepreneurs suffer from depression.

Some of the processes involved in starting your business, from building a website, stocking products to writing a marketing copy can end up taking longer than you expected. Even when the business is up and running depression can still creep in. Forbes states some of the major causes of depression as empty successes, naturally being prone to high levels of anxiety, difficulty not feeling in control, large numbers of investor rejections, stress and long working hours leading to burnout, being sabotaged by partners, staff or investors and a lot more.

Some of the ways you can deal with depression as an entrepreneur is getting adequate preparation for uncertainties to come, developing a good support network, getting enough sleep, taking some time out, and a lot more. 

2. You’ll Miss Being a Salary Earner

You will not be the highest-paid employee in your business in the initial stages.  Your tech staff will most likely home the highest pay as your website, autoresponder, social media, SEO, and other tech-savvy means of reaching out to clients will take to priority. It’s best to immerse yourself in building and managing your business processes and infrastructure, then being the highest earner.

1. You will not be your own boss.

I’ve had a lot of entrepreneurs talk about what it’s like providing leadership at their business, and the reality of the matter is that your true bosses are your clients. You’ll mostly be doing a lot of work that isn’t in your portfolio. Of course you’re founder and CEO, but you’re also a lot of other things in the business, you’re partly a marketer, an engineer, a copywriter and sometimes the janitor.

Life as an entrepreneur will bring out your best sides and help shed away bad attitudes. It’s indeed a journey worth taking; one that you must ensure you’re well informed and prepared for.


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