Toughest Challenges for Entrepreneurs
The Toughest Challenges for Entrepreneurs in 2022
Entrepreneurship comes with many challenges that can harm businesses of all sizes and industries. If business owners do not address the inherent struggles, the challenges may interfere with the daily and overall function of a company.
Entrepreneur Alexander Djerassi acknowledges the existence of these challenges. He also encourages others like him to prepare for the obstacles if they wish to pursue a successful career as an entrepreneur. There are Three specific challenges that Djerassi associates with starting and running any business.
Cognitive Cost
Individuals seeking a career as an entrepreneur must prepare themselves for a significant mental toll. They will encounter anxiety and stress when it comes to making both large and small decisions. These choices can also result in developing decision fatigue. Anyone who hopes to become an entrepreneur will need to develop a strong sense of confidence.
The decision-making that can make or break a business will otherwise plague them. Business leaders will also encounter times when all they do is worry about not meeting the company’s demands. Attending business seminars may be one step in helping entrepreneurs feel less overwhelmed and alone about all of the choices they must consider every day.
Emotional Cost
Entrepreneurs can encounter severe emotional challenges as they develop their business. The constant feelings of stress can manifest in and originate from different areas. Entrepreneurs will often have a severe fear of failure or high expectations to succeed. These stresses can affect not only their physical health but also their mental and emotional health.
Make sure not to take these concerns lightly before starting any type of business. If ignored, these stresses can result in depression or simply burning out. Establish a support system of friends, family, or colleagues. Djerassi acknowledges that finding a therapist can also help entrepreneurs.
Behavioral Cost
One of the biggest adjustments for business owners is transitioning to working for themselves rather than for someone else. Entrepreneurs can have a hard time making that transition. The biggest behavioral challenge within that is realizing they no longer have set hours or a regular paycheck in some cases. Some people will feel liberated knowing that they make all of the last decisions for the company.
Others can feel overwhelmed by that freedom. They need to suddenly make choices that relate to staffing, as well as branding and what type of payroll cycle will best suit the business. Making a plan can help prevent entrepreneurs from losing track of these important decisions. A plan also prevents a highly common behavioral challenge – burnout. Striking a balance as the leader of a business will help the business and keep an entrepreneur from crashing.
The Takeaway
Alexander Djerassi notes that entrepreneurship can be a fulfilling experience for individuals. He also acknowledges that people should pursue their entrepreneurship ambitions with their eyes wide open. They can encounter a number of challenges, but these challenges are manageable. They simply require the proper planning and motivation, as well as some support from other people along the way.
