Hidden Challenges You Might Face as an Entrepreneur

Every entrepreneur expects to face challenges along the way. From raising capital to building a team, working out logistics and setting up your base of operations, there’s always plenty of work to be done. Starting a business is tough. You’ve got to craft a killer plan, find the right opportunities, and charm the right people.

But these aren’t the biggest challenges you’ll face as an entrepreneur. There are hidden obstacles that, if left unaddressed, could sabotage all you’ve worked for. If you have a handle of these lesser known but crucial challenges, all others will fall into place.

These are issues that might not seem like a big deal. You might not recognize a problem at all! Regardless, working out these hidden, foundational challenges is what separates you from the pack.

Expect—and Overcome—These Hidden Challenges

Saying "No"

Entrepreneurs are always occupied with possibilities. Because you always see the many paths you can take and their benefits, you’re going to have a tough time setting clear boundaries for yourself. Saying “no” just doesn’t come naturally.

The inability to say no does a few things. First and foremost, it compromises your focus and your vision. You’ve got to say “yes” to things that align with that vision and “no” to the things that throw it off track. You’re not going to be able to please everyone. You’re going to feel like you have to. But you can’t – and trying often backfires.

Saying no is about priorities.

Remember this, too: no is a complete sentence. You don’t have to explain yourself or have a “good enough” reason. You know what you’ve set out to do: don’t let outside forces pull you into chasing rabbits.

Wealth Management

We’ve all heard the stories before: professional athletes making millions each year only to go broke once their careers are over. The lottery winners who blow through their windfall in record time. These stories are too common, and they’re proof that money alone won’t make you rich. It won’t create lasting, generational wealth.

Entrepreneur, get a handle on your finances. Don’t make the mistake of putting all of your financial eggs in the one basket that is your business. Keep solid, healthy financial principles at the forefront of your mind. Starting any business is a big financial risk – you don’t want to be left with nothing to show for all your hard work over the years.

Staying Focused

As a small business owner, you’re going to be pulled in a million directions. Because it’s your business and your baby, there will be a temptation to do everything yourself. It can be hard to let go. But doing it all isn’t the best use of your time. Owning a business is the wild west. You don’t have a built-in structure to keep you on track. Making your own schedule, creating your own tasks, and setting your own priorities isn’t something everyone can do naturally or well.

The daily grind is tough enough when you know what you’re supposed to do.

Start by outlining what it is you must do and separating tasks by priority. Set timelines for yourself even if they aren’t completely necessary. Because this is the key to focus: create your own structure.

When you more clearly define your time and your priorities, you’re not only better able to get things done, but you’re able to do them with greater efficiency. That efficiency means you don’t waste time, which gives you more room for balance and burnout prevention.

The Weight of Expectations

To be honest, the biggest challenge won’t be the expectations of others. It’ll be the expectations you put on yourself and your business. A fear of failure will cripple your ventures, period. It’s so easy to let the success of your business and career to define your identity and self-worth.

Don’t let it happen.

So many of the best businessmen and women in the world failed, failed, and failed again before they struck gold. Your business is going to be challenging. It will be frustrating and, at times, disappointing. Let go of your vision of what things “should be,” and instead embrace innovation. Look for creative solutions. See every setback as an opportunity.

You can have a vision for what you want. In fact, it’s encouraged! Just don’t hold so tight to your idea of success that you are unwilling to pivot or rise up in the face of failure.