Are You Fit To Be A Business Owner? Here Are 6 Pitfalls You'll Definitely Face On Your Journey 😬
Bumpy Road Ahead 🚧
Owning your own business comes with a lot of perks, the money, the freedom - it's the dream life in many ways. As you might imagine though, this life won't come easy.
There will in fact, be plenty of obstacles you face along the way, here are just a few of those to give you a taste of whether or not you're capable of running your own business 👇
#1 - Disappointing Clients 😔
It's inevitable. There will come a day when you and your clients aren't on the same page, either as a result of different visions or purely as a result of your brand's shortcomings.
Take these losses confidently, they're necessary stepping stones that will help elevate your business. Through these shortcomings, you'll identify issues in your delivery process, and ways to improve, so that these issues become less likely in the future.
Remember, you win or you learn, you never lose.
#2 - Not Meeting Targets 🎯
Another pitfall you might face is setting a goal that you don't hit, be it for your clients, or for your own business. These things happen, growth usually isn't a 45-degree graph of constant growth, there are ups and downs.
So, since these ups and downs will come, you need to make sure that you're well prepared to face the tough times and come out stronger. Adjust your expectations to love the tough times, as we said earlier, those are the only times that ensure growth!
#3 - Employee Communication Issues 📲
Yet another pitfall you'll definitely face is problems with your employees. This can come in the form of communication, whereby you ask for one thing and get another, or simple character dynamics where you might not always get along.
These things are once again natural and are bound to happen, make sure you're ready to deal with employees just as you deal with relationships in your regular life, by leading with understanding and the ability to compromise.
#4 - Work / Life Balance ⚖️
Either you're working too much, or you're working too little. Work / Life balance has become quite a common term as of late and for good reason, it's tough to manage.
Sometimes, you'll need to sacrifice your weekends for your business. Be prepared for this, if you truly want to create something that lasts you'll need to put in the late nights to make sure things keep running smoothly.
Of course, this also works the other way, where you really don't have to be working so much because things are good yet you're overworking yourself into weeks of sleepless nights - find the balance and work on keeping it.
#5 - Growth Vs Quality 📈
Sometimes, the numbers can blind you. A lot of cases can arise where you'll be forced to choose between continued growth in the short term, vs a plateau or even a loss that is actually beneficial in the long term.
It's important to know when to say when, and be aware of the sacrifices you're willing to make to ensure your customers stay satisfied.
#6 - External Criticism 😒
Your family, your friends, your own employees. All these people will be critical of certain decisions you make.
Being a business owner generally means you have a slightly different view of the world, you might be more comfortable taking risks and you might be more inclined to make creative decisions that people don't understand - stick with it.
It's always important to listen to feedback, and you'll definitely need to face criticism when others don't agree, but trust your gut. You'll figure it out.
Tough Times ⏳
Yep, you're in for a ride. While times might get tough though, remember that you're tougher.
Whatever comes your way, you're more than capable enough to face it, and it'll make you stronger as a result. Good Luck 💙
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Big thanks go out to our main sponsors Academy Of Business Leaders & GasanMamo for helping to make this possible!