Many people would want to become an entrepreneur if given the chance. This is since it is one of the best ways to make your money work for you. What’s not to like when you can leave your boring nine-to-five job, be your own boss, and make more money than you have ever seen?
But then, entrepreneurship is not that easy. It takes more than hard work, the right business idea, and enough luck to become a successful entrepreneur. The following are just some reasons entrepreneurship often sucks and how you can deal with it.
Your Mental Health Can Suffer
Just because you are the boss does not mean you can relax and simply wait for your company to make money. As an entrepreneur, you are likely to wear different hats and tackle more tasks than you had when you were an employee. This means your personal life can suffer, your health can be at risk, and sometimes, your emotions can impact your decisions.
Not everyone can handle the life of an entrepreneur. Successful people make entrepreneurship look easy because they already have the right people working for them. What no one sees is their past that explains all the hardships behind their success.
If you are not careful and fail to manage your time and priorities right you can easily get stressed out and burned out. A study states that one out of three entrepreneurs is depressed. This is also one reason why there are many cases of failed entrepreneurs committing suicide.
What you need is to make sure you take great care of your mental health no matter how busy you might be. Take time to exercise, socialize, and indulge in at least one of your hobbies. Delegate tasks to the right people and you will have more time for self-care and self-love.
Don’t think that you need to do this on your own. Aside from the love and support of your loved ones, you can seek help from the pros. Engaging in Dialectal Behavior Therapy (DBT) treatment program can help you manage your depression, anxiety, and other problem areas.
Stress Can Impact Your Physical Health
Running a business can be extremely stressful. You are constantly on the lookout for ways to your brand stand out, solve business issues, and ensure you get paid on time. There are simply so many things to do and you have barely enough time for yourself.
Due to the stressful lifestyle of entrepreneurs, they often experience physical symptoms like headaches and back pain. But know that extreme and long-term stress can lead to serious health complications. This includes diabetes, high blood pressure, and heart disease.
Did you know that stress can also worsen Alzheimer’s disease? It can flare up arthritis symptoms, psoriasis, and even lupus. Managing stress is a good way to ensure you stay physically healthy for your role.
Practice self-care by eating the right kind of foods on time, staying active, getting enough sleep. Take a break whenever you need one. Make time for hobbies and social interaction with your loved ones.
You Won’t Get Rich Quick
A business is not some get-rich-quick way of life. Some business owners get really lucky for successfully building their brand from scratch. But most entrepreneurs failed multiple times before they tasted success.
Even though they say entrepreneurs can make unlimited money, you don’t get to bag all of your monthly earnings. There are regular and unexpected expenses and lots of investments to consider. In other words, there will always be something to spend money on.
Most startup entrepreneurs don’t pay themselves the moment their business starts making money. Many entrepreneurs don’t have an exit plan. Most entrepreneurs don’t even have a retirement plan, to begin with.
Entrepreneurs are also known to make grand purchases they can’t afford. Some do this to impress other people. Others simply find it hard to wait until they are capable of paying for their purchases.
If you don’t start planning for your future, then all of your hard work can go to waste. You may end up bagging wealth from your business. But without a backup plan, you can end up like the other entrepreneurs who are unable to sustain their basic retirement needs.
If you have a financial advisor for your business, then there is no reason not to invest in their services for your own personal health. They can help you boost your earnings, increase your savings, and properly plan for your inevitable retirement in the future.
Entrepreneurship may be your ticket out of your nine-to-five job and in pursuing your passion. But you should always be prepared to take on the cons of running a business. If not, you can end up with poor mental and physical health. Even your financial future can suffer without proper planning.