Entrepreneurship is something that we have been talking about until now. Mostly from the perspective of the advantages that it brings for you. But one of the points that have been missed in its truer sense is that there is a dark side of entrepreneurship as well.
Yes, you have read it right — the dark side. Like anything else, the advantages and disadvantages are two sides of the same coin, and entrepreneurship is no different. So, what can you actually face when we say that there is a dark side of entrepreneurship as well? In this article, we are going to share it with you.
What should you expect as the part of entrepreneurship package?
Here is what you should expect as part of the entrepreneurial package:
1. You will not get enough time for yourself:
The general talks about taking some time out for yourself and enjoy life is good from the conversation point of view, but being an entrepreneur does not provide you with enough time to have some alone time or to get some spiritual or mental peace.
Being a small entrepreneur, you are stressed out with the problems that your business is having or looking for new opportunities to expand. In such a situation, you cannot spare a minute for yourself.
2. You will no longer have a social life:
You might make some new business friends with whom you could be talking about business all day. But you won’t be able to get in touch with the existing social circle that you had in your life. There would always be some last-minute issues from your side that would actually be hindering your meetup plans. And even if you do, you might sound too entrepreneurial for your friends that you won’t have the same fun anymore.
Additionally, when you are looking up to catch up with your plans or capitalize on a new opportunity, then meeting friends would be like wasting some precious time, not doing business. At the moment, you might not get this feeling, but as soon as you are on the entrepreneurial boat, you’ll have to go through this.
3. Your diet is going to suffer:
Being an entrepreneur, you won’t be able to take up your regular meals as 7ou can now. You’ll just be eating to keep your energy level high, and that would be after several hours when your energy would drain to zero.
Moreover, you won’t be able to cook your special dish or have it with sanity of mind while your employee would be discussing some of the business issues on your phone, you’ll probably want to add some water in the noodles and going with the lunch so that you can reach quickly to your desk and resolve it.
4. You’ll have to be ready for the failure.
Failure is not bad. We don’t even want to portray it in such a way, but you definitely need some courage to deal with the situation. After the failure is your real test in which you would be expected to get up and start again with the same motivation and zeal that was once part of your personality.
Talking about it is easier, but when your idea has failed in the market, coming up with a new idea or a new strategy isn’t that easy. It requires some mental strength and courage.
5. You might have to live without money:
Entrepreneurial ventures are started to make limitless money, which is the limitation of employment. But with the high chances of success comes with a risk as well. The higher the risk, the higher would be the income, and usually, the businessperson gets attracted to the high-income point ignoring the risk factor.
Even successful business ventures might reach a level when they literally have no cash to survive. So, in such a situation, you can’t expect to withdraw any of the money from the business even for meeting your necessary expenditures, so, as a business owner, you should be ready to reach such a situation and handle it without frowning. Ultimately, it is you who is responsible for choosing business over fixed employment.
6. You’ll have to wait for making money:
Making money won’t be that easy, even if you have a multi-billionaire idea. Initially, it would be you spending a lot of money on the expenditures. Even if your business would be generating revenue that might go into meeting up the expenditures and balancing the books. So, if you think that investing in the business idea would just generate income for you. Then you are totally wrong. There are hundreds of expenditures waiting for you. So, getting money would actually a long term process, and you’ll have to prove worthy of it.
7. The risk-taking part could be nerve-wracking:
The risk involved in the business could be dependent on the nature of the business and the industry you are entering. But if you are not a risk-taking individual, then this risk could nerve-wracking. In some businesses dealing with high market volatility, you won’t even know that there would be a profit unless you make it. So, while investing in the business, especially with this high level of market volatility, you should be ready to take this risk for your nerve.
8. Your body can literally stress out:
With 15-18 hours of work daily in the initial years of your business, you can simply be stressed out with some of the visible signals of stress. Pain in the muscles, constant headache, gastric, and respiratory issues are amongst some of the major symptoms. The level of stress determines if any or all of these issues exist in your life.
Some people can manage short-term stress levels very well, but the impact is seen in the later stages. So, this is one of the prominent downsides of entrepreneurship that you should look closely before making any investment in it. If you are sure you want to bear this level of stress, only then should you expect to be a party to it?
9. No time for exercise:
No matter how much importance you give to the exercise and healthy body healthy mind relationship, but the end result would be a lack of enough time to spare an hour or so from your life for any sort of exercise.
Depending upon the nature of your business, you might have to sit long days working without any breaks, that would not only make you lethargic but would lessen the muscle activity to zero. The lack of muscle activity actually results in high stress and strain. And obviously, with higher stress, getting other diseases is the common thing.
10. You can get obese:
With constant stress, one of the disadvantages that you might have to bear is obesity. Stress can enhance the risk of obesity. Moreover, the lack of activity is also quite prominent when it comes to desk jobs and businesses that demand the use of analytics and strategy making. In all such businesses, the risk of getting obese is increased to a considerable degree.
11. Your decisions would haunt you:
Don’t even expect that all the decisions that you are going to make for your company are going to be great. Being a human, there are chances of making errors. Even the biggest companies of their time, like Yahoo, have made mistakes, so they are simply inevitable.
But when you know that you are in full control of the situation and you are going to face the consequences of your wrong decision, then decision-making won’t be that easy. Even the decisions that would go wrong would haunt you all of your life. You’ll always be feeling that things might have been different if you had done some things differently. So, be ready for this guilt as well. Being the owner, you’ll be handling it too.
“One of the greatest skills of leadership is being unflappable. Anytime you do anything in the world, there’s going to be criticism.” -Arianna Huffington, Co-found and editor-in-chief of Huffington Post Media Group
You should include yourself in the list as well as ignoring others’ criticism is possible, but self-consciousness or self-criticism still remains.
12. No time for relationship:
We are not negating the fact that you can’t have the family life while doing business, but it would require more effort from your partner to keep up the relationship in good terms. You would actually be stressed and pissed off with everything, so that would shift the burden of home responsibilities on your spouse. Make sure that they agree to fulfill those responsibilities. Otherwise, the whole relationship could be in danger.
13. Anxiety, stress and demotivation leading to depression could be waiting for you:
You can’t expect yourself to be motivated every time. There are highs and lows in everyone’s life. When dealing with business issues, you might get demotivated to a level that you won’t want to continue your business. Sometimes, the disagreement or discouragement of the idea could actually get over you. The lack of speedy growth or downturns could actually demotivate you.
Any of these situations can also lead to serious depression, and you’ll have to deal with it as well. Make sure you have it in mind as not all the startups get to the position they want. Additionally, entrepreneurship is a process and actually continues; there is no end to it. So, if you are considering it as a sort of retirement after a job plan, then you can be demotivated, and its continuation for a long time can also lead to chronic depression.
“Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.” – Jas Bagniewski, Co-Founder of Eve Sleep
This quote could summarize the best practice that you should be following to keep yourself out of this situation.
Obviously, entrepreneurship is one of the best things you can do to get rich (if done properly). But it does not come with its merits alone. There are some demerits that are part of an entrepreneur’s life. You can definitely limit these restrictions or flaws with time. But initially, you must be ready for all these consequences. Making an informed decision will help you in getting closer to your ultimate objectives.
Despite these dark aspects of the entrepreneur, we would still advise you to choose the business idea that you are passionate about and start your own business. Just like the downside of entrepreneurship, there is a dark side of employment too. So, in any way, you would be compromising something. However, the ultimate decision is yours.’
What is your opinion? Would you suggest entrepreneurship or employment? Why?