The Challenges of an Entrepreneur- When you’re about to lose it!

Starting your own business is no piece of cake! Being an Entrepreneur is not for the weak or faint-hearted! Owning your own business can be just as rewarding as it is challenging and also one of the best decisions you can ever make. You can make a living doing what you love, find better work/life balance with your family, and have a chance to earn more than you would working for someone else, building something that’s all yours. But! Yes there’s a BUT! There is the flip side of it, which I am beginning to face now, like, overworking that might lead to burn out, working 20 hours instead of the normal 8 hours! Dealing with an uncertain income and especially difficulty with getting deals sealed. And that is the one aspect I want to write about.

You send your proposal out and best news ever! A potential client has scheduled an in-person meeting with you to discuss their needs and how you might be able to help them. You are excited!

You can smell the moolah!

You are just one step to sealing that deal, one step to getting it signed off.

Then comes the waiting stage, that is, the time between 'after the first meeting' and 'getting the deal signed'! This stage is the hardest part- the waiting.

Sending the proposal and getting called to meet with the client don’t take too long to come together, in fact they happen so fast! But the period after the meetings leading to the signing of the deal, is the hardest part for any new entrepreneur! So! What do you do during the gap- after the meeting and then having the deal signed, sealed and delivered?

You follow-up. Ish! I always have the feeling that I am being a nuisance when I follow-up but like I always tell my sister who runs her own business too- what’s the worst that can happen? The potential client says “No Deal” ! At least after the “No” you are released from the constant worry and waiting! Since you haven't gotten a "No" yet, the next step:

Send and send and send follow-up emails. No reply!

Call and they say they’ll call you back…. and sitting by the phone hoping they’ll call soon.

They’ve written back! But wait, they want to bargain your price!

It’s going to happen a lot of times. But I am learning to know when to compromise and NOT SELL MYSELF SHORT! Thing is, I know how much time and effort I am going to put into the job, so it will be a crime to shoot myself in the foot. In fact, sometimes saying no to a client is a much better choice than giving them what they want. Or simply walk away. Yep- WALK AWAY! Just know that sometimes you have to walk away respectfully, no matter how bad you want the job.

Another important thing I’m learning is that I shouldn’t put all my eggs in one basket. While I’m waiting for that deal to be signed, while I’m waiting for that first payment to get into my account, while I’m waiting for that MOU to be signed, I should spend my free time looking for other opportunities and sending out proposals. Somebody is bound to say yes and sign the deal without hesitation because they’ll see how awesome I am at what I do and trust that I will do a perfect job for them!

So, I’m going to start preaching now!

When you feel disappointed and it feels like all your hard work is not paying off, and all you want to do is throw in the towel, decide to look for a “real job”, throw your laptop on the wall, compromise by doing something really unethical- DON’T GIVE UP YET!

You want to take your company from good to great but then it doesn't seem to even move into the good zone yet- DON’T GIVE UP YET!

Starting and building your own company is not for the faint of heart but DON’T STOP BELIEVING IN YOUR DREAM. In the book Good to Great: Why some companies make the leap and some don’t, practice what is called "the Stockdale Paradox”:

"You must maintain unwavering faith that you can and will prevail in the end, regardless of the difficulties, AND at the same time have the discipline to confront the most brutal facts of your current reality, whatever they might be. -Jim Collins

I know you've heard it before and this is the song I sing to myself when I really want to loose it or I fear that I will fail - DON’T GIVE UP! This is the early stages. Building a company from nothing to great is not easy work. It is challenging carving out a market for yourself but with perseverance, consistence and quality service, you will attract the right customer who is willing to pay your price.

“Those who built the good-to-great companies weren’t motivated by fear. They weren’t driven by fear of what they didn’t understand. They weren’t driven by fear of looking like a chump. They weren’t driven by fear of watching others hit it big while they didn’t. They weren’t driven by the fear of being hammered by the competition. No, those who turn good into great are motivated by a deep creative urge and an inner compulsion for sheer unadulterated excellence for its own sake. Those who build and perpetuate mediocrity, in contrast, are motivated more by the fear of being left behind.”-Jim Collins

So, pray tell, what are the major challenges you face as an entrepreneur and how do you deal with it. I would really, really love to hear about it because you’d be helping a sistah out!

Recommended Reading: Good to Great: Why some companies make the leap and some don’t. Jim Collins

This article was first published on thedesignbender.com