Chapter 12: The Challenges I Faced Running a Business

I have my fair share of obstacles and setbacks running a business. Although it appears rosy on the outside, many entrepreneurs face different challenges that are unique to them.

Before I pen down my struggles, here's a side story. Unlike most entrepreneurs, I started running a business after 35 years old. Before that, I was in employment. It took me some time to transition out of my career and into the world of unknowns.

My set of challenges is unusual as I didn't start entrepreneurship at a younger age. I had a steady inflow of income from my previous job before I took the plunge.

While I continue to share my stories on LinkedIn, the ones I wrote were mainly uplifting ones. To keep the balance, let me share the battles I go through regularly too.

1. Overcoming Imposter Syndrome
2. Finding Customers
3. Cash Flow Management
4. Managing and Motivating a Team
5. Balancing Multiple Responsibilities

Similar to the previous article I wrote, these are my experience. It may differ from one individual to another. There's no right or wrong way of doing it, only multiple paths leading to an outcome.

1. Overcoming Imposter Syndrome

As I came from a medical background, getting into the marketing industry was a big move. Being a doctor for more than ten years made it even more complicated.

Despite knowing some aspects of creative work and marketing, I can't say I have a solid experience in them because the truth is, I don't. In the early years of the business, I discovered that I felt inadequate.

If I were to speak on a medical subject, I could easily say it at the tip of my fingers. On the other hand, I couldn't do the same for the business I was running. I bumbled. I wasn't able to speak as freely as I used to. There was hesitancy in how I did things, and I was beginning to self-doubt whether I was doing it appropriately.

To overcome the imposter issue, I had no choice but to start from ground zero again. I studied areas of copywriting, designing, entrepreneurship and other marketing-relevant topics to allow me to stay confident.

While many viewed imposter syndrome negatively, it isn't entirely true. It kept me humbled and pushed me to be better. Without it, I could have gotten complacent, not wanting to move away from my comfort zone.

2. Finding Customers

Any business would want to have more clients. However, finding the right ones will always be a challenge. While customers that stay long with us are the ones we build strong relationships with over time, I'll never know when the right one will appear.

While studies show that social skills can enhance an entrepreneur's success (one published by the Academy of Management Perspectives), I've been up and about expanding my network. Based on the research, the ability to make favourable first impressions and read others accurately are keys to influencing the quality of these meet-ups.

Not being able to predict when and who will be our next client is risky. There's a probability that our existing clients will drop off. As this lingers in my mind, it starts to play mind games with me.

I've come to accept that I have no control over these issues. My past profession as a doctor gave me the practice to sharpen my social skills. I can only focus on what I do best. I'll continue meeting people, and fingers crossed, doors will open.

3. Cash Flow Management

It's relatively easy when we're working for ourselves. We get money, and it goes into our bank account. The stress came when Tris got into the picture. She was my first hire.

Before hiring her, it was a big step for me. While it's the same responsibility of having to find ways to keep our family fed, it felt different at the same time. Someone's livelihood rests upon my shoulders, and it's heavy. There'll be a constant outflow of cash from the company's bank account regardless of whether I have clients or projects.

It was a step of faith that I hired, not knowing what to expect. The first few months were a struggle because we didn't have many clients. There was a surplus, provided that all existing clients stayed with us. I kept it positive by not drawing a salary as I remained employed in another company.

Soon, I realised Tris took a bulk of operational work off my shoulders. That enabled me to focus on securing more clients. Although it's not her role to get clients, she managed to get us a few in the process. Today, hiring remains one of the most resource-draining parts of the business.?

Yet, I learnt that without taking that leap of faith, we wouldn't be able to grow. It remains one of my challenges to keep the bank balance healthy as I continue to grow our team.

4. Managing and Motivating a Team

I've been meeting people from different generations regularly, and many shared that how I lead the team seems unorthodox. As there's no office, my team is everywhere. We gather when there's a need. Otherwise, we're off doing things independently.

I can't call it work-from-home as we visit our client's office. We can't say we work from the office either since we don't have one. I can't call it a hybrid because it didn't fit either category. Nonetheless, it worked out well for us.

The challenge comes when I want to foster good relationships with the team. I dedicated a chapter to how to keep everyone together earlier. While I wrote about being the last person to speak, staying away from favouritism, having difficult conversations, spending time understanding one another and creating an equal workplace for everyone, it is an uphill battle for me.

In all aspects, time is the valued commodity here. As the business continues to grow, it consumes time. When I give out more time, I have less time in return. Like any introverted being, I struggle to continue engaging people without recharging in my cave.

5. Balancing Multiple Responsibilities

Upfront, I'm always up and about meeting people. Enlarging my network is an ongoing cycle. The more people I meet, the more opportunities become available. As relationships take time to cultivate, I can't leave them unattended for long periods.?

However, there's so much more than networking alone. Backend work takes up a significant portion of my time too. Apart from managing the team, I carry out all the mundane and repetitive tasks. Keeping check that accounts tally, revenue collection, tax payment, issuance of bills, and payroll keep me occupied.

A plausible solution is to hire. As easy as it sounds, there's much to consider. When it comes to hiring, we tend to look for individuals carrying unique values. While looking for the right individual is painstaking, getting the right individual with the needed skill set is another challenge. Besides, one hire affects our cash flow altogether.

As I continue to search, someone will have to bear that responsibility. Fortunately or unfortunately, I'll have to do it until the next torch bearer comes along.

Are These Challenges Exhausting?

There are days that I would feel tired. I'll be bluffing myself if I say I'm not. However, as tired as I am, it's not until a point that it's exhausting. Challenges will be present regardless of what we do. Importantly, we see a purpose in what we're doing.

Hence, on days I'm running low, I switch off because I'm only human. Upon recharge, having a purpose and knowing our cause puts us back on track without delays.

Confucious once said:

It does not matter how slowly you go as long as you do not stop.

I'm thankful that I got a team supporting me. Without ample time to manoeuvre these unchartered waters, the challenges above would have broken me one way or another.

Also, as cliche as it sounds, I'm eternally grateful for my wife, Grace, supporting me behind the scenes. She gave up her career and took care of the family. She listened to my #struggles and got me looking into directions I'll never look, rethinking my options and choices. Without her, I won't be writing this for all to read.

#choobub #entrepreneurship