It's not all a fairy tale.
People always say being an entrepreneur is tough. When you ask them why, their response usually has something to do with hard work. Yes, it takes a tremendous amount of work to be an entrepreneur, but that's not the bad part.
When you dive into starting your own company, you start realizing the long-term challenges you'll endure. Below, I'll show you the bumps in the road that they don't tell you about before you launch a startup. Being an entrepreneur is an amazing experience, but be sure you're willing to accept these hardships before you go too far.
1. You'll Become Moody
Running a startup is like being on a roller coaster ride. One day you're on cloud nine, and the next day you feel like you're falling into depression. As much as people want to separate business from their personal life, it'll be almost impossible to do so. Unlike people who work a typical job, you live and breath by the success of your company. There's no one to bail you out if you can't produce, and there's no stability. Even worse, as your company grows it'll become much harder for newer team members to understand your feelings. When you start a company, it becomes your baby, and you'll overreact to anything positive or negative that happens.
There are always days you're going to wake up and feel like you want to give up. The important thing to remember is to stay as calm as possible, not just for yourself but also the rest of your company. Just remember, the roller coaster is going to come back up. You just have to keep pushing.
2. You'll Worry About Your Company Bank Account 24/7
As a founder, you are responsible for every dollar put into your business. This is especially true for startup CEOs. If you raise capital, you'll start thinking about all the shareholders you now have in your business. Also, you'll also start seeing the money you have as a gas tank. The second the tank gets to empty, the party is over and your company goes out of business.
It'll start with you obsessing over checking your bank account many times a day. Then, every time you spend a dollar, you'll start to think of that gas tank emptying out. This will be one of the most stressful aspects of being an entrepreneur. Unlike when you were in school, there's no E for effort. You can't pass with a C. You either have the money to keep your business going or you don't.
When you find yourself in this situation, take time to write down all your company's expenses. Then, analyze how much money you're burning through on a monthly basis. Finally, look to start cutting expenses to increase your run rate. Get your team to adopt a culture of preserving cash, and it'll help you handle some of the stress.
3. You'll Suck At Relationships
Did you hear what I said? Is your head somewhere else? Are you ignoring me?
These are all questions you'll start to get from your significant other when you go out on dates. You'll have a million things on your mind, and whether you like or not, it's going to affect your attention to your partner.
It takes a tough person to be an entrepreneur, but it also takes a strong person to date an entrepreneur. Many times, you're going to have to change or cancel plans at the last minute. There's a good chance that as your business picks up, you're going to travel more and more. Your partner will think they are taking the back seat to your startup, and you'll feel like you're doing all you can to make it work.
As this challenge occurs, it's important to set out a schedule for your personal life. Work being a better partner into your daily goals, and it'll become much easier to manage. Also, make sure the person you're with is ready to join you on your entrepreneurial journey. If you make sure you have an awesome co-pilot by your side, all the challenges of starting a company will become much easier.