Every entrepreneur always had a question in his/ her mind: why starting your own business is so hard? And what makes it hard? But the answer to this problem is quite simple: it isn’t hard to start a business, but it’s quite difficult to make it work.
As you all know, if you are starting a new business or startup, then it will either fail or stumble into the mediocrity of competition. Arguably this is the worst outcome because to break free of mediocrity is even harder.
However, some of them (start-ups) get it right and develop themselves into profitable businesses.
Entrepreneurs have some of the most stressful jobs. They must grapple with uncertainty and be personally liable and responsible while making decisions. They have the longest working hours of any occupational group.
In Spite of all problems, it has been claimed with the help of research that entrepreneurs call themselves happy with their profession and seemingly healthier than other people in their jobs. So how can anyone explain this paradox?
Here are some of the highs and lows of being an entrepreneur.
- It is not about salary
Entrepreneurs face all challenges, stresses, and uncertainty related to work and because of all this, they expect a high financial reward for their hard work and efforts. However, much evidence shows that entrepreneurs earn less than they would if they were working as employees or with their particular skill set.
Whenever you will ask an entrepreneur how they measure their success, then for them their happiness comes out on top, then autonomy. Income features much less prominently.
- Highly stressful
At the same time, entrepreneurs face a high level of stress that diminishes their happiness. Things like work intensity, high workload, and financial problems are top problems that entrepreneurs face in their business.
Although after facing all these problems, with their hard work and efforts, entrepreneurs may lead to positive consequences such as business growth in the future. Some entrepreneurs turn their long working hours and challenges into a positive signal, by making themselves a successful entrepreneur.
- Both good and bad autonomy
The autonomy that comes with being an entrepreneur can be a double-edged sword. Entrepreneurs take their own decisions like with whom they want to work and when. For the majority of entrepreneurs, one of the key motivators is having freedom while making decisions about starting their business in the first place.
A survey was done to know how entrepreneurs experience their autonomy and that the results show that sometimes, they struggle profoundly with it. They have to make several decisions and especially when the constant high workload means that there is not enough time to carefully think through decisions, the uncertainty about what is the best way forward can be overwhelming.
Then there’s the fact that entrepreneurs’ autonomy can be limited by investors and other stakeholders.
- Autonomy and personality traits
People who have personality traits like emotional stability and self-belief have the chance to succeed as entrepreneurs. And therefore all these personality traits are related to higher levels of well-being. However, autonomy and personality traits are scarce at the same time.
Still among entrepreneurs autonomy remains the biggest reason for high levels of job satisfaction. Also, the personality traits that are most characteristic for entrepreneurs are malleable and specific like taking initiative and self-belief. This kind of entrepreneurial mindset can be trained.
- Have a competitive personality
The work of entrepreneurs is highly demanding and challenging by any stretch of the imagination. Entrepreneurs are their own boss and they have a competitive personality which leads them to be so engaged with their work that sometimes they become very much obsessive with their work.
Therefore, entrepreneurs can help themselves in managing their highly stressful, and satisfying jobs.