Many of us decides to become an entrepreneur to be more independent and run the business the way we want to. Entrepreneurship offers flexibility in work hours, satisfaction in our work, freedom to make our decisions and break the monotony. While looking at the success of others, we often ignore the frustrations faced by entrepreneurs.
As a businessman, it is not easy to build an empire. You have to face a lot of criticism, difficulties with time management and financial pressure is always there to give a set back. Mistakes and failure is a good teacher, but the process of learning from them is quite painful. The best way to learn and avoid difficulties is by learning from other’s experiences.
Here are the most common frustrations faced by entrepreneurs and the way to deal with them.
1. Cash Flow
Cash flow is one the major factors that often frustrates entrepreneurs. Many times, your clients might delay the payment but you can’t do anything about that. If it happens repeatedly, it will affect your business and your state of mind.
The best way to deal with these situations is by reducing the communication gap between the client and the entrepreneur. Instead of giving a reminder through email, try sending a reminder through a call. This will build a personal relation and will also put some pressure on your client.
2. No Control
You are the boss, but you still don’t have control over certain situations. Investors, money, clients, market flow and various other things are not under your control. These things will build a huge pressure on you, but you cannot control them.
Keep yourself calm and maintaining some patience will help you to handle these situations perfectly. All that you have to do is to just sit and relax, be focused and make sure all such things shouldn’t break you.
3. Hard to handle customers
You cannot expect each and every customer of yours to behave nicely. You will come across many customers that are way too demanding and rude. Some customers never get satisfied and will always leave a complaint no matter how excellent stuff you deliver.
The best way to deal with such situation is by drawing a line. You should always be nice to your customers as customer is the king, but always make sure that there is a limit to your good side. You should learn to say no if things are disturbing you more than they should.
4. Slow Growth
No matter how hard you try, there will come a situation where all your efforts won’t give you the desired results. Or in the worst case, your growth will stop at a certain level and you can’t find a way to move ahead and reach the next level. These are the main reasons for the frustrations faced by entrepreneurs.
To handle such situations all that you have to do is to be more focused on what you have. Sometimes, you ignore the real mistake and focus on the things that are not necessary at that point. The best way to deal with such situations is by introspecting the current situation or by outsourcing your work.
5. Internal Friction
You always expected friction from your competitions and ignored the internal friction from your work place. Sometimes, your partners, employees or your vendors use a different language and have a different point of view in a particular situation. You still stick to your point of view and are not at all ready to listen to what they are saying and this turns out to be the major reason for your frustration.
All that you have to do is to just sit and listen. You might be ignoring certain things which are very much important and your partners or employees want to pay attention. There is no harm in listening to such things, after all you cannot be always right.
These are the frustrations faced by entrepreneurs and the ways to deal with them. Click here for the 5 ways to keep entrepreneurs motivated