Entrepreneurship is the buzzword these days. The mere mentioning of the words like “entrepreneur” and “being your own boss” immensely excites all. However, not every entrepreneur experiences the golden journey of entrepreneurship. The dark sides of entrepreneurship are far more difficult and complex than what one may perceive from outside.
According to one statistics, there are around 400 entrepreneurs worldwide engaging on sale, and purchase of certain goods and services. However, several businessmen also left their business midway and shifted to a routine 9 to 5 job due to a high level of insecurity that is associated with the dark sides of entrepreneurship. Here are 6 dark sides of entrepreneurship to know before starting your business:
1. Insecurity and Uncertainty of Income:
Primarily, what comes as the biggest drawback of setting up your own business enterprise is the insecurity and uncertainty of income. As an entrepreneur, you never know when your firm will get success or failure.
The mere fear of entrepreneurship failure could deprive you of the worldly pleasures, freedom, and happiness.
2. Rigorous Working Hours:
Being one’s own boss is easier said than done. In the beginning, every business grows from its nascent stage. It is during this phase of entrepreneurship that a business owner has to give maximum attention and funds to stabilize the business.
As an entrepreneur, you may have to accept loneliness and long working hours (of course, without any fun and enjoyment) to make sure that your business grows to something out of nowhere.
3. High Degree of Anxiety and Stress:
The recent survey by Gallup Wellbeing Index has found that around 45% of the entrepreneurs always suffer from a high degree of anxiety, stress, and tension in their daily lives.
Exploring business prospects and opportunities is in itself a stressful thing, as the entrepreneur does not know when the customer will simply become disinterested in buying the company’s products and services.
4. Reckless Spending Could Be Disastrous:
An entrepreneur needs to exercise utmost caution while spending funds and resources. An entrepreneur has to ensure judicious use of the available resources to prevent any misuse of money and other resources.
A person has to invest each penny in a wise and cautious manner making the right decision on time depending on the circumstances. The reckless decision often shatters the dream of entrepreneurs. The Gallup Wellbeing Index stated that 30% of the global entrepreneurs are always depressed and mentally anxious.
5. Addiction to Alcohol and Cigarettes:
Despite being in the early twenties or thirties, entrepreneurs often resort to alcohol and cigarettes.
High levels of stress and anxiety coupled with the fear of failure compel the young entrepreneurs to get addicted to alcohol and smoking, which often proves costly in their later life as they have to cope up with several other diseases with growing age.
6. Shrinking Confidence and Frustration:
The trait of successful entrepreneurs is confidence and charisma with an indomitable spirit. However, on sustaining a major financial loss, an entrepreneur may often find himself in the middle of a crossroad with nowhere to go.
Such a situation definitely dents his confidence and raises his level of frustration too. This is also one of the dark sides of entrepreneurship.
Conclusion on the Dark Sides of Entrepreneurship
In recent times, startup mania has engulfed the whole world. A lot of educated youths start their businesses with limited funds and resources. No doubt, it is a praiseworthy attempt. However, the latest study has now indicated that around 25% of the startups failed in the first year itself while other firms get wound up by the end of 10th year.
Anyone undergoing the dark sides of entrepreneurship should stay strong or shift to a routine 9 to 5 jobs at the earliest. As bitter as the truth may sound sometimes, entrepreneurship is not for all.