Let’s demystify the perceptions and myths surrounding Private enterprise entrepreneurship based on my experience building and growing a startup.
I’ve been an entrepreneur for five years. I’ve tried a lot and failed in the past. Many people think I’m an entrepreneur because I want to make money or make a difference.
But the most important reason I’m an entrepreneur is that I don’t know what else to do.
To doubt yourself
The biggest challenge for entrepreneurs does not come from outside. It’s an internal struggle.
The constant self-doubt keeps yelling at you and makes you wonder if you have it in you to succeed.
Uncontrolled, self-doubt can consume you and turn you into a hostile and depressed individual. Such an individual cannot be an effective entrepreneur.
The answer for this is to gain some new useful knowledge for at least an hour a day. Read books, listen to audiobooks, and follow the tweets of successful entrepreneurs.
The best way to remove doubts is to see others who have done it and believe that if they can, you can too.
Manage the complexity of a Private Enterprise
Another major challenge for entrepreneurs is dealing with the complexities of running a business.
Compliance and taxation will be high. Navigating your company through such complex structures will be scary and sometimes depressing.
The work will come in small pieces, and there will be many things to do.
When you create a to-do list, it’s an infinite to-do list. Because to-do lists are so long, you have to constantly prioritize, outsource, even delegate, and ignore some tasks until they’re urgent and essential.
The solution to managing complexity is you have to work hard. This would mean working on the weekend, early in the morning until late at night, and doing some work while waiting for something.
I remember when my partner frowned at me because I spent 10 minutes answering an important email while we were waiting for the next flight.
We ended up being the last to get on the flight, but I did the job and kicked it out of my head. No successful business will be built without such sacrifices in the early stages.
Building an A-Team
Business isn’t a task. Be that as it may, for rather a while at first, it seems like an exceptionally distressing position with numerous managers (your customers), and you will feel like the sole chief of a motorized boat.
Some people get over it at some point, but some get stuck in this cycle forever because they can’t form an A-Team.
An A-Team is a team that cares about your business and customers as much as you do.
When you start building an A-Team, it slowly gets easier and you can focus on the company’s vision and long-term growth instead of solving urgent but trivial things in the company’s day-to-day running.
Most entrepreneurs cannot form an A-Team because their business aims to create freedom and prosperity for themselves. You can’t win an A-Team with such urgencies.
If you want to prepare an A-Team and attract the best talent to your company, your company needs to have a higher purpose and vision to make a significant impact globally.
A purpose-driven company attracts an A-Team.
Management of close relationships for Private Enterprise
Many entrepreneurs find close relationships difficult, especially romantic ones. If your partner isn’t very supportive and understands an entrepreneur’s mindset, you may be torn between things to do at home and work.
Entrepreneurs have their heads constantly full of ideas, tasks, worries, and enthusiasm for the future. It’s like having some applications running in the background on your computer all the time.
When you’re married or have a partner who lives at home, entrepreneurship can be more difficult if your partner doesn’t realize how your mind works.
Fortunately, I have someone who understands me and gives me the mental freedom I need. If you ask me something, it takes 5-10 seconds for me to answer because many things are already going through my head.
If your partner does not understand your mental phase and does not support you, it will harm your relationship and your startup company to have a long-term relationship while trying to build something.
Find someone to support you or stay single until you are sure you have built something of value to rely on for the future. There is no work-life balance for entrepreneurs because, for us, work is life.
Managing cash flow and finances for Private Enterprise
Then he becomes like a demanding child. If not activated, it can become a problematic monster to tame.
A company is an organism with many parts. All parts together make an outlet. A company also needs information.
Admission can be in the form of capital, work, concentration, creativity, or teamwork. The output is income and profit.
A small business uses less energy. A small business can still generate more results than inputs.
When you want more production, the natural tendency is to increase your information. But often, the balance is broken, and things break.
It’s not just an input measure. Take, for example, a marathon runner who can eat 2,500 calories a day and run 50 kilometers.
You can’t expect to feed a five-year-old 2,500 calories and expect them to travel the same distance. It takes years to achieve a level of competence for this.
Many entrepreneurs overfeed the company at a very early stage, and then the company gets sick. It takes many instinctive decisions and instincts to manage capital, cash flow, and work early in a business.
Most startups flop because the founder tries to gauge the startup, and things break down. If production is less than input long enough, you end up with a business that is dead.
Entrepreneurs are looking for outside capital, but getting capital at the wrong time is like feeding too much of a baby.
It takes a lot of audacity to stop something that is growing avidly. Capital is a double-edged sword. You want a fit business, not an overweight business.
Fasting when getting started and letting it stabilize is the most challenging part of a company but the most important thing.
There is no easy solution to managing cash flow other than patience and experience.