What is entitled for entrepreneurs in their very first year? What would they commonly face? How do they get through those issues? If you are plagued with these questions, then the blow is exclusively for you…
You’ll be spending heavily
It should be of no surprise to you that you will be spending heavily as an entrepreneur. After all, the first year especially is for laying out the foundation and employing the right people for the jobs. So it’s inevitable that you will be spending. But it helps a great deal if you now what you need to spend on immediately, and what you can spend on a little later. Do your research on this. Make a financial plan. Earmark money for the important things such as most reliable company registration fees and taxes so you don’t get stuck when you eventually have to spend on it. Keep proper accounts for everything you spend and keep a close watch on how much “loose money” you have in your pockets.
You’ll be missing dates, effecting your relationships
Unfortunately, this is something that has to be expected as the path to open a company or business of your own is pretty brutal. But humans are social creatures, and often draw comfort and strength from friends and family. Don’t alienate your “inner circle”. Let them know beforehand that you might be unavailable; but make an effort to keep in touch with them once in a while at the very least. It also helps if you can be organized and punctual; using your time affectively will not only help you salvage your relationships, it will also see your company or business to success in a shorter period of time
Your health may get affected
Running yourself to the ground seems to be a requirement of new entrepreneurs; but we don’t believe in it. If your health fails you, you’ll find that it’s harder to concentrate on your business venture; and this inevitably will put barricades on your way to success. So try and keep healthy. Eat well; home cooked meals when ever possible. We know loosing sleep is inevitable; so get 7 to 9 hours of sleep whenever you can. Do power naps. Exercise regularly and aim to wake up with the sun. trust us, this earlier start on the day will help you make the most of your time. This way, you’ll also guarantee that you sleep early; and not sabotaging your immune system. One more thing that helps a great deal is hiring help from an early point. Don’t wait until you are over your head to hire an accountant or secretary…
You might feel like you’re not going anywhere
Not a lot of business people and entrepreneurs see success in the very first year. In fact, we consider it the foundation year. So keep yourself motivated. Set yourself (and your employees) short term goals. See that you meet them. Have people who motivate you surround you. Trust us, having someone sheering on you while you drag yourself through the first year helps a great deal more than you think…Comments Off on What To Expect On Your First Year As An Entrepreneur, And How To Handle It?