The Not-So-Fun Things about Being a Small Business Owner
Written by Emeka Balakumar
As business students, many of us dream about opening up our own startup in a sector that we are most passionate about. As someone who always saw myself working as my own boss — I decided to take a leap of faith and open a small business to help me develop an entrepreneurial mindset. Launching my own business has been a huge learning experience for me, and although we might always see success stories on social media, many people don't see the struggles of starting a business.
Over the past year, I have spent time developing my small Etsy shop. Although not on the scale of many other startups, I and other small business owners that I talked to connected on similar issues, ones that are prevalent no matter the industry or size.
The Lack of Motivation
When working for yourself, you have complete control over your schedule and your priorities. This may sound like a fun idea, but it also means you need to be very self-motivated. When talking to other entrepreneurs and startup owners, they mentioned that sometimes the one-hour break they took to step away from their work could turn into a whole afternoon of binging a show. A suggestion was to block off time for what you want to do within that time frame of working and to block off your breaks. This versatile suggestion also works for school projects as well as exam studying. It helps you visualize your project into manageable pieces and enables you to focus on getting stuff off your to-do list.
Imposter Syndrome
Imposter syndrome can be felt in many situations — at school, at work, or even while working out at the gym. According to a Forbes article, about 70% of the population feels symptoms associated with imposter syndrome (1). The habit of comparing yourself to other people's successes is a common tendency that many of us do unconsciously. Many of us internally compare ourselves to others and diminish the worth of our own achievements. A quote memorable to me regarding imposter syndrome states that your 10th step may be someone else's 100th step — so it is unfair to compare yourself to that person. Understanding that it is okay to take time and build skills is an essential part of forgoing imposter syndrome.
The Financial and Academic Obligations
Starting any new venture requires a substantial financial obligation. It is a prominent reason as to why many people are afraid of starting their own venture. Regardless of your financial position, investing money in an idea will always seem like a risk to take as the future cannot tell whether this will give you the return that you expect. Furthermore, the return you are expecting might not come as quickly as you wish. The first 1000 days of your business are supposed to be the hardest and make a key factor to a startup's longevity, as 92% of startups fail due to the fear of their lack of return (2). Understanding the financial obligation needed to start a business and the time it would take for your revenue model to make a profit will help those who may initially be fearful of the commitment to gain useful discernment and perspective.
Moreover, being a student means we have academic and extracurricular commitments that need to be considered in our day-to-day lives. From group projects to assignments to midterms/finals, we sometimes find that we have no time for ourselves. A question I get asked frequently is how I manage my time amid all my commitments. To answer the question, I usually like scheduling my entire day. This includes booking meeting times with groups in advance, putting my class times into my calendar to get an accurate picture of my week, and allocating time to go outside and get fresh air to ensure my body gets a break and that I can think more clearly when I'm back.
Despite many other issues that entrepreneurs, startup owners or small business owners face, it is also important to understand that failure does not mean you should quit. A quote that I believe encompasses this idea comes from Arianna Huffington, co-founder of the Huffington Post:
"We need to accept that we won't always make the right decisions, that we'll screw up royally sometimes – understanding that failure is not the opposite of success, it's part of success.
Every failure means that there is a new challenge to be faced and grow from. And this mindset not only helps entrepreneurs, but students as well — especially as we go into finals season. Although these challenges are shared in the perception of small business owners, startup owners, or other entrepreneurs — many students can relate to these issues. The various advice shared can help those navigating the entrepreneurial world and also students who may be struggling with similar problems. For those who may be relating to some of the issues stated above, always remember that every step you take today, big or little, is a step towards your goals!
Sources
(1) https://www.forbes.com/sites/jeannecroteau/2019/04/04/imposter-syndrome-why-its-harder-today-than-ever/amp/
https://hbr.org/2021/05/why-start-ups-fail