What It Takes To Be An Entrepreneur
Handling the Pressures of Being an Entrepreneur.
Written by Jay Shapiro for Gaebler Ventures
Being your own boss isn't all about fancy lunches and fast cars. In fact it's rarely about that. Running your own company can create pressures inside and outside of the work place.
Stress is a factor that affects us all in some way.
Family, work, travelling, even sport can bring about pressures that all seem to be strangely linked. If you have your own business, then you will have experienced pressures that only other business owners will be able to relate to.
Coping with this stress can be extremely difficult, especially with slow paying clients. One cheque from a client can pay all the bills and put food on the table, if it doesn't materialise, then you are in trouble. What makes it worse is that when you are late paying for a service you use, you may find yourself receiving a late payment fine, and subsequently the pressures mount.
Sometimes the pressure comes from having too much work. No entrepreneur worth their salt will turn work away, but it eats into all areas of your life, and all areas of your life can suffer as a result.
Family pressures are always prevalent. Even if you do not have children, a girl or boyfriend that keeps having to reschedule that date will not be too pleased.
Pressure hits from all sides.
Slow paying clients. It is common practise to come to an arrangement whereby you are paid half the agreed price now, and half upon completion. This is good for both you and the client, as it is a fair system. It also means that you can budget and pay the bills. You should now be in a better position to schedule your social life too.
For whatever reason, it is sometimes not possible to come to this arrangement and here you must proceed with caution. The client may want to pay as they receive the work – common practice in the copywriting industry. Copywriters often provide work in batches, and charge by the batch. The client only receives the next set of works when the previous one has been paid for.
If the client is slow paying, then some only require a nudge to get them to come up with the cash. Others require a more forceful approach. The problem you will find here is that the wrong approach will result in further delays, or cause offence and ruin the chances of repeat business. Gauging, and understanding the client is key.
Of course if they do not pay, eventually, you will have to take legal action.
If you find yourself stressed due too much work, then really you have two options. One, outsource it to another company or person, or two, hire help. Depending on what your business does, depends largely on what is the best option, and indeed the possible options. When negotiating with a company or another entrepreneur, ensure your payment arrangement mirrors your clients, and ensure you make a healthy cut for yourself.
Of course you can always drink more coffee to try to gee yourself up to get more more done, but in all probability, you're already doing that and feeling jittery.
Personal and business life often clash, and sometimes this results in tough choices. It maybe a case of just setting time aside away from the business, and this is always a good way of relieving stress.
Entrepreneur or no, we all need a break.
Jay Shapiro is a freelance writer based in the UK. Jay has a particular interest in the emotive aspects of the entrepreneur's character. "Alongside the nuts and bolts of business, the character of the person is often the ingredient responsible for success."
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