When you read about entrepreneurship and starting your own business, you likely read about the profits, benefits of being your own boss, and rewarding nature of the work. You probably don’t hear about the challenges, the long hours, and the sacrifices.
Scott Patrick Carson of Park City, Utah, is an American entrepreneur in the medical supply field, who has founded several successful companies across the United States. Scott Patrick Carson goes over some key areas of hardship associated with starting your own business and how to prepare for them.
Raising capital for your business is tough, and it might be a few years before your business starts to actually turn a profit. Raising money takes time, preparation, a solid business plan, and a great team behind the business.
The truth is that for most businesses, the first few years of operations are spent getting your infrastructure up and running. Scott Carson explains that you will likely spend more than you generate in revenue and will likely not receive a paycheck for months. This can be an extremely stressful part of entrepreneurship, but it is important to note that this is normal.
You can prepare for this eventuality by ensuring you have enough money or capital to be able to sustain your business, as well as calculate several plans for how to overcome financial plateaus.
In addition to worrying about your finances, you will also be devoting countless hours to getting your business up and running. Scott Carson explains that your relationships are likely going to suffer for it. No matter how dedicated you are to prioritizing your relationships when you start a new business, they are sometimes going to have to take a back seat.
You will be working long hours, sometimes at home, and you will be on call for resolving business problems when they arise. The concept of ‘work-life’ balance ceases to exist once you start your business.
Scott Carson explains that you should consider setting boundaries with loved ones ahead of time—this will help set expectations. It is important not to neglect all of your personal relationships for too long, as this can have negative emotional and psychological consequences.
When you start your own business, you better be ready to make mistakes, a lot of mistakes. The only real difference between someone who is successful and someone who is unsuccessful is that an unsuccessful person gives up when they are faced with obstacles or adversity.
There is a misconception out there that success is linear, a straight line to the top—but it is not. Preparing yourself for the inevitability of failure and mistakes is crucial to setting yourself up to succeed. Scott Carson explains that having a “why” will help you persevere through any “how”.
Scott Patrick Carson on Mental Health and Entrepreneurship
Lastly, Scott Patrick Carson explains that you will need to be mentally strong to start your own business. Being an employee and being a business owner are two very different games. As a business owner, you are responsible for everything; every decision has to be made by you, so be sure to take the time to check in with yourself at least once a day.
Take time to exercise, eat a healthy meal, and meditate. If you push yourself too far beyond your own limits on a weekly, monthly and yearly basis, your business will not be sustainable.