The life of an entrepreneur is full of moments of joy and sorrow. One day you’re making hay, and the next day you’re sifting manure. Here are a few options.
This is the reality that many entrepreneurs confront.
That’s the truth I have to face right now.
It’s not exactly earth-shattering of a statement. In reality, based on the type of statistics you’re reading, about 70-90 per cent of entrepreneurs fail.
But is it true that you’re succeeding? If you need to achieve more success to continue?
That’s the scenario I’m currently in and that many entrepreneurs end up in.
What you’re creating isn’t feasible to fund or hasn’t yet generated enough sales. You’ve exhausted your credit cards and exhausted your savings.
You are accountable that, in my instance, involves a family that needs to be supported, a home that needs to be maintained, and a possible future to think about.
It’s not an easy fact to accept and one that every business owner hopes never to confront.
As with any person in my position, I’m here doing what you must do to survive and endure every day.
What is the exact meaning of that?
This is a problem I’m currently trying to answer and am exploring.
If you’re a programmer or designer, it’s simple enough to take on some side projects that could be highly lucrative. Many find this field’s variety intriguing enough to choose it as their primary concentration.
What about entrepreneurs who need to be more technical? They tend to be called “jack of all trades, masters of nothing.”
Although that may only sometimes be accurate, most of the time, entrepreneurs who aren’t technical have a distinct specialization that can be just as marketable or desired as the designer or developer. In my case, it’s growth and marketing.
What are the possibilities:
Find a full-time job
It might seem like the best option, but due to a few reasons, some entrepreneurs need more time to be ready to make this huge step. It’s because it’s a permanent feeling in that they believe it’s the final stage of their business’s journey. In addition, if there is any desire to continue the current venture, it will be much more challenging.
It’s a plus. Having a break from your work and offering your unique expertise with no distractions can be a great way to recharge and very beneficial for you and your employer.
Entrepreneurial-minded employees are often-times some of the most ambitious people on a team. All you need is to accept the fact that you must be committed.
Contact or pick up contract work.
There will always be businesses that are seeking an opportunity to have fun. A brief-term relationship between you and your firm but without the obligation of a wholly committed marriage.
Based on your particular knowledge, these arrangements could be either project-specific or time-based.
In my situation, I’ve been invited into businesses to assist them in building an effective marketing team by acting as a consultant. In addition, firms have hired me to help implement strategies to increase media coverage, establish communities, and bring in new customers.
Discover a method to market your knowledge and then start offering it to others.
Find ways to earn income that are flexible.
The economy of on-demand and the world is full of opportunities for those looking to earn an extra income while pursuing their passions.
Uber, Instacart, Lyft, TaskRabbit … many new companies that provide flexible and self-employed job opportunities are emerging.
While on a recent trip to Atlanta, I took an early Uber taxi for the trip to Atlanta airport. When I spoke to the journey driver, he said that the morning was his favourite time of day (which I had already discovered by myself), and he decided to become an Uber driver because his customers were less up than he.
A full-time estate agent, and discovered Uber to be more than just a means to earn extra cash; however, it was also an excellent method to connect with prospective customers.
Five of his most recent real estate clients began with him as a passenger in his automobile.
I’ve been following more traditional sources, for example, speaking and writing, which can also be used to generate extra earnings.
Become an Entrepreneur-in-Residence
If you’re unaware of the job, the term “entrepreneur in residence” is good. An Entrepreneur in Residence (EIR) is a person who a venture capital company temporarily employs to offer guidance and assistance to investments and continue working on their own business.
Most of the time, the VC firm will typically hold exclusive rights for investing in the business the EIR is developing.
This is a perfect scenario for entrepreneurs. However, chances are only sometimes available.
Typically, the VC firm will bring in someone they have previous experience with or provide an excellent recommendation.
Utilize your network Entrepreneur
If you’re in a similar situation as mine, one of the most beneficial things you can do is reach out to your contacts. Although it may be embarrassing (it did for me), there’s no shame in seeking assistance.
Every entrepreneur has both lows and highs.
It is only possible to know what might result from your inquiry after the time you … inquire.
These are the choices I have to consider today as an entrepreneur, and I’m sure many other entrepreneurs face them too.
To be truthful, I’m not sure what I’ll do that’s both terrifying and thrilling at the exact moment.