Do You Have to Face Hardships to Become a Successful Entrepreneur?
Date : Apr 06, 2020
Author : DR A Zayed
Categories : Business Tips
We will all face adversity every once in a while. When it gets tough, some of us can push through, while the rest will only keep struggling. This is a typical problem when trying to become successful in business or as an entrepreneur.
You’ve probably noticed that many successful businessmen are flaunting their success by showing how much they’ve jumped through hurdles and how they overcame all the roadblocks. It’s indeed hard with the current market to stand out. Opportunities will come and go, and many will use these opportunities to strive and grow.
But, the question is, do all future entrepreneurs have to face hardships to become successful business owners? Here, we will take a closer look at this question and analyze what it has to take for all entrepreneurs to move forward. Let’s take a look at the bigger picture.
Do We Really Need to Face Hardships to Become Successful?
If it were easy, everyone would do it. We would all be successful entrepreneurs by now, and wouldn’t it be worth it. But, that doesn’t mean you must face hardships. The path you are going to take will often depend on 4 key factors:
• What is your definition of hardships
• The type of competition you face
• How well you can overcome stress
• How lucky you really are
Remember, everything you do in life is a learning opportunity. There are no set rules that say you must face hardship to succeed. It all comes down to you and how prepared you are to venture into a specific territory or market. But, in general, it will depend on these factors. Here are all these factors analyzed in detail.
1. What Is Your Definition of Hardships?
When you think of someone who has become successful without facing any hardships, you might think they are over exaggerating it. It would be impossible to rise to the top without facing any hurdles along the way, would it?
Have in mind that everyone has a different perception of hardship. Some may consider stress to be a serious problem, while others won’t pay much attention to it. But, when you take a closer look at all entrepreneurs who’ve become successful, you will realize that they struggled like everyone else. The main difference was the way they defined their hardships.
Some of them will see their difficulties as a simple bump on the way to success and will quickly find a way to maneuver them. Others, however, will struggle every step of the way. In the end, it depends on how we perceive these hardships and whether or not we fear them. If we are afraid of facing any difficulties, we can’t succeed. They will simply hold us back and impair our true potential.
2. The Type of Competition You Face
How difficult it will be for you to succeed, will often depend on your competition. Some markets are more cramped than others. In fact, the statistics show that more than 19% of startup businesses go bankrupt because they couldn’t handle the competition.
If your business idea is more on the creative side, you are less likely to face that much competition along the way.
Let’s take the fast-food market for example. The fast-food industry is one of the top revenue streams for countries all around the world. With key players such as McDonald’s and Domino’s, most of the market will already be overcrowded. Toppling the competition will be a feat of its own. The direct competition in this sector is overwhelming.
But, if you want to find your way through a less pressuring market, the odds of success will be higher, and the hardships few. Competition is not a bad thing if you know how to manage it. You can learn from your indirect competitors to improve your product or work. It gives you the opportunity to be creative, innovative, and think of different ways to become proactive.
3. How Well You Can Overcome Stress
According to statistics, entrepreneurship can take a psychological toll. In fact, people who are trying to start a business are far more likely to get stressed out than anyone else in the workforce.
The reason for that is relatively simple. When we want to create something with our own two hands, we will naturally stress about it. There are a lot of responsibilities along the way, like finding investors, managing income, overcoming visible problems, etc. When a problem keeps you in the dark, it makes things even worse.
But, the truth is, there will be many times where you can do things the “easy” way. But, the “smarter” way, won’t be that easy to spot. Stress will cloud your judgement, and being able to make rational decisions under stress will be a key to success.
Not only will you be able to overcome the hardships, but you will also deal with them much easier. The key lies in your motivation, energy, and creative side. If you have a strong emotional state, the hardships won’t be much of an issue. They will just be another step that will take you closer to success.
4. How Lucky You Really Are
Luck is a variable, but an important variable. Whenever you see an opportunity, you take it. The moment you start your business, you are hoping that the chance you take will give you the right opportunity. You hope you will have what it takes to get into the market and satisfy all the potential customers with your service or product.
If you’ve started your company in the right place and at the right time, it will be a major boost to your business. That’s where luck comes in. Of course, you would first analyze the market and see if there is any profit in it, but, if you don’t have any luck, you will face a lot more hardships than you can imagine.
This has nothing to do with calculated and careful decisions, nor does it mean you will fail; it simply means that you will face a lot more difficulties than you initially expected. This happens at random. There is no set rule that predetermines who will fail or rise to the top, it’s just luck.
That’s why you need to be mentally prepared. The more you are prepared to take on a challenge, the easier it will be to deal with the difficulties. Always imagine your worst-case and best-case scenarios and prepare yourself for how well you will react. Something as simple as preparation can go a long way.
Whenever you see someone successful, you believe their goals and dreams are out of reach. You believe they must have faced incredible difficulties to get where they are today. So, you are now afraid of having to go through the same thing only to fail in the end.
If you want to be successful in business, it doesn’t mean you will have to face hardships. It just depends on your perception, way of handling and coping with the problems. Regardless of whether or not you will face these hardships, you shouldn’t fear them. Instead, you should learn from them and improve yourself and your business. Sometimes, that’s all it takes to succeed. But, it highly depends on you and what you are willing to achieve.