Switching from a 9-5 job (where you work for someone and are answerable to your boss) to running your own business is a dream for many people.But it is not until they make that switch that they realize that there are more than a few hurdles to jump across and definitely a couple of limitations that stare them in the face.
Here is a list of the common limitations that most entrepreneurs encounter.
Selection of the Right Business
There are millions of choices when it comes to starting a business of your own. You could sell cakes, flip-flops or custom t-shirts, you could sell your writing services or you start a business as a local pet-sitting services. Or you could opt for providing a service that operates entirely online like the entrepreneurs who successfully started their string of wonga websites on a laptop that they have successfully launched across the globe. The options are infinitely wide –ranging.
But the choice of the right business is often a very commonly encountered challenge or limitation for most entrepreneurs. With the huge range of choices in front of them, they quickly get overwhelmed as to the right path to follow.
Battling with Technological Innovations
Technology is a field which is rapidly evolving and developing. This is especially true when you are conducting a business on the web. A business owner who is not capable of adapting to the technological innovations can quickly develop a feeling of dejection and disappointment. This is because he / she is incapable of adapting their business practices in a manner that matches the speed of technological development.
For example, if a person is unaware of how the social media networks work and they have to compete with other business owners with an active social media presence, it soon becomes depressing and limiting and it is only logical to expect that their business tends to suffer as well.
It is common knowledge that running a business of your own, calls for a lot of motivation. When you are working for someone in a regular 9-5 job scenario, the need for motivation is limited to carrying yourself to the office. The motivation to carry out the work and display exemplary performance is automatically provided by your boss who is breathing down your neck.
Now that you are working for yourself there is nobody to breathe down your neck or provide you with the much needed motivation. You will have to motivate yourself and not everyone is that good at motivating themselves.
Many business owners have realized this fact and may even declare that it is far better to work for someone else rather than one self, when it comes to getting work done.