3. Sacrificing personal time (and health).
Entrepreneurship takes its toll on the average person. You’ll spend countless hours doing work to make your business successful, and your remaining hours worrying about what you have or have not done thus far. You will lose sleep, you will miss out on personal time, and you will experience much more stress than you are used to.
The rewards of entrepreneurship often outweigh these personal risks, but you have to be prepared for this type of lifestyle.
4. Deciding what your customers want
No matter how much research you do or how many tests you complete, you’ll never be able to estimate popular interest in your business with perfect accuracy. You can never predict people which could put a giant hole in your otherwise soundproof plans.
Even when it all appears to be in your favor, there’s a chance you’re overestimating the interest in your business, and if your thoughts are off, your entire financial plan could scatter.
5. Trusting a key employee.
When you first start a business, you won’t have a full team of employees working for you. Instead, you’ll probably have a small, tight-knit group of people working tirelessly together in an effort to get things up and running. You’ll have to put an overwhelming amount of trust in them, especially if they have special skills that are hard to find and are willing to start work at a lower salary than the set standard.