09 Dec 3 Short-Term Pains Every Startup Feels
“I’m going to launch my own business.” Do those words evoke an excitement inside you? Or does something a bit less optimistic come to mind? Fear. Risk. Stress. Panic! True, startups pose a risk to those involved — nobody said they don’t require a lot of your own time, money, and energy. But, on the flip side, the rewards can multiply your initial investments if your efforts succeed. It’s getting past the fear of facing common short-term pains that keeps entrepreneurs awake all night.
Upon reflection, however, you’ve likely already walked through similar situations in your life. You can use your past experiences to alleviate anxieties about launching your startup (We even have some tips). We’ve compiled a short and simple list of 3 short-term pains every startup feels and 3 reasons not to let them slow you down!
3 Short-Term Pains Every Startup Feels #1:
Low (or no) Pay
In the early stages of startups, many CEOs take a low salary — or no salary at all — in order to fund the business. It’s never seen as permanent, of course. But, for a few months or more, you may be in a scenario where you have little money coming in. Hopefully it’s enough to pay your bills and eat; but you may find yourself cutting back on a lot of extras you had become accustomed to.
You may have been this cash strapped before, perhaps after leaving home for the first time and going to college. That’s where many of us learned that not every meal could be Mom’s roast beef with all the trimmings; sometimes, tuna and ramen noodles had to suffice. It all worked out. Plus, a self-imposed salary reduction can be a huge motivator to grow your startup into a lean, mean, financially profitable machine. Then, you can start paying yourself a more comfortable salary.
3 Short-Term Pains Every Startup Feels #2:
Lack of Sleep
Your new business endeavor will require many hours spent at the office — followed by hours on your computer and phone at home. These long days leave little time for socializing, family bonding, or extracurricular activities of any sort. You may even notice your sleep lessening (which in turn can reduce your ability to determine what is important and what is not).
What can we say? Your company is your baby, it needs your nurturing — and nobody can do it better than you. Sound familiar? If you’ve ever had a child, you know that the first few months of life require much energy on your part, resulting in shorter, often-interrupted sleep. Eventually, though, babies learn to sleep better and you get to, too. As you lay the groundwork at your startup and add more employees, you’ll probably have the opportunity to catch a few more z’s. (Whether or not your ambition will allow you to do so is another story.)
3 Short-Term Pains Every Startup Feels #3:
The Fear of the Unknown
Will I lose everything? Will this company succeed? Will it all turn out okay? It’s normal to have these worries early on in the startup game — we often carry these thoughts in the backs of our minds our entire lives! The real fear stems from not knowing the future, and nobody can change that. So, do your mind a favor by focusing on what you can control: your work ethic, motivating yourself and your team, and keeping your focus on the bigger picture.
Have you ever made a life-changing decision and wondered if it would all work out? Of course! Whether it was deciding to get married, move to another city, choose a college, buy a home, or something similar in significance, you’ve consciously walked into the unknown before. For better or worse, you navigated through and got to where you are today.
If we never take these leaps of faith in life or sacrifice to achieve greatness, we’ll never know what’s waiting for us on the other side. Don’t sacrifice your long-term goals and dreams because of short-term pains that may arise in your startup. Use your past experiences to help you conquer your current fears. Carpe diem!