1. Depression. Whether you’re talking about feeling a little blue or having a full-on, nonfunctional episode, it’s not uncommon for entrepreneurs to suffer from depression.
2. Personal sacrifice. Entrepreneurs can sometimes focus on work to the exclusion of things—relationships with a spouse or with children—that will matter more in hindsight.
3. Unhealthy habits. There’s never enough time in a day to accomplish everything, and entrepreneurs often prioritize work over things like exercise, taking the time to eat properly and getting enough sleep.
For three more downsides of being an entrepreneur—and helpful tips on how to address them—visit OPEN Forum.
To see what we mean, read small-business expert Mike Michalowicz’s take on the importance of paying yourself what you’re worth on OPEN Forum.
Come Oscar nod time, for every “It’s an honor just to be nominated,” there’s an actor or director peeved that their performance wasn’t even in the running. You could say it’s similar to the angst business owners feel when their business — their pride and joy — doesn’t land a spot on a coveted “best of” list or win an award.
But there’s wisdom to be found in moving past an upset like this:
Keep auditioning. Even if you’re not getting the top industry awards, or haven’t been added to the “40 Under 40” or all-time favorite blogger lists, doesn’t mean you’re doomed to failure. There’s still an audience and recognition waiting for you. Expand your social media presence by making comments on other blogs and social accounts. Consider guest blogging or asking others for their contributions. Request an interview or volunteer to give one. Keep networking and handing out your business cards. Don’t give up.
Via OPENForum.com: “What the Academy Award Snubs Can Teach You About Success”
Before you do anything, figure out if your product is something your customers actually want. Sounds simple enough, but you’d be surprised how many people overlook this important step. Author Alexis Ohanian put it best:
"You’ve absolutely got to make something people actually want or they’ll never stick around, let alone come back. So how do you make something people actually want? Start with a real problem. You’ve undoubtedly encountered products or services that have frustrated you. Keep a notepad handy, and write down whatever is upsetting you. There’s a good chance you’ll find a business in those notes.”
Via OPENForum.com: “3 Things To Consider Before Launching A New Product”