The Seven Perils of Entrepreneurship

If you've been out of work for a while, or are just plain tired of the work you've been doing for years, you may be thinking of starting a business. If so, get ready to embark on an exciting, rarely dull, often nerve-wracking journey.

To call it “perilous” may be stretching things, since perilous implies “dangerous.” However, it also means “exposure to risk or harm,” and starting a business can certainly be risky. In any event, entrepreneurship is definitely challenging. And since writing down challenges seems to make them easier to deal with, let's look at some obstacles you're about to face.

1. Time Mismanagement

This is one of those issues that create problems for many of us who start new business ventures. Either you spend all of your time working, or you can't quite keep yourself on a schedule.

Many businesses fail within the first year because the owner couldn't get a handle on work time versus “the rest of life” time. Rule No. 1: you can't spend every waking minute on your business. You still need to have a life. Otherwise, you'll burn out.

2. Lack of Organizational Skills

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Rickey Gold is the owner of Rickey Gold & Associates (rickeygold.com), a small, hands-on marketing communication firm that helps clients identify, reach, entice, and sell to their target markets.