11 Challenging Aspects of Owning a Small Business (And Why It’s Worth It)

Owning a business is one of the most challenging endeavors a person can undertake, and owning a small business is no exception. From strategizing to delegating and everything in between, there are many issues small business owners face, but most of them would say it’s all worth it in the end.

To give their opinion on why it is worth dealing with such trials and tribulations, a panel of Young Entrepreneur Council (YEC) members answered the following question:

“What do you think is the hardest part about being a small business owner? Why would you encourage others to do it anyway?”

These are their best reactions.

1. Trusting others and sharing control

“You have to trust others and share control and responsibilities. Small business owners need to understand, usually the hard way, that growth and risk reduction are possible when you share both with others. It’s easier to get through difficult things if you distribute the weight. And it’s easier to build a Colosseum with a team than alone.” ~ Dmitrij Zatuchin, DO OK

2. Balancing downstream and upstream activities

“Balancing downstream and upstream activities is always a challenge. Downstream activities such as driving sales and reducing risk and costs are often seen as the sources of value creation, but upstream activities such as setting strategic vision are increasingly the driver of customer loyalty. The pace of change is constantly shifting the center of gravity of a business, but the reality is that owners must do both.” ~ Ryan Stoner, Dendro

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3. Working long hours to the point of fatigue

“The hardest thing about being a small business owner is the fatigue. You have to put in a lot of work and hours to keep everything running. This can take a toll on even the most passionate of individuals. Fatigue often leads to hasty decisions. To keep your business going, you need to find a pace that won’t crush you. But it’s all worth it when you consider all the financial rewards it brings.” ~ Stephanie Wells, formidable shapes

4. Dealing With Self-Doubt At Random Times

“For a small business owner, one of the most difficult aspects is dealing with self-doubt, such as ‘Am I good enough?’ or ‘Is it worth it?’ Plus, it pops up at the most random times. The truth is you’re good enough. The decision whether it’s worth it is a personal one. But if you’re having fun and really believe in your concept, it’s probably worth it. Enjoy the challenge. It’s worth it!” ~ Zane Stevens, Protea Financial

5. Dealing with every customer

“The hardest part about being a small business owner is getting the best of every customer. You can put your heart and soul into making an excellent product or service, but there will always be a handful of negative reviews to to deal with. Although it may seem unfair, you should solve their problems with a smile. But if your product is good, you also get a lot of love from customers!” ~ Benjamin Rojas, All in one SEO

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6. Know what to do first

“For small business owners, the hardest part is knowing what to do first. They need to figure out how to make a profit while still providing quality and unique services and products. However, I would encourage others to start their own businesses, because it’s incredibly rewarding, it gives them the opportunity to create their own work and make their own hours.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

7. Balancing quality and growth when scaling up

“The biggest challenge as a small business owner is balancing quality and growth. As your business begins to scale, you may be tempted to compromise on quality. But you can’t do that if you need to establish yourself as a trusted brand in the long run. So as challenging as it is, you have to find ways to balance the two.” ~ Josh Kohlbach, Wholesale Suite

8. Put your people ahead of yourself

“The hours involved and the fact that as a leader you always have to put your people first are two of the hardest things. On the other hand, it also brings many rewards when you see others succeed under your guidance and be able to make someone’s life better with what you have chosen to do. Moreover, you are in control of your time. Yes, you will probably have to put in more than 40 hours a week, but you are living your dream.” ~ Alexandru Stan, Tekpon

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9. Finding Qualified People to Fill Roles

“The hardest part of being a small business owner is finding the right team. You will spend a lot of time researching candidates until you find the qualified people to fill your available positions. I think you should do it anyway, because a well-aligned team is one of the cornerstones of a successful business. Collaboration, communication and project management all benefit from a close-knit group.” ~ Chris Christoff, MonsterInsights

10. Being responsible for so many priorities

“For a small business owner, one of the most difficult parts is the number of things you are responsible for. There are many hats to wear and even more stakeholders that ultimately depend on your decision-making or delegation to keep your promises to them. Nevertheless, if someone is working on something that really fulfills them, carrying this weight is much easier and more fulfilling. ~ Akshar Bonu, the custom move

11. Coming up with creative ideas for growth

“One of the hardest parts of being a small business owner is constantly coming up with creative ideas that help your business grow. But to build a successful business, you have to do it, no matter how difficult it may seem.” ~ Thomas Griffin, Optin Monster

Image: Depositphotos

This post 11 Challenging Aspects of Owning a Small Business (And Why It’s Worth It)

was original published at “https://smallbiztrends.com/2022/07/challenging-aspects-of-being-a-small-business-owner.html”

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