Under-discussed personal challenges running your own buiness
Starting and running your own business is a rewarding journey—but it also comes with significant personal challenges that are often under-discussed. As a business coach and mentor, I’ve seen firsthand how these hurdles can impact entrepreneurs’ wellbeing, confidence, and long-term success. This blog explores the most common personal challenges UK entrepreneurs face and offers practical remedies to help you navigate them.
1. Mental Health Strain: The Hidden Cost of Entrepreneurship
Running a business can be isolating and emotionally taxing. A study by Mental Health UK and iwoca found that 80% of UK small business owners report experiencing symptoms of poor mental health, including anxiety, disrupted sleep, and depression. Notably, 86% of female business owners reported these symptoms, compared to 77% of males.
Remedies:
Set boundaries: Establish clear working hours and take regular breaks.
Seek support: Connect with peer networks or consider professional counselling.
Use resources: Organisations like Mental Health UK offer tailored support for entrepreneurs.
2. Fear of Failure: A Growing Barrier
Fear of failure is a significant barrier to entrepreneurship. A study by the Onward think tank revealed that 53% of working-age Britons express this concern, up from 35% in 2016. This trend places the UK behind countries like Germany, the US, and the Netherlands.
Remedies:
Reframe failure: View setbacks as learning opportunities.
Start small: Test ideas through side projects before full commitment.
Build resilience: Develop coping strategies and celebrate small wins.
3. Gender Bias and Imposter Syndrome
Gender bias remains a challenge. A survey of 500 female small business owners revealed that over one-third (35%) have experienced gender discrimination. Additionally, 53% reported feeling the need to prove themselves more than their male counterparts.
Remedies:
Join supportive networks: Engage with groups that empower women entrepreneurs.
Seek mentorship: Connect with mentors who understand your challenges.
Advocate for change: Share experiences to raise awareness and drive inclusivity.
4. Financial Stress and Limited Access to Funding
Financial challenges are prevalent. A report by Allica Bank highlights a £90 billion lending gap in bank financing to UK SMEs, significantly hindering investment and growth.
Remedies:
Explore alternative funding: Consider crowdfunding, angel investors, or government-backed loans.
Improve financial literacy: Educate yourself on financial management and planning.
Seek advice: Consult financial advisors or business mentors.
5. Time Management and Burnout
Entrepreneurs often juggle multiple roles, leading to burnout. A study by The Dawn revealed that 69% of UK executives reported experiencing work-related stress, with over half facing burnout or exhaustion.
Remedies:
Prioritise tasks: Use tools like Eisenhower Matrix to manage tasks.
Delegate: Outsource tasks when possible to focus on core activities.
Schedule downtime: Ensure regular breaks and leisure activities.
6. Navigating the Unknown: Skills Gaps and Self-Doubt
Many entrepreneurs face skills gaps and self-doubt. A report by Start Up Loans identifies knowledge and skills gaps as a significant challenge for new business owners.
Remedies:
Continuous learning: Engage in workshops, courses, and reading.
Build a support team: Surround yourself with advisors and experts.
Celebrate progress: Acknowledge achievements to boost confidence.
Final Thoughts
Starting and running a business in the UK is filled with personal challenges, but with the right strategies and support, these can be navigated successfully. Remember, seeking help is a strength, not a weakness. Utilise available resources, connect with supportive networks, and prioritise your wellbeing to thrive in your entrepreneurial journey.
If you’re facing challenges in your entrepreneurial journey, consider reaching out to professional networks or support organisations for guidance and assistance.
Alex Miller is a professional personal and business coach and mentor, working with start-ups and small businesses in the UK and Europe. Find out more by clicking here Eiger Coaching