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A Study to Understand Entrepreneurial Struggle and How to break it

For more satisfaction, success and money

Imran A. Khan and Waqas Y. Rao

Department of Administration, University of Education Multan, Pakistan

Authors Note:

Imran A. Khan, Department of Management, University of Education Multan, Pakistan; Waqas Y. Rao, Department of Management, University of Education, Pakistan

I express my whole hearted thanks to Almighty Allah who gave me courage, insight, knowledge and light out of the darkness. Through the blessing of God and the spiritual efforts of the Holy Prophet (Peace be upon him) and my friend, without his support I would not be able to do this work and I have been successful in completing this article. I feel utmost pride in acknowledging with sincere gratitude for the valuable guidance I have received from my respected teacher Mr. Mian Muhammad Asif, who has been a constant source of enthusiastic encouragement throughout my study.

Correspondence concerning this article should be addressed to Imran A. Khan, Department of Management, University of Education, Multan Pakistan, 60000. Email: livetotype@live.com

Abstract: Entrepreneurs have been a thrill in the business world and a great source of strengthening in the economy internationally since the last couple of decades. Their breakthroughs keep in roll and bring improvements in the lifestyle of their customers. Entrepreneurs are usually self-motivated and keep their work track a little bumpy by trying new things but thats not same for every entrepreneur. Some along the entrepreneurial struggle lose their spark. A survey from a sample to 50 entrepreneurs was conducted, some online and some from the offline world. The questionnaire was designed to find out, whether entrepreneurial struggle was affecting their passion and business. And it was found out to be true. The questioner also focused on the various factors that support the entrepreneurs struggle. These various factors include human natures, personal conduct, selfmotivation, mundane routine and fear of change. These are discussed in detail in the article and in the end the solution of how to break entrepreneurial struggle in form of 5 stages is given.

Introduction

This article is a part of those efforts which are put forward to help the entrepreneurs sustain their passion and success by discarding the troublesome factors of their entrepreneurial business. In the last couple of decades, entrepreneurs have become a thrill in the business world and a great source of strengthening the economy internationally. Entrepreneurship arises from the stem of new ideas, inspiration, creativity and combines with business tactics to take its final form. From the conducted survey, it came forward that the entrepreneurs under study had started with bursting energy and passion but with passage of time, when their business takes firm grounds; their business becomes a routine to them which was once a thriving source of their motivation. A mundane routine though pulls good revenue but fades away their urge of never stopping. And some entrepreneurs even end up getting rid of their businesses. Very few had maintained their level of enthusiasm along the time scale. This is the entrepreneurial struggle which tends to convert the colorful picture of entrepreneurship into a mundane routine and paralyzes the capabilities of entrepreneurs. Therefore, its vital to keep the kindle of their inspiration blazing and lighted up. After conduction of the survey and looking out for literature, The 5 stages of breaking the entrepreneurial struggle found to be the most accurate solution to this problem.

Entrepreneurial Struggle How it works:

Lets first give a detailed look to entrepreneurial struggle and how it works. As an employee thinks that they could do a better job and earn more money if they set up their own business and work themselves. So one resigns from his job, got some business cards printed up, and set up his shingle as his own business owner. Basically, creating a business or acquiring a business similar to what one had done in the past as an employee. One certainly had the technical abilities to do the work so what different would it make if they now also became a business owner? Here lies the first problem. Whilst we all may be good technically as being an employee and doing the work, it is a far cry and almost completely a different world in having a business and running and business.

Doing SWOT of his own self, makes an entrepreneur aware what his strengths and weaknesses are, and one of the biggest weaknesses I see in new business owners is that whilst they may have the strength of technically being able to do the work, they simply do not know how to run a business.

So, once business is up and running, one gets customers, answers phone, takes orders, sends out the bills, collects any debts, banking the money and runs the day to day operations of the business on a small scale. Soon an entrepreneur starts to put on staff because he realizes he cant do all this by himself. Here is when further headaches start. Managing staff is a double edged sword. It can give one much joy as

well as much heartache. With staff business grows, but one has to struggle even more. He works more hours, hoping to earn more money, he continues to struggle as the diagram suggests. Months go by and then eventually years go by and one have some small wins and some growth, but this is greatly outweighed by the continued struggle that one has to grow his business, deal with staff, deal with customers and make profits. Within a few years, the first seeds of discontent and frustration start to sprout. One works a lot of hours, spending a lot of time away from the family, not seeing the financial and lifestyle rewards that they thought they would get when they went into business a few years back. The seeds of discontent and frustration have grows from a small sapling into a large tree. I believe one of the biggest contributing factors why business owners continue to be trapped in the Entrepreneurial Struggle is their fear of change. After all it is a normal human emotion fearing change. As employees, we disliked the change in the workplace. We were happy to go to work each day, knowing that our cubical would look the same, that when we opened our desk drawer we would recognize the same pens and paper that were in there the night before, and we would know we would be surrounded by familiar faces. The work would look the same, and at 5.00 pm we would go home to the same home, basically eat the same food, and watch the same television shows before we went to bed. As an employee our life became mundane and, human beings like routine. However, when one gets stuck in a rut and the longer it persists the more difficult it is to break this trap.

In business, its the same. Business owners and I myself can admit to this as well, we become comfortable with the daily struggle. We simply get used to it and expect to face it every day when we go to work. We believe that something must be wrong in our business if things were different. We actually fear change and become comfortable with our daily routine of struggling as though we seek solace and comfort from being trapped in the Entrepreneurial Struggle. One simply doesnt want to change because the pain of having to change greatly outweighs the pain of simply doing nothing and sitting on the couch and fence and going through the daily routine of struggling through their business. It is only when the pain of not changing outweighs the pain of doing nothing, we actually take action and try and break the Entrepreneurial Struggle. I had to do something. The pain of doing nothing outweighed the pain I would go through by changing everything in the business. The question arises that is one willing to commit to make the shift and change his business? If I showed the next step of breaking the Entrepreneurial Struggle would they take it? One has to take control of their destiny

Breaking the Entrepreneurial Struggle:


First start off as an employee and acquire all the skills and knowledge to do ones work. Once again discontent sets in because one believes that

he can do a better job than his boss can and why should he make all the money and not him. Once again one had initially struggle because everyone who starts a business does, it is unavoidable. Less than 1% of business start-ups actually succeed within the first 12 months so one would be in a rare breed if one started a business from scratch and within the first 12 months and didnt struggle. The next few years the business grows and they put on staff to help one cope. But it still is a daily struggle. Despite the growth, cash flow is tight because they have invested all the money back into the business and they are drawing a wage a lot less than perhaps what their employees are getting. Whether or not they break through that wall and break the Entrepreneurial Struggle is entirely up to the entrepreneurs. Here are the 5 Stages to Break the Entrepreneurial Struggle As they say, a journey of a thousand miles starts with the first step. The good news is to break the entrepreneurial struggle, heres a fast-track. In life, in my opinion, there are no short-cuts, but there are quicker ways to get to the destination. Its still tough and not easy but one will get there faster. So why spend that extra time and effort? This roadmap, a series of 5 stages or destinations that one will need to pass through in the exact order to get to the end of ones journey and ones final, ultimate destination. The final destination is to create the business and lifestyle that one has always wanted.

The MUST to adhere 2 critical success factors:


1. Like a roadmap, one must visit and pass through all 5 destinations in the exact order that is given. 2. One must act and implement everything. One cannot move onto the next destination until they have implemented all that is required in the current destination.

Analysis
Here is a questionnaire that can be used to record views on entrepreneurship in particular. This can be used in an online setting, either as a seminar activity or something that students can prepare and analyze in advance. Q: Are you 1. Male 2. Female

Frequency %age Option 1 Option 2 Total 19 11 30 63 37 100

Valid %age 50 50 100

Cumulative% 57 43 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% Option 1 Option 2 Total

Question2: In which of the following scale does your age lies? 1. 25-35 2. 36-45 3. 45+

Frequency 25-35 36-45 45+ Total 18 7 5 30

%age 60 23 17 100

Valid %age 50 25 25 100

Cumulative% 55 24 21 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% 18-30 30-40 40+ Total

Question 3: Are you an entrepreneur? a) Yes b) No c) Not sure

Frequency %age Yes No Not Sure Total 12 10 8 30 40 33 27 100

Valid %age 40 30 30 100

Cumulative% 45 29 26 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative%

Q: Does an advertisement urge you to try a new brand? 1. Yes 2. No Frequency %age YES NO Total 12 18 30 40 60 100 Valid %age 50 50 100 Cumulative% 45 55 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% YES NO Total

Question 4: How long has it been since youve been in entrepreneurial business? a) 4-5 years b) 1-3 years c) Recently d) Im planning

Frequency %age Option 1 Option 2 Option 3 Option 4 12 7 5 6 40 23 17 20

Valid %age 30 25 25 20

Cumulative% 35 24 21 20

Total

30

100

100

100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 5: Whats the size of your business/Organization? a) Large b) Medium c) Small

Frequency %age Option 1 Option 2 Option 3 10 12 8 33 40 27

Valid %age 50 25 25

Cumulative% 42 33 25

Total
100 90 80 70 60 50 40 30 20 10 0 Frequency

30

100

100

100

Option 1 Option 2 Option 3 Total

%age

Valid %age

Cumulative%

Question 6: Were you doing a 9-5 job before? a) Yes b) No c)

Frequency %age Option 1 Option 2 Total 15 15 30 50 50 100

Valid %age 55 45 100

Cumulative% 60 40 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative%

Question 7: If you quitted the job, what did motivate you to quit it and initiate your own business setup? a) To get rid of hectic routine of 9-5 b) To get established c) To be your own Boss d) To strive for better revenue

Frequency %age Option 1 Option 2 Option 3 Option 4 Total 12 7 5 6 30 40 23 17 20 100

Valid %age 30 25 25 20 100

Cumulative% 35 24 21 20 100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 8: If you started your career directly as an entrepreneur, what was the main reason? a) You always wanted that b) Someone inspired you c) You found a bright opportunity d) Everyone is trying so should I

Frequency %age Option 1 Option 2 Option 3 Option 4 Total 10 10 4 6 30 33 33 13 21 100

Valid %age 30 25 10 35 100

Cumulative% 32 27 12 29 100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 9: How much satisfied are you with your business and daily struggle? a) Completely b) Well c) Fairly d) Poorly

Frequency %age Option 1 Option 2 Option 3 Option 4 15 10 4 1 50 33 13 4

Valid %age 40 25 15 20

Cumulative% 45 27 14 13

Total

30

100

100

100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 10: Have your efforts been as fruitful as you expected? a) Yes b) No c) Not sure

Frequency %age Option 1 Option 2 Option 3 Total 10 10 10 30 33 33 34 100

Valid %age 30 25 45 100

Cumulative% 32 27 41 100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 11: If your efforts havent been very fruitful, are you sucked in to the dark hole of frustration and stress? a) Yes b) No c) Not sure

Frequency %age Option 1 Option 2 Option 3 Total 10 12 8 30 33 40 27 100

Valid %age 50 25 25 100

Cumulative% 42 33 25 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% Option 1 Option 2 Option 3 Total

Question 12: Are you willing to get out of this pit and shoot for better outcomes? a) Yes b) No

Frequency %age Option 1 Option 2 Total 18 12 30 60 40 100

Valid %age 50 50 100

Cumulative% 55 45 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% Option 1 Option 2 Total

Question 13: Have you tried anything to break your entrepreneurial struggle? a) Yes b) No c) Never thought of it d) I dont know what entrepreneurial struggles are.

Frequency %age Option 1 Option 2 Option 3 Option 4 12 7 5 6 40 23 17 20

Valid %age 30 25 25 20

Cumulative% 35 24 21 20

Total

30

100

100

100

100 90 80 70 60 50 40 30 20 10 0 Option 1 Option 2 Option 3 Option 4 Total Frequency %age Valid %age Cumulative%

Question 14: What were the dark holes in starting up your business that scared you most? a) Risk of failure b) Lack of leadership c) Lack of teamwork

Frequency %age Option 1 Option 2 Option 3 Total 9 11 10 30 30 36 34 100

Valid %age 30 30 40 100

Cumulative% 30 33 37 100

100 90 80 70 60 50 40 30 20 10 0 Frequency %age Valid %age Cumulative% Option 1 Option 2 Option 3 Total

Question 15: In your opinion, whats most important in success in entrepreneurial businesses? a) Fate/Luck b) Staying motivated and persistent in work c) Working like crazy d) Planning- Analyzing executing getting good results maintaining results e) Marketing Strategies Question 16: In your opinion, whats the core quality of an entrepreneur? a) Passion b) Persistence c) Intelligence d) Experience e) Skills f) All of the above

Question 17: Had you applied general country/city PESTLE before starting up? a) Yes b) No Question 18: Had you applied SWOT analysis on your own self before starting? a) Yes b) No

The 5 Destinations
The following is the 5 destinations, in sequential order. These are the 5 destinations and in the order that one must travel through them and onto the next: 1. Break the Time for Money Molecule 2. Master Efficiency and Focus 3. Implement the 90-Day Rolling Plan 4. Focus on Doubling your Multiple 5. Break the Entrepreneurial Struggle the final destination In conclusion, they must be done in exact order. Each subsequent destination relies on information gather and skills mastered from the previous destination. One will not get the real returns and benefits

from the next destination if one just skips or skims through the previous destination.