Today on The Startup Chat, Steli and Hiten talk about the challenges of being an entrepreneur in today’s ultra-competitive business world.
Although there are lots of positives to being an entrepreneur, like being your own boss, working when you want to and how you want to, choosing your staff and ideally making a significant profit, there are also some difficulties that may come your way on your entrepreneurship journey.
From trying to establish a brand to working really long hours, dealing with the competition and staying profitable, being an entrepreneur can be very challenging and depressing sometimes, no matter how long you’ve been in business.
In this episode, Steli and Hiten address some of these challenges and share some tips on how to deal with them so you can operate an efficient and successful business.
Time Stamped Show Notes:
00:00 Steli and Hiten about today’s topic.
00:30 Why they chose to talk about this topic.
03:00 Hiten reads a text message they received from a struggling entrepreneur.
03:38 Hiten’s tip for dealing with challenging times in your business.
05:34 Steli talks about the difference between having challenges and suffering with them.
07:15 Steli’s philosophy when dealing with challenging times in life.
10:21 Hiten talks about why you should identify the cause of any challenge you might be going through.
12:38 Steli talks about Zen founder, a podcast by Rob and Sherry Walling.
3 Key Points:
Problems are mandatory but suffering is optional.
The reason I’m struggling with something is because I’m not doing it right.
Emotions are what usually gets the best of us in the worst situations.
Steli Efti: Hey, everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: And today on the StartUp Chat, we want to talk about is entrepreneurship hard even after you've doing it for many, many years and should it be. And here's the deal. Hiten, you and I we're friends with the founder. And that founder sent both of us a text message last night. And this was a personal text message, so I'm not gonna share who it is, but I'm pretty sure that if you're listening you know who you are. The founder just had, I think, a moment where things were overwhelming, and he reached to us to share that moment with us, which I-
Hiten Shah: Hang on. Hang on. Hang on. Hang on. Hang on. Hang on. I love that we're doing this one. Just wanted to say that.
Steli Efti: Okay. Very good. I didn't tell Hiten that we're doing this episode. This is one of the ones where I'm like, "Keaton, let's record. I'll tell you what I want to talk about, I'm sure. We're gonna just rock and roll with it without talking about it first."
Hiten Shah: It was in my head. It was in head, and like I forgot, dude. So good. Let's do this.
Steli Efti: Awesome. So we get this text message. It felt like a vulnerable moment where this founder which is like exhausted and texted both of us saying, "Dudes, even after fucking," whatever it was, "15 years of being an entrepreneur doing startups, why is this is so fucking hard? Man this sucks. This is so hard." He sends us this. I receive the text, Hiten receives the text and I have multiple thoughts here, right? Once I received it. One is, I'm really grateful that he feels so connected to us and feels trust us so much that he feels that it's okay to be vulnerable. That he feels like "okay, these are two founders that I experience that I can be honest with. I don't have to fuck around. I don't have to pretend I'm always strong and I know everything. I can just be myself and they'll understand. They'll be okay. They won't judge me, they might be able to help me.