Biggest Challenges Faced By An Independent Consultant And Entrepreneur
Athena, a marketing and strategy consultant, cites inconsistent income and the administrative burden of self-employment—including "doing your taxes or anything related to that"—as major challenges. The lack of daily structure inherent in independent consulting also presents a significant hurdle, contrasting with their previous highly structured life and highlighting the personal adjustment required for entrepreneurial success.
Entrepreneurship, Financial Management, Self-Discipline, Work-Life Integration, Client Acquisition
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Athena Liao
Mktg. & Strategy Consultant, Entrepreneur
Independent Consulting Firm
Yale, 2012
UCLA Anderson School of Management, MBA
Psychology
Consulting & Related Professional Services
Entrepreneurship and Business Owner
Scholarship Recipient, Student Athlete
Video Highlights
1. Handling fluctuating income and unstable client flow.
2. The administrative burden of self-employment, including tax preparation and 1099 forms.
3. Adjusting to the lack of structure and routine that comes with entrepreneurship compared to a traditional job.
Transcript
What is your biggest challenge in your current role?
Not having a stable stream of clients or a stable income is definitely a challenge. Doing your taxes or anything related to that is also challenging.
If you have many different clients, you need to fill out a 1099 for each of them and report all your earnings separately. It's not like you can get one W-2 at the end of the year, which would make things really easy. There's a lot of legwork involved in the background.
Another downside is the lack of structure. This might be a personal problem, but not being forced to have the same routine every day, like getting up and going to an office, is difficult. I think this is partly because I grew up in a very structured swimming life.
I was very accustomed to needing to get to practice at 6:00 AM, and my day was very structured. I think that's what I thrived on because that's what I'm used to. Transitioning to a life without that kind of structure was challenging, especially for me more than most.
So, while the lack of daily structure might not be a big deal for many people, it's definitely a huge challenge for me.