Entrepreneurship is hard. Apart from keeping your business alive, you will also need to balance your work and life. Are you sure that you can do that?
Entrepreneurship can be a nightmare for the fainthearted. But then again, this is precisely the reason not everyone is an entrepreneur. Those who do start a business and succeed are the people who have the right attitude and determination to go after their dreams and create something better for themselves, their family, society and the rest of the world.
Becoming an entrepreneur can be difficult, but as long as you are prepared for the challenges you are going to face, you have a greater chance of succeeding in the long run.
1. Your First Attempt Will Fail
Your first attempt will probably fail. But that’s not necessarily a bad thing. Many business owners manage to take the high road after they have failed a few times but most importantly after they have gathered valuable feedback from their partners and customers. Think about it this way. Isn’t it better to know if there is something wrong in the early stages of developing your idea and as such change it to meet your needs instead of allowing it to become a problem later on? Things will naturally fall into place, but first you need to make a lot of adjustments to your original idea.
2. You Will Struggle to Survive
To get your business up and running you will probably need quite a bit of cash. As a startup, you will need to reach out for financial support and rely on your external partners for funding. After that, you will need to be on the lookout for at least five years to check if your company has started generating money and if it can be sustained in the long run. Having said that, at some point you will find it difficult to survive and in extreme cases, you will be much poorer than those who make the minimum wage. The solution to this is creating multiple streams of revenue.
3. It Will Be Highly Competitive
When you become an entrepreneur, nobody will congratulate you. In fact, what happens is quite the opposite, it’s more likely that competitors will want to bring you down because of it. The truth is that there are going to be people who won’t like you, but that’s fine; it means that you are doing something right. Keep this mind; the bigger your business gets, the more enemies it will attract. Just don’t let it get to you and focus on what’s really important; growing your business. “Haters are gonna hate.”
4. It Will Take Time to Succeed - If Ever
Starting a business is always risky. No one can guarantee whether your company is going to be a success or crash and burn after a few years. Having high expectations about your startup can be good – particularly at the very beginning, but you have to give it some time until you get the results that you want. Every member of your team is working hard and at double speed, having to cover twice the amount of work even though it doesn’t look that way. If it seems to be taking longer to reach your goal, there is probably nothing you are doing wrong. Sometimes there are things outside of your control, and you need to be patient.
5. Your Work-Life Balance Will Suffer
Entrepreneurship is a 24/7 job. There is no doubt your work-life balance will suffer a lot. Your business essentially becomes your life and consumes a large amount of the time you should spend with your family and friends. Even when you are at home or on vacation you think about work and can’t stop worrying about making the right decision.
6. You Won’t Be Your Own Boss
Sorry to break it you, but becoming an entrepreneur doesn’t necessarily make you the boss. Building a company from zero requires a lot of effort and help from the people you surround yourself with and these are your support team. Successful startups are built from a team of people who work well together, so learning how to rely on the people within your team is crucial.
Nobody said becoming your own boss was going to be easy. Along the way, there are certainly going to be times when you stumble, but that’s when you become a better and stronger entrepreneur.
So, what’s your view on entrepreneurship? Let me know in the comments section below…