- Crucial Entrepreneurial Realities No One Talks About
- Final Thoughts
The dawning of the millennium has seen the rise of the business person. Now everyone dreams of quitting their regular 9-to-5 or high-paying vocational job to follow their entrepreneurial dreams. But we glorify business so much that we forget to acknowledge the real risks, which could land us in hot water.
An entrepreneur’s life isn’t paved with gold. Instead, you’ll feel more like you’re headed to the promised land but navigating an extensive minefield, praying that you get to the other side. Typically, every businessperson has certain things they wish they knew before beginning their journey.
Knowing some best-kept secrets and success tips will help you manage your expectations and maintain focus, enough to help you navigate the murky waters confidently as you follow your dream.
Crucial Entrepreneurial Realities No One Talks About
“Are you sure about this?” “That won’t be simple.” “You’re crazy!”
These are just a few things budding entrepreneurs hear when they share their visions. The critics are right; don’t expect an easy ride, but this shouldn’t stop you from succeeding. You can easily beat the hurdles by knowing what lies ahead.
That said, here are some secrets you’ll likely not hear elsewhere:
1. Dropping Out Of School Won’t Make You The Next Steve Jobs
A common misconception among up-and-coming entrepreneurs is that getting rid of the suffocating shackles of school can make them design the next Apple. But doing this won’t make you achieve your goals.
The truth is that neither Bill Gates nor Steve Jobs quit school to loaf around and play NBA2K all day. Bill Gates had planned his future software company for years before dropping out of Harvard, while Jobs proceeded to audit classes after dropping out.
These are rare exceptions – you’ll likely be much better completing your higher education before you start chasing your entrepreneurship dream.
And while at it, Albert Einstein was an excellent math student, mastering calculus by age 15. He never (ever) wore socks and married his cousin, so it’s probably time to stop basing your life around him.
2. You’ll Put In More Work Than You Realize
Success in anything within or beyond business will likely require more effort, time, blood, sweat, and tears. You can probably picture that now.
If you’re yet to begin, your business-building efforts are still in the honeymoon phase. You might be thinking about working on the beach, traveling the world, sleeping late, etc., but it won’t work like this in reality.
Long nights, long days, and long weekends all go into creating a life and dream you’re happy with.
Anything worth doing takes effort, and you must be ready to invest in yourself and your business’s success.
3. Your First Idea Probably Isn’t Your Best Idea.
Business ideas are a dime a dozen. From your point of view, your idea could be pretty good, or even the best ever. I won’t say it isn’t because it’s probably pretty good. But almost every successful mogul acknowledges that their first ideas aren’t usually the best.
For instance, you may have to replace your first idea for a website design, new product, or post title with a better one. As you gain more experience in creation and production, you’ll realize that your ideas and choices will improve as they mature.
Therefore, always be flexible to kill your first ideas and allow yourself to develop something even better.
4. You’ll Want To Quit
As passionate as you are, you’ll still encounter moments when you feel like giving up. Running your own business isn’t as cut and dried, even if you’re doing what you love.
Working exhausts people, so be sure to include healthy breaks. Even if you’re taking mini-breaks between meetings or phone calls, a little breathing space can go a long way.
Contrary to most people’s beliefs, such short breaks don’t limit your productivity. Instead, a well-deserved and well-timed break can re-energize you to get through the rest of the day faster.
5. You Must Give Up Some Things To Win
Most people planning to start and improve their businesses aren’t willing to make the right sacrifices and cut out things from their schedules. I don’t know what you might be having on your calendar, but I’m sure there are some things you’ll need to eliminate or cancel to create sufficient time to make your business dream a reality.
Yes, you can and must schedule your downtime and balance it with the time you spend with your friends, family, or kids. However, you must look hard at the things you need to eliminate. This way, you can focus on the priority tasks you must accomplish.
6. You’ll Have To Ask For Money
Whether you underestimated the business loan you need or thought you had sufficient capital, you must look for more. This is true for a significant percentage of startups.
It’s hard to ask for money, especially if you seek funds from the same entity or person. But don’t feel guilty about this – even though it may seem like your entire brain wants to. Instead, create a comprehensive plan detailing how you plan to use the money and how you’ll repay it.
If you’re borrowing from the same person, show them your plan for how you’ll use the money without running out. This way, the person will see that you’ve taken the time to define projections, timelines, runways, and go-to-market strategies. This backs up your confidence in the business.
7. It’s All Unpredictable
If you’re planning to start a technology startup, you will look up to the success stories of other entrepreneurs in your niche. It’s reasonable to assume you’ll have the same experience as theirs because it seems feasible and logical. Also, such insights give you a proposed business plan matching your business journey.
But remember that their story, hurdles, or journey may never be yours. No matter how much you read their content, navigating it yourself will make the actual path clear.
Starting and running your own business is awkward and burdensome, and you might face some blows. Like passing through a minefield, entrepreneurship is a risk. But once you reach the other end, it’s always worth your blood, sweat, and tears. So brace yourself.
All the best in your venture!