Being an entrepreneur nowadays has become a fad. It has literally become a cliche for people to place the word “entrepreneur” in their Instagram or Twitter bio for all to see. The thought of leaving your job to start your own business is something that many people dream about daily. Let’s take the time to go over the truths of entrepreneurship as well as why being a business owner isn’t for everyone.
Good entrepreneurs need to focus as sharply as possible. Such focus puts your mind in a loop around the same goals 24 hours a day. If you think meeting a boss’s deadlines or demands is tough, try meeting your own, especially when your personal savings are on the line. The truth is that you never know what’s around the corner. Many entrepreneurs are driven by the need to build something great, help other people, or leave something behind.
Uncertainty is a hard pill to swallow. The sad truth is up to 90 percent of new businesses — including entrepreneurial startups — fail within a few years. Going into this, you must accept that your business has the potential to fail. There a number of things that can lead to failure — lack of marketing, oversaturated market, overpriced products or services or just the wrong timing.
Accept that feeling isolated will occur. It will be lots of long hours that you will spend by yourself trying to figure out how to grow your business. The thought of flying solo is exciting but it can also be stressful and even lonely. When you work for an established business, you have a trusted network of colleagues to tap into for feedback, a safety net of shared responsibility, and the chance to connect with familiar people during the workday. Isolation is a significant factor in the lives of most entrepreneurs.
It takes years of hard work to build a business. More free time does not exist when you are trying to build your own business. Entrepreneurship takes building your business day by day over a period of years. Hard work is the true secret to success in the entrepreneurial world — there are no shortcuts. Being in business for yourself is definitely rewarding, but you have to be ready to work harder than you’ve ever worked for anyone else.
Passion won’t be enough. We have all heard the saying “make your passion your paycheck.” While that might something to provide motivation for many, it’s never as easy as it sounds. Your passion can provide you with the drive to start the business but that won’t be enough to continue daily through hardships and turmoil. In the long haul, success has a lot more to do with less exciting character traits: patience and endurance.
You must manage yourself before leading others. Leadership, when done properly, will be the key to whether you grow your business successfully. It starts with managing yourself. Before you can lead others, you must take the time to manage your own endeavors. But successful businesses — -even those with just a single employee — have great leadership. And the best leaders know, above all, how to manage themselves.
Faking hurts more than it helps. Lying to yourself will never help you achieve the level of success you are looking for. “Fake it till you make it” is a popular mantra, but I believe in the integrity of being what you are in the moment. The secret of success is to be yourself–flaws and all.
Entrepreneurship isn’t for everyone, and that’s OK.
Those who have the heart and stomach for it will prosper! No matter what the motivation, creating something from nothing that grows and develops through the years can be almost like raising a child. If you are looking to become an entrepreneur because it’s the “fad” — then you will be a rude awakening but if you are ready for the roller-coaster ride — then follow your dreams.