Entrepreneurship is indeed rewarding, fun and freeing. But there is a strange side to entrepreneurship that no one likes to discuss about much. Being an entrepreneur can be grueling, downright tough and spirit breaking. I hope you have solid skin. You will need it. Here are the best scary truth of entrepreneurship:
So many fresh entrepreneurs have high-flying visions of making big amounts of money. Perhaps some will. For most, though, it will take years, even decades. To build a remarkable empire, you need the top sales staff and steam, and this will need you to invest funds.
When you find an individual who can take your business to the next stage, you will be the primary to give up your own pay packet to hire them because that is what entrepreneurship is about. Your business will take on a life of its own almost like a kid. You will want more than anything for it to flourish and succeed, even if it is at your own expense.
You will sacrifice today for a wonderful tomorrow because that is what great entrepreneurs do.
Work-life balance is impossible. In the developing stages of any business, looking for work-life balance is very hard. Job will become your life. When you are at home working in your hard, at your kids cricket game or getting ready to turn in at night, you will be thinking about your business.
You will get up in the middle of the night worrying that you should have managed something better or jumped on an opportunity quicker. There is no 9 to 5 to building a business, only 24/7. Definitely. You will spend time at home and even on holiday, but will forever be on, thinking about your business.
Many trust that entrepreneurship means little hours and more free time. In truth, entrepreneurship means developing your business faithfully and carefully day by day over a time of year. If there is a real secret to victory, it is a hard job, period. Or, more perfectly, very hard work. Being in business for yourself is actually rewarding, but you have to be ready to work harder than you have ever worked for anyone else.
The hardest lesson for every person: The larger the empire, the more enemies are made. For most entrepreneurs, it is a hard thing to realize. There will forever be people who would not love the way you do things, the decisions you make or the way you are headed in.
You will spend a huge part of your life to establish your company. You will give back to your staff, sales team and the firm in general. Many times you will make plans in the top interest of the firm but not necessarily of the workers.
You will make plans that are in the top interest of one set of workers but not others. You will cut out services because you have to cut costs. There will forever be someone who does not love what you are doing, and it will hurt.
Entrepreneurs are usually confident people who grip deep convictions. But for most of them, at some point, the high stakes and responsibility gather to make a devastating loss of certainly in themselves and their job. When you feel hopeless and you will – you have to be capable to work hard to conquer any self-doubt, any feeling of doom, or any condition that feels overwhelming.
If your business begins to grow and become successful, it can feel amazing. Suddenly you are seeing a huge amount of money you earn, and you might get dollar mark eyes. It is attractive to go on spending sprees and reward yourself for all your hard work. The truth is you should be feeding and growing your business with the cash it brings in – not treating your business like your personal piggy bank.
Best bootstrapping builds a long-standing money-making business, so reject luxury life and keep yourself on a low pay as easy as possible.
The bad reality is that around eighty percent of businesses fail, which does not make for amazing odds. What is worse is that as an entrepreneur, your obstructions become public knowledge as friends, family and associates continue to ask.
Admit that you may be unsuccessful, but instead of self-indulgent, learn from your bad steps. Some entrepreneurs go through many unsuccessful startups before finding their golden success. It needs a degree of humility to accept education and insight from your errors, so check your ego at the door.