Becoming an entrepreneur isn’t all fun and games.
Some people may think that becoming your own boss is the greatest thing ever. When in reality, it actually has a lot of downsides. Before you choose to take on a huge role, we want to make sure you are properly warned. Here are some things they don’t tell you about becoming an entrepreneur.
1. You’re Going To Need A LOT Of Financial Help
Running your own business sounds great in theory – until it comes down to expenses. Starting your own company is going to cost you A LOT of money, so be prepared. Sure, your family and friends may help you out, but they’re probably not going to throw you $10,000 each. Therefore, you shouldn’t be ashamed if you have to take out a bank loan or look around for angel investors. We also teach an awesome online course called Cracking the Crowdfunding Code which will help you raise the money you need to get started!
2. You’re Not Going To Be Successful Right Away
Many people will drop out of school or quit their 9 to 5 job when they start a business, thinking they’re not going to need those things. Once you’re an entrepreneur you’re successful, right? NO! Becoming an entrepreneur takes a lot of money, and it will take a lot of time for your business to grow. You’ll be spending more money to make your business grow before you become successful and gain a profit, so don’t think you’ll become rich right away. Most business startups take about 2 years until they become profitable, so you’re probably not taking a salary right away. Timing and the work you put in are keys here, for success won’t happen overnight.
3. There’s No Time For Procrastination
When you become your own boss, there’s a lack of structure. There’s no one breathing down your neck, you’re working your own schedule, and you work in a comfortable work-space. This is SUPER dangerous for procrastinators, who can become too comfy and easily sidetracked. It’s hard to commit and treat your business like a REAL business. However, you should try your best to establish routines and stick to real work hours. Do not slack and just watch your favorite TV show in the middle of the day instead.
4. You Can’t Do It All
Many new entrepreneurs make the common mistake of thinking they can do everything on their own. Starting a business is already tough and frustrating, and you can only work your business solo for so long. Producing and delivering everything is a lot of work that can be expensive, especially if you are not an expert in a certain area. Most entrepreneurs are perfectionists and want to do everything themselves. However, if someone can do something 80% as good as you, then you should delegate that task out. It’s important to acknowledge that you’re going to need help and can contract out tasks to those who are good at what they do. That way, you can focus on what you do best and love!
5. It’s Difficult To Find Your Dream Team
You get to choose your own employees, but did anyone tell you how hard this actually is? Who can you truly trust with your business? Who is going to be the most efficient and bring you in the most money? You take a leap of faith by starting a business, and now you’re asking people to take a giant leap of faith with you. It can be hard to get others on board and find people who share your enthusiasm. Be sure to demonstrate your company’s value and vision to everyone first so they’re more confident with your business.
6. You Will Miss Having A Steady Paycheck
You may have job security when becoming an entrepreneur, but not profit security. Certainly, you will not be the highest paid person in your business. Most of the money you bring in will be going towards your loans and infrastructure. There’s no way to tell when you will make money and how much money you will make in a day, so say goodbye to regular paychecks! You may be able to make an educated guess, but you don’t always know what the outcome will be until you’re in the business. The good thing about this is that all of the hours and all of the money your business earns will be yours to do as you please. There’s no upper management taking a cut of profits since you are the boss.
7. Your Pride Could Be Wounded
Becoming an entrepreneur makes you gain a lot of pride, but a lot of it is also wounded. The harsh reality is that over 80% of businesses fail, which gives you a slim chance to succeed. There’s always going to be those harsh critics out there that you can never please or those who will never buy from you no matter how hard you try. You must accept that you may fail and learn from your missteps. Many entrepreneurs go through several failed startups before finding their golden ticket. You must fail in order to be successful, so check your ego at the door. Accept the education and insights from your mistakes and try, try again!
8. Success Never Tasted So Good
Starting your own business is tough, but the rewards feel SO good. There’s really no better feeling than seeing your business win and thrive. Keep at it until you get here, because the satisfaction and joy you get is completely worth it in the end.
Have you ever thought about becoming an entrepreneur? Did you know the reality of it? Let us make it easier for you with our wide range of courses and services.
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