7 Harsh Realities Entrepreneurs Should Know Before Starting a Business

March 24, 2016

4:06 pm

Entrepreneurship isn’t always the glamorous lifestyle of being your own boss that people make it out to be. For every successful company, there are at least ten other failed ones. Entrepreneurship is a difficult journey to undertake and it’s not for everybody. There are those who will find that isn’t for them.

In this guide, you are going to learn about the seven harsh realities entrepreneurs have to know about before starting a business.

You Won’t Make Money Right Away

A total of 43% of all companies surveyed spent over half their digital marketing budgets just on finding the right audience. This illustrates how difficult it is to make money. In the beginning, you will be spending far more than you are bringing in.

For some people, they can’t handle this type of stress. They can’t handle digging into their savings funds and praying that sooner or later they will start to make some of it back. A lack of funds is one of the biggest stress factors for entrepreneurs.

Your Personal Life Will Take a Back Seat

Entrepreneurs spend most of their time chained to an office desk. This has a deep impact on personal relationships. It’s why entrepreneurs usually have such a high percentage of mental health issues. Long hours, a lack of vacation time, and not seeing your loved ones will become part of your life.

You have to make sacrifices if you want to be a successful entrepreneur.

The Juggling Process Will Grind You Down

Anyone working as part of a startup knows that they have to wear multiple hats. You are not just the CEO, you are the supervisor, the financial expert, and the HR manager all at once. There’s nothing you can do about this because this is what a business leader has to do.

The constant shifting of positions and the stress coming from all areas will wear you down over time. It’s why entrepreneurs need to take care to balance their lifestyles.

Emotions Will Overcome You

Leading a business is a rollercoaster of emotion. When things go well, you will feel on top of the world. When things go bad, you will feel like you want to be six feet under it. Entrepreneurs are naturally emotional figures and they will feel success and failure harder than anyone else working for that company.

During your business career, you will come up against a number of defining challenges. Your emotions will get the better of you and you will feel close to the edge.

Nothing Will Happen as Planned

You can have the greatest business plan in the world, but you’ll soon find that little goes to plan and your business plan will change all the time. The best people to lead companies are those who can adapt to new situations. If you are unable to deal with the unpredictability of entrepreneurship, it won’t take long before you are closing the doors on your company for the final time.

Making the Tough Decisions

One good thing about being your own boss is that you are the person in control. On the flip side, you will have to make some extremely difficult decisions during your tenure. This may include firing a friend because they are no longer performing at the required level or canceling a birthday party because you have to attend an important sales pitch with a client.

Decisions like this can get extremely emotional and you will question whether it’s all worth it.

You Will Fail

Very few entrepreneurs get it right the first time. Most people will fail and fail spectacularly before they stumble upon something that actually works. Failure is not something to fear it’s something to embrace because this is where you will learn from your mistakes.

The businesspeople who are sure to succeed are those who know how to react when they fail. They are not overly conservative but they are not reckless either. They love to fail and they will do it time and time again because they know it’s another step on the road to success.

But It’s All Worth It…

Entrepreneurship may have its dark side, but the average entrepreneur is still happier than the average worker and they would never give it up for a normal job. They are doing something they are passionate about and making real change through doing what they believe in.

Nothing can replace that. Nothing can replicate that feeling. And that’s why if you believe in your own business you should get started today!

Did you like this article?

Get more delivered to your inbox just like it!

Sorry about that. Try these articles instead!

AJ Agrawal is an entrepreneur, speaker, and writer. He is the CEO and Co-Founder at Alumnify Inc.

  • Shares

Leave a Reply

  • (will not be published)
SOTY2017 300×250
SXSW StartupNightA