First and foremost, thank you for visiting. When you're thinking about becoming an entrepreneur, the notion of being your own boss and investing in your own venture is thrilling during the first few weeks and months. You hear about overnight successes and other company leaders finally feeling fulfilled in their profession and believe that you will experience the same degree of success or contentment as soon as you start.
While these good and exciting aspects of entrepreneurship are undeniably true and make the job worthwhile, it is important to realize that there is also a negative side to the business. It's not all fun and games, and those "overnight triumphs" are nearly often the result of arduous behind-the-scenes effort and years of practice and failure.
Before you get too thrilled about being an entrepreneur, consider the following six terrible truths:
1. You won't start making money right away
Raising financing for your firm is difficult, and it frequently acts as a financial wake-up call for ambitious young entrepreneurs who believe that owning a business would result in immediate profits. The fact is that the first several years of most firms are spent getting their infrastructure up and functioning. You will spend more than you will earn, and as a result, you will most likely not get a salary for several months. For basic living needs, you'll have to rely on your own savings or reserves and hope for the best.
2. Too much stress
No matter how enthusiastically you enter the position or how devoted you are to prioritizing your personal relationships, they will suffer while you expand your business. You'll be working long hours, sometimes from home, and you'll be on call to solve company problems at night, on weekends, and on holidays. You'll be distracted nearly continuously by worries about your company's troubles, and the financial strain you'll be under will strain your relationships.
3. Trying to balance everything will wear you down
Simple, You are a human, not a robot
As that of the Top management of your own company, you will perform many jobs. You'll perform some of your favorite things, but you'll also be an administrator, a supervisor, a technician, an HR manager, and marketing. No matter how eager you are to take on these tasks at the start of your career as an entrepreneur, the frequent shifting of gears will eventually wear you out.
4. Your emotions will overwhelm you
Even if you strive to repress your emotions or find a healthy outlet for them, there will be occasions when they overpower you. You are too heavily invested in your own corporation for this to not occur. You may be disheartened and unhappy about your progress, or you may be concerned that you will not generate a profit in a reasonable length of time. When your emotions get the best of you, you'll be unhappy and make poor judgments.
5. Nothing will happen the way you expect it to
Your business plan may meticulously spell out every step you anticipate for your company's first few years, but no matter how much research you've done, you won't be able to forecast everything. Even things you can foresee will not go precisely as planned. As a business owner, you will be pushed to adapt, perhaps in ways you don't want to.
6. You will end up running for funding from VC instead of focusing on innovation or growth
Look VC investment is fantastic, but it has certain qualities. Let's take an example of "getting married," but the moment you're married, your spouse is trying to find out how to get divorced, because they want to figure out how to sell this business for a profit because that's what they want." They just want the return on their investment, isn't it? In my opinion, you should rather first focus on the profitability of your company not chase the unicorn road and went on getting higher investments. Because remember this, not every business owners or founders have Google, Facebook, and Uber business ideas.
CONCLUSION
I'm not saying that starting a business is a terrible idea or being an entrepreneur. For everyone who decides to pursue it, entrepreneurship is and should be an exciting and gratifying activity. Instead, my goal is to assist a new generation of self-starters in preparing for the often harsh realities of business ownership, so that they may better understand the challenges ahead of them and properly prepare for the journey. So that's the end of today's article I will see you all in the next post till then stay motivated😉
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