Last Updated on Apr 7, 2020 by James W
The dream of being a business owner is full of happiness and success. However, we should also be aware of the challenges that come with entrepreneurship. Otherwise, it could lead to frustration and loss of motivation. Our friends over at www.findmyworkspace.com provide 8 of the ugly realities about entrepreneurship that everyone should know.
Most people think that running their own business is a really easy thing that guarantees instant success and deeper pockets. What they don’t know is that being an entrepreneur takes so much more than just good luck. All they see are the fancy cars and fabulous lifestyle that a successful businessman enjoys. What they don’t see are the hardships that an entrepreneur has to endure before he enjoys a successful and easy life.
If you are thinking of starting your own business, here are some ugly truths that you should be ready to face:
(1) Cash won’t come rolling into your pockets right away.
So you think that once you start your business, you’ll immediately be hearing the sweet sound of the cash register zinging in your sales. Sorry to break your heart, but you won’t be earning right away. If you are fairly new, you’ll have quite a lot of things to spend on before you start earning. One of these things is marketing. How will you earn if you still don’t have customers or clients? Finding the right customers for your business through different marketing ploys is actually one of the things that you have to really set a budget for when you start a business. You have to capture the right audience and convince them to choose you over your competitors before you can actually feel that you have succeeded.
Not raking in the expected amount right away often frustrates newbie entrepreneurs. Mostly, when the business starts eating into their savings, they start giving up. Before you start your business, embrace this fact and prepare for it so that it won’t stress you out when it happens.
(2) You’ll be putting in more working hours than you expected.
Most people who quit their corporate jobs start a business thinking that they will be putting in less working hours since they are now their own boss. Well, not so fast with that expectation! Aside from sacrificing money, you also have to sacrifice your time to build your business. There is a lot of work to be done immediately that you just can’t delegate to anybody. So roll up your sleeves and start working before you can truly be successful.
(3) Temporarily forget about your social life.
Putting in a lot of working hours to set up your business for success will consequently put a toll on your social life and your relationships. At the very beginning, you’ll be basically tied down to your business trying to make things right, so it is best to warn your family and friends that you won’t be as sociable as you’ve been before you became an entrepreneur.
(4) You’ll be multitasking, and it’s going to be tough.
You’ll be taking on different roles: financier, recruiter, trainer, supervisor, and whatever else you need to be. It’s going to be tough trying to juggle all these different roles, but you really have no choice. It’s part of the sacrifice that you have to make to achieve success.
(5) Making tough and quick decisions would be the norm.
Yes, you are now your own boss. So who’s going to decide on everything that’s going on around you? It’s going to be you! You are no longer just a role player in an organization; you are the head of the organization! You now have control over everything, but at the same time the pressure of making these decisions is now on you.
(6) Prepare to ride a rollercoaster of emotions.
One moment you will be frustrated and thinking about giving up, but then something works your way and you experience a little success. You’re over the moon with happiness! However, a problem that you haven’t experienced yet or haven’t anticipated crops up, and everything comes tumbling down again! You’ll be spending sleepless nights picking your brain apart trying to find solutions or averting problems. It’s going to be stressful, but you’ll get used it.
(7) You’ll find out that not all your ideas will work.
What looks good on paper may not necessarily work out in real life. But you will never know unless you try it, so despite the impending doom of failure, hold on and persevere. Making mistakes and failing are all part of your journey towards success.
(8) You will still aim to please other people.
You think that since you are now your own boss, you can already do whatever it is you want. Well, you are wrong! You still have to work on impressing somebody, such as your clients to convince them to choose your or your employees so that they will be motivated to work for you.
The truth is the entrepreneur life is not exactly as glamorous as it looks. You need to take a step back and digest these harsh realities before jumping into the decision to start a business. Are you really up for it? Are you willing to take the sacrifices? If your answer is yes to these, just remember to take a deep breath when things get tough and hold on, and pretty soon you’ll have a taste of success.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace