I speak from experience when I say that starting your own business is tough, but rewarding. However, so many sources on the internet are focused solely on the rewards with sensational success stories, instead of painting a fair picture of what it takes and what you must sacrifice to get there. I recently came across an article by Sarah Santacroce at AllBusiness Experts that singles out 9 truths about starting a business. I can't help but agree, so I will share these nine points with you.
1- You'll hardly make any money the first year
This is true. If you're starting a new business just for the money, you'll need to reconsider. The first year requires tireless hours while you have little money coming in.
2- You'll feel lonely
Entrepreneurship doesn't include the socialization you might get as an employee in a corporate field, especially if you work from home. But you shouldn't allow yourself to be totally alone. Build a community with networking, mastermind groups, and other entrepreneurial seminars or events.
3- You'll feel like giving up many times
Yes, you probably will, especially after facing failures (which are inevitable). There is a quote I like that goes “failure does not mean stop; it's simply a u-turn to keep going.” Your business's success depends on your ability to not give up. Be sure to get a mentor who will encourage you.
4- You'll have to fake it till you make it
You should never lie, but you must keep up positive talk to keep a positive reputation. When everyone asks “how's business?” you might consider responding with “it's not easy but I'm making progress!”
5- You'll spend many sleepless nights
Whether it's from working all night long or you are just too worried to sleep, you'll face many sleepless nights (which makes the next day even harder). It is recommended to take up a relaxing activity like yoga or swimming.
6- You'll have to step out of your comfort zone more than once
This is an understatement! Especially in the early days of your business, you're going to wear MANY different hats that stretch you in all directions, even ones you are not comfortable wearing. You may be able to outsource your least favorite tasks eventually, but not all of them. For me, social media, blogging, speaking and co-authoring books were a few places I stepped out of my comfort zone. (And looking back, I'm so glad I did!)
7- You'll be intimidated by other people's success
Be wary of making comparisons that will drag you down. Build partnerships with your competitors and look to grow your business with synergies.
8- You'll have to self-motivate yourself all the time
This is one personality trait that is essential to entrepreneurship. You are the boss – so unless you push yourself towards projects, deadlines, and growth, no one will. Surround yourself with positive people who will inspire you to keep going!
9- You won't get a bonus! Or a vacation!
You can ask my family and my staff – It is SO hard for me to find a chance to get out of the office to take a vacation with family. When I do it is valuable, but never quite a 'real' vacation as work seems to follow me everywhere. However, I am working on this, and hoping I'll be able to take a vacation soon and not worry about what is happening while I'm gone.
There you have it! Nine far-from-glamorous difficulties every entrepreneur will face in the difficult yet rewarding venture of starting your own business.
If you are an entrepreneur, I co-authored a book with valuable advice meant just for you, especially when you're steering through these difficulties. Be sure to check it out at www.navigatingentrepreneurship.com! Thanks!
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