Since the early 90s, many people have taken the plunge to become an entrepreneur expecting the journey to be like what they read in the papers or on television. However, like many of the veterans will say, starting a business is like diving head first into the deep end without known how to swim. Many people are often mistaken because of the fantasies of being your own boss and creating your own hours is exciting. While at times it can be exhilarating, overnight success is incredibly rare within the field. For those business leaders thinking about getting things started, start off by understanding the overall risk you will be taking the minute you become your own boss. Once you do that, you can begin preparing your next steps of the business.
While all of the dark truths portray a negative perspective of the life of an entrepreneur, this should not deter you from trying. This article is meant to educate and prepare you for the unknown and uncertainties to come.
So what are the dark truths? Below, you will see five of the biggest misconceptions people will face when entering the field of entrepreneurship. Use this knowledge to educate and prepare you rather than scare you from the field. Think about it, for those successful business leaders like Elon Musk or Mark Cuban, success didn’t come immediately. Rather it was a growing process where everyday was a battle.
1. Money that Comes in will Immediately Come out
When starting a business, you need to be aware that you will not make money right away. Starting off, raising capital for your business can be a difficult obstacle. However, the process serves as a financial eye-opener of what needs to be financially achieved in order for your business to grown and thrive each and every day. In addition, for most businesses, the first few years will be spent on foundational and operational cost. While the revenue may be growing, the personal financial gain cannot be the same.
2. You Can’t Do Everything by Yourself
While in the beginning stages of your business you may find yourself holding various titles, an entrepreneur and business leader needs to shed the weight of responsibilities and trust their employees to be accountable for their own obligations. Yes, you know the marketing, sales, employees, and management tactics needed to run a business. But in order for you to grow as a boss, you need to trust your employees with the work. Doing so is a strong sign that your business is thriving. Just because you are holding less responsibilities does not mean you are doing less. Rather you can use that time to optimize and improve yourself as an administrator and CEO.
3. The Organized Chaos
While you may have started off with a clean and efficient business plan, the reality after the first few years of your company may shift dramatically. At the end of the day, it is often hard to predict the overall outcome of where your business it heading. There will be various speed bumps and this will seem to go off course. When this happens, accept it. See how these changes can align with your vision so that you can reflect and transform your company to the best possible position. Remember, adapt or die. Those who live in the old world stay in the old world. For your business, accept change and welcome it as a good thing.
4. Your Decisions will Keep You Up at Night
As a business leader and face for your company, you will oftentimes be the primary decision-maker for those hard-to-make stress-inducing decisions. Yes, some will decisions will haunt you, but at the end of the day, you want to be confident. To make the most logical and sound decision, look at what will benefit your company in the long run Compare and contrast how these decisions will change the work culture and your relationships with those around you. By asking yourself these big heavy hitting questions, you will be preparing yourself for greater things. Just know that whatever decision you make, believe that you are right.
5. Failure will always be an Option
Whether they are massive or minor, failure is undoubtedly inevitable. It is the essential part of being an entrepreneurship. While it is uneasy to accept, you need to understand that you will not have control of everything. Rather than look at these failures as a negative, see them as a window of opportunity. Reflect why this came to be and how you can prevent it down the line.