Fancy pictures of entrepreneurs living their day-to-day lives and being in a constant state of hustling can make the job seem a lot easier than it really is. But don’t let the fancy offices, strong networks and elite lifestyle fool you. Running a business is no easy job. Here are 5 harsh truths about starting a business.
1. You will not have an overnight success
No matter how powerful your product is, it is going to take time before it gets anywhere near a success. Overnight success is a myth and it’s vital you realise this.
Nothing worthwhile will come without effort. Despite the few viral stories you’ve likely seen of smart entrepreneurs who seem to have made it overnight, realise that these people are in the very small minority.
Don’t ever rely on what is mostly a myth.
2. You have no time to procrastinate
If you want to build a strong model for your business, don’t ever procrastinate. It truly is your worst enemy in this scenario. However, it has come to be known that most people in the creative field are masters of procrastination.
Don’t be like everyone else. Get what you need to get done as soon as you can.
3. You will likely lose your social life
This can be a tough reality to deal with. When you escape the 9–5, you’re signing yourself up for the 24/7.
You will need to put in a lot of your time when starting your own company. Many assume that being your own boss is easy, but as many successful entrepreneurs would agree, you soon find that it isn’t.
When starting your own company, ask yourself this: Are you ready for a constant flow of 168-hour workweeks?
4. Your first attempt will likely fail
If you’ve done your research, you should know by now that 90% of startups fail. While you should aim to fall outside this percentage, realise that failure will very likely happen.
Most successful entrepreneurs have had to pursue several business opportunities before finding the one that worked for them. Prepare to fail as much as you prepare to succeed.
5. You can’t do it alone
Rarely do entrepreneurs succeed on their own. To build a successful product, it is vital you have a team of people who are just as passionate as you are.
Look at every Fortune 500 company and study how much their team has helped them get to where they are.
It may take a single person to come up with a concept. But it often takes many to execute it all. Furthermore, you will need help from outside parties, such as financial aid in the form of a business loan to grow your business. This is normal for a business and should not discourage you.