5 Realities You Should Know Before Becoming an Entrepreneur

“The true entrepreneur is a doer, not a dreamer.”
- Nolan Bushnell

When thinking about entrepreneurs, many people automatically picture men and women wearing sleek outfits and working in a big office with the city horizon behind them. Though some fit this description, the majority of them do not.

Non-entrepreneurs tend to glamorize or romanticize entrepreneurship, disregarding the effort and hard work that business owners put into their work. Some also believe that it’s an easy journey, not realizing that around 45% of new businesses don’t even pass their five-year mark. As a result, a lot of people enter this field with many misconceptions.

If you’re part of the growing population considering entrepreneurship as their new career path, you should learn some of the basic truths about it.

Fact #1: Entrepreneurship requires a lot of work.

While it’s true that becoming an entrepreneur means you’ll be your boss, it doesn’t mean that you can easily allot your time to leisure. In reality, you’ll need to work longer hours than in your 9-to-5 job, especially during the early years of your company.

The amount of work you have to put into your business will affect different aspects of your life. Some of the areas that your entrepreneurial journey will touch are your personal life, health, finances, and relationships. You’ll also have to deal with your customers and clients, who will be the real bosses in this situation. Though they can be friendly and patient, others may come off as difficult.

Fact #2: Entrepreneurship involves making mistakes.

Becoming an entrepreneur requires a lot of careful planning. You have to think of where or when to open your business. You find ways on how you can form the best team in a short time. You also formulate various strategies on how to market your products and services.

Unfortunately, things don’t go as planned most of the time. You probably picked the wrong place and time or hired incompetent people and suppliers. You may also have created an ineffective marketing campaign, causing your target consumers to reject your offer.

Fact #3: Entrepreneurship does not get easier.

As mentioned earlier, not all startups survive within their first five years. Only 1 out of 10 companies that begin at the same time succeed. But if you think that you can relax once your business turns six, think again.

Problems in entrepreneurship are always there - they only take new forms. New businesses deal with challenges meant for startups. But as an enterprise grows, it will provide challenges that big companies encounter. These issues are essential for business growth. There’s no growth without them. And of course, as the business grows, you will find that your problems grow too, and with more invested in the company, comes more risks with future decisions that you make.

Fact #4: Entrepreneurship is about executed ideas.

Though being an entrepreneur involves having an idea, this idea doesn’t mean anything unless executed. You also have to keep in mind that the world is swarming with ideas, making them worthless. They only become relevant once you carry them out and bring them to the market.

Also, ideas are not one of a kind. When you come up with something, expect other people to have also thought of it. This is why there is competition. If you execute your idea at the same time as them, you have to figure out how to win against your competitors.

Fact #5: Entrepreneurship can be for anyone.

There is no complex starter pack for aspiring entrepreneurs. All you need to have is the desire to create. Entrepreneurs are inventors. They think of ideas and create new businesses.

We are all capable of inventing new things. But some may have it easy, while others may struggle. Still, if you have the patience and motivation to create a business of your own and dedicate yourself to it, you can become a successful entrepreneur.

However, before you embark on the risky yet rewarding journey, ask yourself why you want to become an entrepreneur. If you do this simply for money or to escape your current job, entrepreneurship may not work for you.

Although profit, a fantastic life and freedom come from being a successful entrepreneur, you need a strong drive to survive this path. You must have that deep desire to create and introduce new products and services to the public, while knowing you have enough grit, self-belief and determination to pursue this career path. Not just that, you also have to be disciplined enough to be your boss! So the question is, can you handle it?

“The true entrepreneur is a doer, not a dreamer.”
- Nolan Bushnell

Author:

@Dianne Claveria

Date:

07-28-2021

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