Entrepreneurship can look very glamorous from the outside in. Looking at people doing what they love and making a fortune in the 7-9 figures can be very tempting but is that the reality of entrepreneurship? Is entrepreneurship truly working a few years of your life so you can enjoy the rest in a way others envy?
Starting a business isn't about chasing the latest shiny thing; it's about carefully selecting a dream and staying with it even when times get tough; and truly, times do get tough.
There are several realities that every entrepreneur must face when they choose to become an entrepreneur, and those realities no matter how harsh, are what makes many entrepreneurs truly successful.
NOTE: This article is NOT for the faint-hearted. Read at your our risk.
#1. THERE IS NO GUARANTEE
No matter how hard you work or how great your idea is; there is no guarantee that people will buy your idea, use your product or require your services, there is no guarantee of a monetary payout; short term or long term and there is not even the guarantee of success.
Every time, money and energy you devote to your project is nothing more than time that may have been for nothing more than experience. The harsh reality is that you are among a group of millions where only less than 5% will actually succeed and even worst is that the other 95% will never get back their time, money or energy and they sometimes end up in a worst position as a result. Just like it’s a harsh reality for most graduates that an education doesn’t guarantee a job, so also does the decision to become an entrepreneur has no guarantee of success.
#2. IT WILL GET LONELY
As an entrepreneur you will have to give up comfort and guarantee for risk and instability. Many people don’t have the guts for that, and they believe you can’t also. This is often why they will turn you down, discourage you, make you feel like you are crazy or remind you of the bad decision it was, each and every time you have an issue. Even your family will tell you to better not waste your time and go and get a job. It is very true that no one will believe in you until you gain significant traction which to them is most likely money based, and it will often make us feel weaker as a result of their lack of support.
This is a very harsh reality and many entrepreneurs give up because of this. Many entrepreneurs along with family or friends expect positive outcomes from the business after a period of time, mostly this outcomes are graded in monetary terms. So when they fail to see the money rolling in that’s when you feel the loneliness most. The harsh reality is that everything will take twice or thrice as long; if it is going to happen, there is nothing like overnight success and there is definitely no silver bullet for all these problems.
#3. THERE IS NO BREAK
You hear most successful entrepreneurs say things like; am the first to get to work and last to leave, my work keeps me up late at night, I dream about my business all the time, my business is all I ever think about, etc. For an entrepreneur there are always things to do and things to learn.
People often go into entrepreneurship with the illusion of having time to live a lifestyle that is glamorous and spending more time with family and friends but they quickly realize that being your own boss means you have to work 10 times harder and 10 times longer to barely make ends meet. Many entrepreneurs believe they can still have a comfortable life and a good work/life balance right from the start and in very few cases, this may be true but in all others, you unfortunately have to do what you have to do to stay afloat. We may find this to be easy because your are enthusiastic and all charged up but it certainly doesn’t become an issue until you look back at your week and realize how many times you forgot to eat, and worked over 15 hours a day for the past month, without mentioning those weekends that don’t feel like weekends cause the work is never ending.
#4. THERE ARE FORCES OUTSIDE YOUR CONTROL
Lastly, you have to understand that you cannot control everything in the universe. Markets collapse, the government intervenes, tragedy strikes, and other “unforeseen circumstances”. In a country like mine, where religion is rigorously propagated, unforeseen circumstances are related to the supernatural evil ones who don’t want to let you succeed. Some will result to intense prayer for the destruction of their enemies, while other will seek for guidance.
Although there will be obstacle in every entrepreneur’s path, you just have to find a way to go through, around or on top of it. And keep in mind that just because some things are beyond your control doesn’t mean they can’t be controlled. So for every entrepreneur, you have to work hard and pray harder.
Conclusion
More work, less pay, no break, no guarantee and an unrivaled amount of instability is what you sign up for when you take on entrepreneurship and unfortunately almost every odd is against you in your quest for success. Ultimately, as scary as these sounds, being an entrepreneur is the single greatest task you can undertake in your life, and believe me when I say that perhaps the hardest one.
This isn't a deterrent to becoming an entrepreneur, but just a reality check to make sure you're prepared. Many companies die because people just give up, and others do because they fail to prepare for these realities. Hopefully this article does some small bit in helping you prevent this. Life as an entrepreneur is hard, but if you really love what you're doing and have the determination, you will succeed.
What are some of the harsh realities you have faced as an entrepreneur and what have you done to overcome them? Please leave your comment below.
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