15 harsh realities faced by entrepreneurs
Entrepreneurship implies starting a business right from scratch. It can look very glamour from the outside in with all the success stories all around. You may think that after few years of hardworking you will live the life that other people envy. However, the reality is different . We rarely hear about the difficulties that entrepreneurs faced and the journey that it entails. This article is not to discourage you, but rather prepare you to handle difficulties when they’ll come around.
Below are 15 harsh realities faced by new entrepreneurs and these realities no matter how harsh, are the backbone of their success:
- There are no guarantee: It may sound obvious but the truth is, hardworking, patience or perseverance do not always lead to success. The statistics speak for themselves: only 5% of entrepreneurs succeed and the other 95% will never come back and get their hours, days or weeks back. There is no minimum guaranty that your project is good enough to interest people.
- There are always Improvements to be made: You need to test, change, implement and it never ends. You’re in a fiercely competitive environment and though it’s difficult, it pushes your company to do better. If you don’t watch what’s going on elsewhere in the competitor’s market, you won’t be prepared enough to deal with it. Improvement are crucial to grow and take your business on the next level.
- Your family may not understand what your are doing: It happened to famous entrepreneurs before you and you will not be an exception. Don’t expect family members stand behind your ideas from the start. They may encourage you for sure, but if after a while or years of struggling you don’t gain any significant traction, which is money, they will start to demoralize you.
- Don’t trust anyone: A contract which is unofficially sealed or signed might not work out the next day. This is how it’s working especially at the beginning. Such disappointments can be frustrating as a young entrepreneur but as time goes by, you will learn how to move on and look for the next best partnership.
- Things will not always happen as you expected. Be patient: A dream is far different from the reality. It is easier to dream about success and plan the different stages of this one. It’s good to know where you want to go but it’s also important to see that things are going to take twice as long as you initially imagined they would.
- An overnight success doesn’t exist: You don’t only need to be patient, you have to persevere. Be prepared to work on your business for many years. Websites, blogs and press make it seems as if success happened after few days or months. Indeed entrepreneurs spent a lot of time to build their business.
- You need some luck to succeed : Many people still tend to downplay the role that luck plays in success. It’s doesn’t means that hard work does not contribute to success but we should not minimize the importance of luck. The success of a start-up is the compilation of luck with many little wins along the way. And as outcomes become more significant, the impact of luck increases.
- Having a partner can be good or not: In general, a partner is one of these two things: The good or the bad decision your company will ever made. This is another harsh reality of entrepreneurship. A partner can either break or build a reputation. Good partners are valuable to your company so find good ones and stick with them.
- Jealousy is the part of the game: As you become successful, people will grow jealous. And they can be rude or impolite when you talk about your business. However, Don’t let such negativity discourage you and your projects and keep working. They will for sure tell how have you been changing but don’t let people change you in someone you are not. We are currently offering free consulting to our old and new clients, CLICK HERE TO GET YOUR OFFER!
- Failure is an inseparable part of entrepreneurship: Failure and entrepreneurship go hand in hand. An entrepreneur experiences a lot of failures on his/her path to success. The sweetest victory is the one that’s most difficult. “Failure and defeat are life’s greatest teachers [but] sadly, most people, and particularly conservative corporate cultures, don’t want to go there,” says Ralph Heath, managing partner of Synergy Leadership Group and author of Celebrating Failure: The Power of Taking Risks, Making Mistakes and Thinking Big.
- Responsibilities grow as you become successful: Most first-time entrepreneurs think that things will become easy once they will become a renowned brand. But the truth of entrepreneurship is that running a successful company is much harder than a new brand. There are many things to take into consideration like the reputation or employees. Success brings a lot of stress and responsibilities.
- There is no break: When you are young, you may think that it will be easy for you to retired. But it may be slightly different . When you have tested entrepreneurial success, it will be difficult to kill your baby and accept that the company for which you worked so hard will be managed by another person. Though he is a serious one.
- Being the visionary: This may sound obvious but as the founder of your start-up you are expected to come up with the right ideas . And this is true for each situations your company may encounter. An entrepreneur takes hundreds decisions daily and he is responsible for those whether good or not.
- Deal with various and different opinions:There will be many people who will always be trying to give their opinion whether you ask them or not. But this is your business and even though they may have good intentions, you are the captain of the ship and you have the final word.
- Decision-maker: Decision fatigue is a real phenomenon and should be taken seriously. It is another harsh reality faced by entrepreneurs.
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