While you are thinking about taking the delve and becoming an entrepreneur, for the first few days and months of your entrepreneurial trip, the thought of being your own employer and making investment in your own business is intriguing. You read articles about overnight successes and other business leaders finally beginning to feel happy in their work and believe that you will experience the same level of success or fulfillment once you get started.
When these positive and fascinating aspects of entrepreneurship are clearly true and make the job worthwhile, you must remember there is also a dark side to entrepreneurship. It is certainly not all fun and games, and those overnight accomplishments are practically invariably the product of devastating behind-the-scenes work and numerous years of practice and breakdown.
Before you get too passionate about being an entrepreneur, temper your expectations with these five dark facts:
- Your personal life will be affected
Regardless of how optimistically you charge into the role or how dedicated you are to prioritizing your own personal relationships, they are going to suffer as you keep on establishing your business. You will be working long hours, at times at home, and you will be on call for dealing with business difficulties on nights, weekends and holidays. You will be distressed almost regularly, thinking about the difficulties your business is struggling with, and the financial worry you will bear will take its toll on your relationships.
- You won’t generate income right away
Raising capital for your business is not really easy, and typically serves as a financial realization to aspiring young industrialists or capitalists (entrepreneur) who think business ownership leads to instant gains. The fact is, for most businesses, the first couple of years of operations are spent getting your infrastructure up and running. You will invest more than you will earn in revenue, subsequently, you probably won’t receive a paycheck for many months. You ought to count on your personal savings or reserves for basic living expenses and hope things turn out in the future.
- Absolutely nothing will happen the way you think it will
Your business plan might properly detail out each and every step you envision for the first couple of years of your business, but no matter how much research you have carried out, you won’t be able to prognosticate everything. Even the things you can envisage won’t happen precisely how you envisaged. As an entrepreneur, you will be totally compelled to adapt, sometimes in ways you don’t want to adapt.
- You will make decisions that will haunt you
As a business owner, you will serve as the primary decision-maker for your enterprise and you will need to make hard, stress-inducing decisions throughout your tenure. Many of those decisions will stick with you, even though you make the realistically correct one. You will have to change company direction. You will need to part ways with associates. You will have to sacrifice part of your ideas for the company. You will have to fire people. These decisions are certainly not easy, but must be made, and they will trouble you.
- You are going to fail
Your whole company might fall short. If it doesn’t, there will be some other failure, big or small, that will obstruct your plans and compromise your ideas. Failure is unavoidable, and very important, part of entrepreneurship, though acknowledging this rarely makes it easier to accept. The dilemma of failure is ever present and usually frightening when you are leading a business, and working through that disappointment is too much for some. However, the ability to pull through from failure is what differentiates super accomplishments from the rest.
I don’t want to talk you out of becoming an entrepreneur. Entrepreneurship is, and should be, an exhilarating and gratifying endeavor for anyone who decides to have an interest in it. In fact, my intention is to help the coming and a new generation of self-starters prepare for the sometimes unpleasant realities of business ownership so they can better understand the hurdles ahead of them and logicaby