Ever since you’ve been exposed to successful start-ups, you’ve been envisioning yourself as your own boss. You can do what you love doing and make the big decisions and don’t have to feel dreadful about going to work.
After becoming an avid reader of Forbes, Inc and Entrepreneur magazine, you start to further your knowledge. You look up How-to videos on YouTube, listen to podcasts for business advice and personal development has become a daily habit.
But are you ready to take on the challenges of entrepreneurship and make sacrifices to make it all work?
Here are things aspiring entrepreneurs should know before diving in:
If you currently work a job, that’s great! Create a financial plan so you have an idea of how much you can spend and how much to save in order to invest in your business. Even for non-entrepreneurs, having a budget is still a smart move.
Build it on the side.
Test drive your idea to see if it is indeed a good one before you invest more money than you should. This would also be a great time to see whether or not you are capable of managing your own business.
Prepare for 40+ hours/ week.
The entrepreneurial way is the path less taken, it is more challenging, but remember that you are building something that belongs to you! You will have to work 10 x harder than an employee and on weekends as well. Everything great requires sacrifice. If this isn’t something you’re prepared for, perhaps you should reconsider your decision.
The path is lonely.
I admit that I have lost people who I thought were friends, as well as people who are friends. The good news is, once you come to acceptance with this, you will start to attract more like-minded individuals who see what you are doing and would be interested to network with you.
Surround yourself with like-minded individuals.
That means less time with your beer buddies and messing around aimlessly.
“You are the average of the 5 people you spend the most time with”- Jim Rohn
Network and build relationships with people you aspire to be more like. Learn from them and apply those lessons to your practice. Not only will you start growing for the better, you will also attract people who have been inspired by your action and would like to model themselves after you.
Risk taking is the norm.
It takes courage in the very beginning, and even more courage later on. Every decision that needs to be made involves risk. The best way to face risk isn’t to avoid it, rather plan out strategies for possible outcomes. It’s also a good idea to analyze the cost and benefit relationship of each decision before taking action. Unfortunately, risk is a main reason why many steer away from entrepreneurship.
Learn and adapt.
It’s human nature for us to fear change and not wanting to accept that things may have changed. Entrepreneurs need to keep an open mind and open eye for opportunities. The businesses who learn and adapt quickly to market needs are more likely to survive than those who cling stubbornly to old ways.
Entrepreneurship is challenging, it is tough, and you may want to pull your hair out at times. However, it is absolutely worth it in my opinion. You have the opportunity to experience so much more running your own business than having a set position with defined duties. Of course, the final decision is up to you. If you are ready for this journey, I wish you all the best endeavors and hope to connect with you soon!