6 truths about entrepreneurship most people fail to consider

Posted on Posted in 2016 Business Opportunities For You, What's Trending Now

 

Entrepreneurship. The mere mention of the word can send tingles up your spine. It seems like there has never been a time in human history where so many people dream of the glory and riches that come with entrepreneurship. It’s exciting. It’s lucrative. And it’s very sexy.

That’s what people think. But the truth is, entrepreneurship can suck sometimes. Actually, in the beginning, it sucks pretty much all of the time. And while it is worth it, and I certainly could not be doing anything else, there are a couple of hard truths that you need to know about entrepreneurship before you start your first business.

These are not shared to scare you, but to prepare you. The more you know what to expect going in, the less likely you will quit when things get hard.

 

1. A large amount of revenue does not make you rich
Something that most entrepreneurs don’t realize is that revenue does not equal cash in the bank.

I know entrepreneurs who run companies making millions in revenue, and yet they are still living like broke college students. In the early stages of entrepreneurship, you will be reinvesting nearly all of your disposable income back into your business.

This means that even when you are generating six or seven figures in profit, you will likely still be living like someone earning in the low 5 figures.

 

2. Self-reliance isn’t easy
Whenever you work a 9-5 or even work as a freelancer, you have a boss or clients that you have to report to.

Whenever you are an entrepreneur, you are the alpha and omega of your business. You answer to no one but yourself. This is both incredibly liberating and incredibly challenging.

You have to have a deep intrinsic motivation to accomplish anything as an entrepreneur. You have to fight through the long nights, minimal income, and angry clients all by yourself. And that is not an easy task. Make sure you’re prepared for it.

 

3. Growing your business is terrifying
Building a business to the high 5-figures or even 6-figure range is not as difficult as you might think. However, if you want to be a top 1% entrepreneur and really take the game to the next level, it’s going to be hard.

Actually, it’s going to be freaking terrifying. Scaling your business to great heights will require you to learn new skills, hire and lead a team, and get so far out of your comfort zone that you risk a mental breakdown.

I promise that it will be worth it, but be prepared to have more than a few heart palpitations along the journey.

 

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4. You will have to let go of your emotions
Entrepreneurship is not a game for people who wear their heart on their sleeves. It’s a game for people who are able to suppress their emotions and make the decisions that are best for the company based on logic and data.

There will be times where you pour your heart and soul into an idea or project and it will fail miserably. You need to be able to let go of your emotions and do what is necessary to move your company forward. There will be times when you hire someone who you really like and then have to fire them because they are not performing.

Once again, no matter how hard it is, you have to let go of your emotions and do what is necessary for your company. It’s not an easy truth to swallow, but it is the truth.

 

5. Work-life balance is a myth
Some entrepreneurs like to pretend that you can have it all. You can be in great shape, party on the weekends, spend lots of time with your loving significant other, and still grow your business.

You can’t.

In the early stages of your business, you will have to let certain parts of your life slide so that you can grow your company and reach the levels of success you desire. You may have to give up your social life for a year or so to grow your business. You might have to cut back on your time in the gym for a while, only exercising enough to stay healthy. You might even need to break up with someone that you care about.

You simply can’t have your cake and eat it too. If you want your business to grow, some other part of your life must atrophy for a time.

 

6. You don’t have to be smart.
Some successful entrepreneurs tend to get smug about their success. It’s easy to let this happen. When a business succeeds, it’s tempting to think you’re wholly responsible for the glory.

In reality, a successful business happens as a result of many factors. And entrepreneurs don’t have to be smart to make a business successful.

If it’s not native intelligence, then, what does make an entrepreneur successful? I can’t speak for every entrepreneur, but here are some of the things that I’ve noticed that have contributed to my success:

• Hard work. Relentless labor makes up for genius.
• Networking. Connecting with the right people will put you light years ahead.
• Growth hacking. Making the right marketing moves in a complex digitally-driven environment can skyrocket any business.

Entrepreneurship isn’t for the smart kids only.

 

Conclusion
I know that this is not a very motivating article. Sorry. But you need to know what you are getting yourself into before you go purchasing that LLC. But it’s not all doom and gloom. Let me leave you with something else.

Yes, entrepreneurship is hard. Yes, you will lose friends, lose sleep, be uncomfortable, and probably be very broke at some point. But, it will be worth it. If you stick with it, you can have a life that most people only dream of.

So embrace the suck and get to it.

 

 

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