Entrepreneurship, Entrepreneurs, Entrepreneur

Entrepreneurship | The Reality, The Risk!

We’ve been talking a lot about the characteristics that make a good entrepreneur. As you take time to examine whether or not running a business is for you, it’s important to remember the reality of entrepreneurship is very different than the flowery words on a page.  

Entrepreneur magazine said it best when it wrote: “Being an entrepreneur isn’t the easy, carefree career path that many believe it to be; it’s actually quite the opposite. When everything is invested in your own business–time, money, passion and creativity–it can border on obsession. You rarely, if ever, leave the office–at least from a mental standpoint.”

From starting the business to making it run smoothly requires a lot of dedication and sacrifice. Unfortunately, many entrepreneurs find their personal lives may suffer.  Family and friends must understand what it takes to start a business and the support they must provide to make it happen. The pace of being a new entrepreneur may also take its toll on your health.  Being your own boss often means spending longer hours doing what you would normally pay other people to do. It’s hard to enjoy success if you are mentally and physically ill.

So with this kind stress and possible risk to family and health, why, then, would anyone subject themselves to being an entrepreneur? Many entrepreneurs will agree that the positives outweigh the negatives.  Building your own vision from scratch can be incredibly fulfilling, as can watching your success grow by the work of your own hand.  

Entrepreneurship | It’s Not All Positive!

There are many ways to combat the negative aspects of starting your own business:

  • Know your strengths when working and hire others to do the additional work. Many beginning entrepreneurs burn out by doing everything. Though at times knowing every aspect of the business is advantageous, a good team can step in and handle the particulars when someone is ill or otherwise incapacitated.  This also takes the burden off you if you need to focus on other aspects of the business.
  • Perseverance is key to overcoming the obstacles.  As we spoke about before, a formal education can school you on how to avoid certain mistakes but nothing beats practical hands on experience.  If something isn’t working, don’t give up.  Change the course, take a risk, do what you need to and learn from the obstacle, don’t be defeated by it.

“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs, co-founder and CEO of Apple.

  • Make sure you are mentally prepared for some of the harder aspects of running a business.  Answer these questions truthfully:
    • Are you comfortable with handling money and making risky financial decisions?
    • Getting into debt first for starting the business before seeing profits?
    • Working several years before you see enough profit to provide you a steady paycheck?
    • If you can prepare yourself ahead of time, the realities of entrepreneurship won’t be so daunting.

You have the passion, the drive, and the skills. Keeping these things in mind as well as a backup plan or two ready, you will find yourself set in life to become an entrepreneur and enjoy the ride.

 

Very best wishes for your every success,

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