Entrepreneurship can be as exhausting as it is exhilarating. The perks and potential may seem exciting, but of course, there are obstacles along the way that can derail and demotivate us. And just as there are myths about entrepreneurship, there’s (many) hardcore truths most business owners can attest to.
Every entrepreneur fails at least once
It might be hard to believe, judging by the success of some companies, but entrepreneurs are no strangers to failure. For some, failure only came knocking once, while others have had to experience it multiple times.
Before co-founding LinkedIn and investing in PayPal and AirBnB, Reid Hoffman created the online dating and social networking site, SocialNet that failed.
It’s not for everyone
We can all dream of being our own boss and owning a business that is successful, but not everyone is built to be an entrepreneur. Is this a bad thing? Absolutely not. The work an employee puts in helps carry the company. Being an employee who brings value to a company with a certain skill-set is as ok as being an entrepreneur.
You have to work hard.
A business won’t work unless its owner does. There’s no truer truth! Owning and running a business doesn’t mean dreaming up an idea that magically runs on autopilot. Business owners hustle hard and should be willing to do the hard yards themselves when necessary.
There’s no guarantees
Like anything in life, there are no real guarantees when you decide to embark on the joyous journey of becoming an entrepreneur. You have to take the good with the bad and expect the unexpected. Running a business is a process you go into blindly with many plot twists. Know and prepare for the possibility of it potentially not working.
Forget about balance
If being busy is “not your thing”, then don’t consider starting a business. Entrepreneurs tend to be busy most of the time. At times, work commitments will have to take preference and personal relationships will fall out of balance.
It requires many sacrifices; like time with your loved ones, money, sleep and the many benefits of a balanced life. But in the end, entrepreneurs deem the rewards they get to reap worth every sacrifice they’ve had to make along the way.
If you’re a seasoned entrepreneur, kudos to you! To those considering starting a business or if you’re new to entrepreneurship, we wish you many years of success on your journey.