Many of the most successful people in business today started out by having trust on their idea and vision as entrepreneurs. For many teens, the realization that building something of your own beats working for “the man” comes to them naturally, but coming up with the right idea isn’t always easy.
This a dream for many people. Professionals enjoy the prospect of working for themselves, doing what they love, calling the shots. Be that as it may, there’s a breaking point to the amount you can get ready – regardless of what number of courses you go to or classes you take. A few things essentially can’t be consumed by reading leadership books. You should encounter these exercises firsthand to get a handle on their significance.
I don’t put on a show to have every one of the appropriate responses I’ve learned innumerable hard exercises, and I’m certain there will be substantially more to learn in my future. Here are five major, revolting realities most business people will look at some point.
1 You are more likely to fail than succeed.
I’m not saying this to take the wind out of your sails right away — I’m just being realistic. The Small Business Administration has stated that only half of all new establishments survive five years or more and about one-third survive 10 years or longer. The success rate is even lower for venture-backed startups, with three out of four failing to return investors’ money.
While failure is more probable than success, that shouldn’t stop you from pursuing your dreams. There are very few entrepreneurs that hit a home run the first time they step up to the plate. Some of the most successful entrepreneurs out there failed multiple times before they experienced what appeared to have been overnight,
2. You Will Face Fears You Never Thought Existed
Those same uncharted waters that doubt swims in also includes fear. Since you will push the boundaries of what you’re doing, fear will sink it’s ugly teeth into you…. A LOT. For the entrepreneurs that say they don’t have fear…they are the ones who are scared the most.
3. You Will Stress Out Like A Crazy Personbrutal truths about being an entrepreneur stress.
Since you have to manage so many moving parts, and there are so many unknowns that happen as an entrepreneur, stress can become your middle name. And sometimes it’s debilitating. Some entrepreneurs say they thrive on stress, but the stress I’m talking about is the extreme kind. The kind that will shut you down for a long time if you don’t learn to manage it.
4,Rapid growth can be extremely dangerous.
Rapid growth is an exciting time in your business’ life cycle. This is a clear sign that your hard work to build from the ground up has finally paid off. It’s very likely that you’re now bringing in more money than you’ve earned at any other time in your life.
No doubt you have good intentions and you’ve told yourself you’ll remain careful about spending money as you grow your business. But hypotheticals are one thing. It’s completely different when you see the money rolling in.
It’s extremely tempting to invest further into other ventures, expand your operations or make large capital expenditures. Don’t cave to the impulse. If you try to grow too fast, everything you worked for can come crumbling down once reality sets in. Stick to what you do best — and know it’s better to be very good at a few things than mediocre at many things.
5.You Will Lose Quite A Bit Of Sleep
sleep will be a commodity that will be more valuable than money for you. Whether you have a lot going on, employee troubles, financial troubles, etc… this inevitably leads to a lot of sleepless nights. In fact, you may run on zombie mode for a while until things die down.
6. You’ll Throw Away Work-Life Balance
This is especially tough if you have a family to take care of children, spouse and parents
Time management is key here, but the reality is, it’ll never balance out. In the early years, you’ll wake up at dawn, come home late, and barely have time to catch up on what happened during the day. Chances are, you’ll want to leave all it at the door.
7. You Will Compare Yourself To Other Entrepreneurs And It Will Drive You Crazy.
You’ll wonder why you are not as successful as other people who’ve been at it for less time than you. You’ll wonder how other entrepreneurs do what they do in half the time you do it. And you’ll even wonder how they are able to run their business running their lives the way they do. It’s inevitable that you will do this, and it will be a huge piece that will hold you back.
8.You’ll Be Broke. For Awhile.
And I’m talking years. The length will vary based on how fast your business grows, and the level of ambition you have.
The first, second, third, and even fifth year, you may make less than minimum wage per hour. Even if your business is quickly growing, reinvesting the profits is a necessary requirement if you want to keep growing. Forget fancy dinners, luxurious cars, and glamorous parties. Not until you earn it.
9. You Will Question If What You Are Doing Is Actually Worth It
Here’s that self doubt popping up again. This time it’s even deeper. Especially when you hit a string of failures or things not going the way you would like them to go. There will be moments that wear on you so much that the you will seriously ask yourself if what you are doing is worth it.
10. Throwing In The Towel And Quitting Will Be A Viable Option
You always hear the most successful people say to “never quit” or “never give up.” That’s because your dreams are achievable. But what they don’t tell you is that they themselves almost threw in the towel multiple times. They had the thoughts and feelings of burning everything to the ground and walking away, and one of the only things that kept them going was seeing people more successful than them not give up.
11. You Will Deal With Things You Could Never Possibly Imagine
From time to time a situation will pop up that you never saw coming. Not only will you have no idea how to handle it, you will also over-think and over-analyze the situation to death. When in reality the best solution will be to go with your gut.
12. Employees, Contractors, And Hired Help Will Screw Up And It Will Hurt the Business
They are not you. They don’t have the passion, the drive, and energy that you have towards the business. They also don’t know how you think, so they WILL make mistakes and it will annoy you and it will cost you money,
13. You Will Unfortunately Develop A Great Ability To Doubt Yourself All Of the Time
Since you are constantly walking the edge, and stepping outside what society considers “normal” you will doubt if what you are doing is the right thing. Swimming in uncharted waters on a daily basis will lead to bigger and bigger doubts and fears. It’s part of the learning process to figure out how to work through them.