You are thinking about it, plotting on how to get started on your entrepreneurial journey. First, you need to ask yourself a few questions!
When you start out as an entrepreneur, what is your end game?
Do you plan on acquisition?
What is your exit plan?
These are all valid questions, but shouldn't justify why you want to be an entrepreneur. So in order to understand and prepare your journey, here are some realities only entrepreneurs will know. These points will help you prepare for the road ahead.
Here are 10 realities only entrepreneurs know;
1. Your friends might leave you
This might not happen to every entrepreneur started out, but it's very common. Your busy and focused life while growing your startup might cause you to make tough sacrifices as to when you will have spare time to hang out. You will start spending more time on building your business. In most cases, your family might understand but your friends might not get to see your point.
At times life will feel like you are all alone. But if passionate about what you're doing and enjoy it every second, then your purpose in life will be come your priorities. I have lost friends left and right due to foreseen circumstances as I worked hard to get my business going. It will be hard getting over this reality but the road to success was never paved with roses.
2. You will be stressed
When working for someone else, you turn to think you are doing too much. Try running your own business with deadlines to meet or everything goes burst. Sometimes you will be forced to borrow money from family and friends without knowing when you will pay them back.
As time progresses, you might find that you are in debt and late on your credit card payments, etc.
With all this pressure, you might explode with stress and fall sick or stop being creative for sometime. This reality will pressure you to quickly regain some synergy of creativity and strategy to get back to financial stability.
3. Your income won't be stellar in the beginning
Do not start a business because you want to make money instantly, unfortunately things don't work like that. Entrepreneurship should be about your passion to create and help others, so don't expect a huge bank account if any for several months or years of hard work.
Let's say you end up with venture capital, what will you do? pay your self hefty? ...That might be be wrong!
The best thing to do is hire talent to increase your revenue stream which in turn, you still have to meet payroll, so you still not able to pay yourself that much or anything at all. Pass this test of financial hardship and devotion to your passion, then you will end up with what you rightly deserve on the other side.
4. You will have to increase your knowledge & skills set
When you work for a company, you might have few pre-set task to complete daily with very little responsibility.
You might still be very knowledgeable and skillful in your field but being an entrepreneur, you will have to carry every single tasks within your business even if you don't know what the heck you are doing.
To be prepared, you must study and learn other helpful skills that will enable you to carry out various tasks without feeling burned out.
5. It can't happen with one person
When started out, you might feel like you don't need support with your work. As time goes by, things change and you might have to think that over again.
One person can run a business, but it's almost impossible to scale it alone, you will need man power infusion to get more customers.
When you hire new people, there are somethings you still have to do, like managing them and making sure everyone is in turn with the culture.
6. Your work time is flexible
You can set your own schedule and manage your time on your terms. Want to work at 6:00am to 12 Noon, your choice. You can also work entirely from a home office without a distractions, why?
Because your the boss, you have the freedom to meet your own expectations and manage your time without pressure.
7. Over night success doesn't exist
The media makes us feel like starting a company today and we could sell it for millions or even billions within a few months or years, what you don't hear is how long it took this product to launch or even feature on the news.
Some companies get lucky early on and sell for hefty sums but that 1 out of 1000000, I'm not saying it can't happen to you - because you might be the lucky one.
But in most cases, you will have to work 6 to 10+ years to see any substantial results. Don't forget your competition, you have to bet them at their game too!
8. Emotional reward
Reaping the rewards of your labor is the end results. When you start being successful, you will enjoy your financial reward and emotion fulfillment.
It will feel good helping others and feeling accomplished as an entrepreneur. Turing a profit and know your finances are in tact will keep you emotionally sane.
9. You will lose track of Days
As you get busier and busier, you days will become shorter too. You'll feel like there's not enough time to complete anything in a day.
Yes, you can work out a perfect schedule for work, but chances are your task will always be carried on to the next day.
10. It will be frustrating with growth
When you look at successful entrepreneurs, all you might see is the results but never the tough times. Most entrepreneurs work long hours creating strategies that fall flat on their face, this brings frustration and your business is at a stand still.
Just starting is not enough, defending and growing your brand is one of the toughest life task to endure. But if you grow with every experience and have the resolve to accomplish your goals, the trophy is just that much more meaningful.
Divine Tumenta is an entrepreneur and professional digital marketing expert who has worked in digital marketing for more than 8 years. He is currently founder and CEO of backlinkfy.com and a go to consultant for startups and small businesses in the USA.