Everyone wants to start their own business and become their own boss, but launching a company is not as simple as it may seem. Starting our own venture or business is what most of us dream of, but it doesn’t come easy.
As said by Tony Robbins- “Every problem is a gift—without problems, we would not grow.”
Being an entrepreneur will affect your mental health and well-being: you’ll feel frustrated, anxious, and stressed about the future and the progress of your startup.
You can find comfort knowing that startups fail at a high rate and that these feelings are completely normal. In fact, this is a constant struggle for most entrepreneurs.
Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open.
Obviously, there are risks and every successful businessperson has been through it. Bill Gates, Steve Jobs, or Elon Musk; each of these business inspirations have seen their own fair share of struggles.
Why Starting a Business is not easy?
There are various questions when you are planning to start your business. What makes it hard to run a business?
What must an entrepreneur assume when starting a business? Here’s the truth: it is not easy to start a business, it is hard to run and make it successful.
You need constant industry research, hustle, and hard work. A lot of people think they can make more money by starting a business, but more often than not, that is not true as it takes a great amount of time and effort.
But, most of them may be diluted in a competitive mediocrity. And, when your potential customers have a reputation of your business being a mediocre one, there is less chance of getting out of this vicious web.
In the end, it comes to a question- What must an entrepreneur assume when starting a business?
Hence, in this post, we have shared the most essential things to assume when starting your business:
Things an Entrepreneur must assume when starting a business:
1) A lot of Pressure
As an entrepreneur, you can experience a significant amount of pressure. It is hard to see big companies or businesses doing better than your own startup.
You’ll need to be well prepared for the days when money isn’t coming in as planned. But, don’t give up because that’s not the end yet! The only way out of this situation is to play with the odds by putting in the maximum effort.
The biggest mistake that most people make is they think ‘business owner’ is the same as the ‘lazy rich guy who watches Netflix and chill.’ Sorry bud, the case is just the opposite.
Entrepreneurs have to face immense pressure and stress when starting a business.
2) Daily Frustrations and Anxiety
Starting your own business requires you to make important decisions on a daily basis. That’s why it is not easy to run your own business; you will become self-reliant, meaning that you’ll need to know everything about your business.
Nobody will know your business better than you do. You can be patient to work on it, but you’ll feel much frustration when the progress is too slow or less satisfactory.
Sometimes employees can be frustrated. It can lead to arguments, but if you work together with your staff, you might find a way to solve the problem.
3) Failure is a part of business
Starting a new venture can be very risky, but a failure is always an option. Not all startups are going to succeed in the long run because there are just too many things that could go wrong.
If you are not afraid of exploring the unknown world, this is a great business to start. But, if you are looking for stability, it’s not for you.
Please note that there are no shortcuts when it comes to success in any field. You can’t expect your startup to be a success overnight. It is good to be prepared for the worst.
Remember, the growth might be steady or too slow for you. But, it is important to believe and build a strategy for failure.
4) Lack of income
Starting a business does have its disadvantages, one being that it can take quite some time before you get any real revenue coming in. Be prepared to work hard and long hours for your startup to become successful, but don’t forget that it would take years for your business to reap profits.
But, don’t be disappointed because there are several startups that are taking off after one or two years of operations. This is based on how well they do their marketing and promotion strategies.
By this, I don’t mean that there will be no profits at all. You will see some good days and some bad days.
5) You’ll Need More Money Than You Expected
Conduct market research and build a financial plan for your business before actually starting the startup. Define how much money you need to get started or what kind of revenues you can expect from the beginning.
Don’t forget that there are expenses to be made for employee salaries, marketing the product or service, etc.
Although you may have lots of money saved up, starting a business can require more than just savings.
This is because building a startup takes much time and effort. You’ll need every penny that you have saved for your startup.
6) Lack of appreciation
People often feel unappreciated when they go their own way and start a new venture on their own.
They do not get the support they expect from family and friends, and it can be so discouraging to hear their thoughts and opinions about you not having a proper job or how you need someone to help you financially.
What a lot of people don’t understand is that starting a business can be a lonely experience, and it may take a long time to get the appreciation you deserve for all your efforts.
It’s normal to feel alone or disappointed about this matter because going solo against the world’s expectations is not easy at all.
However, the best way to deal with this is to stay focused and keep your mind on what you’re trying to accomplish. Your goal must always be the number one priority when dealing with such issues.
7) Consistency is the key
Starting a business can also take time because it requires consistency, especially when it comes to marketing and promoting the product or service.
There is no such thing as getting used to doing things quickly in this world of competition, so you must stay on your toes all the time if you want to make good progress with your startup.
It is only through consistency that you can ensure making a successful business out of it. If you want to build a successful business, it is important not to go too fast or too slow.
You should build your business in a way that will keep you happy and also be able to grow with the markets.
8) Sell a Portion of It Before Building It
This may seem odd but think about it. Most startups fail because they are overconfident that their product would surely work. You can’t expect the customers to like your product or service right from its launch.
Testing is the panacea for improving your products or services.
Hence, you must acquire sign-ups and offer pre-sales for potential customers. This way, you’ll be able to raise the capital and build your product as per the customer’s requirement.
9) You May Not Make Any Profits For At Least Two Years
Starting a business does not guarantee that you’ll become rich after two years. It is important to set your expectations in place and plan for the future by anticipating the potential obstacles ahead.
If it takes time, then you must take all the support you can get from family, friends, or people who truly believe in your dreams and goals.
It can take at least two years for a business to start making some profit, so be patient and have the right mindset if you want your startup to succeed.
10) Lots of Work
Starting a business means that you’ll have a lot of work on your hands every day. There will be late nights before you go to bed and early mornings to see yourself off to work.
In order to make things easier, it is important for you not only to set aside time from the office but also from family activities as well. This way, you can minimize stress and maximize productivity this year.
Is being an entrepreneur worth all the sacrifice?
Yes, it is totally worth it.
Putting up a business is not easy. It takes research, development, work, dedication, and commitment. The benefits are priceless however the sacrifices that have to be made in order to achieve that goal will speak for themselves.
Many people have succeeded in their entrepreneurial journeys and have reached their dreams of self-sustainability at the end of it all.
However this doesn’t mean it’s without its challenges, sacrifices are inevitable when owning your own business but they are definitely worth it in the long run!
Can you become an entrepreneur if you have a young family?
Yes, of course!
Becoming an entrepreneur is hard; you will need to work long hours, deal with high levels of stress and many obstacles, but you can always cross these hurdles.
If you are considering becoming an entrepreneur, then here are some things that you should consider before taking the plunge into the world of self-employment:
1) Are you ready to take on these responsibilities?
2) Can your spouse or another relative raise the children if needed?
3) How would this affect your finances, especially in terms of health insurance and other benefits?
4) Are you able to get all the help from friends and family for home tasks such as cooking, cleaning, etc.?
5) Who will look after them while you do presentations or go to conferences?
Starting a business is not easy, but on the other hand, neither are some of the sacrifices that have to be made on a daily basis. However, if you are able to overcome these hurdles then being an entrepreneur can bring many rewards and independence.
Conclusion: What An Entrepreneur Must Assume When Starting a Business?
Entrepreneurship can be hard. You need to believe in yourself, keep trying, and see the good things that come out of it. Entrepreneurship is one of the most rewarding jobs ever.
To become an entrepreneur, you must be willing to make compromises on some things in life; family time will be less, the flexibility of availability will vary and working hours will increase. In addition, if you wish to read more of our guides, you should check out our posts.