Entrepreneurship is the in-thing in today’s world. An increasing number of people are quitting their jobs and starting their own businesses. This shouldn’t be discouraged in any way. Entrepreneurs create new jobs, after all. One of the reasons why the economy has started to recover and grow is because people are willing to put in the hard work and start new businesses.
However, it’s not easy. If you’re thinking of making the entrepreneurial leap, you might want to consider if it’s truly for you. Here are a few facts that you might need to accept as an entrepreneur:
1. You Might Not Get Rich
With so many billion dollar unicorns emerging in several countries, it’s understandable that people might assume that being an entrepreneur is a great way to get wealthy. While no one denies that there’s a possibility that you might get a sizable income, not every business is a billion dollar success. When you start out as entrepreneur, your basic goal should be to focus on earning enough to keep yourself and your business afloat. That can be more difficult than you imagine.
2. You Might need To Kiss Your Free Time Goodbye
It’s another common misconception that being an entrepreneur would allow for more free time to spend with family and friends. In many cases, it’s the exact opposite. This is especially true when you’re starting out and just establishing your business. During this time, you might feel that you hardly have time to breathe, let alone any time to enjoy a break with your family. Your business would consume your entire life and until it’s steady and operating smoothly, you won’t be able to afford free time.
3. You Will Become Obsessed
Most entrepreneurs enter into business with the mindset that they might be able to remain detached from their venture. Nothing’s farther from the truth. Business owners become much attached to their business and would spend their waking hours nurturing it. Naturally, at some point of time you might need to exercise restraint and pull yourself back. Becoming obsessed with your venture is a mark of passionate entrepreneur; you just need to keep it firmly in check.
4. Success Might Be Slow To Come
Running a business is no get-rich-quick scheme. If you’re extremely lucky, your business might take off within the first year and you might actually start earning enough to pay the bills. However, that’s if you’re lucky. In most cases, it can take up to three years for you to establish steady income. Even if you start seeing some significant increase in revenue, bear in mind that it’ll have to be channelled back into the business. It would be a while before you actually start to see an increase in your personal income levels. In all, don’t expect earn much in the beginning.
There are other things that every small business owner needs to know but the above mentioned points stand out. They address the most common and prevalent misconceptions in the market.