The world has gone entrepreneur mad in recent years – or so it seems, at least. And because we are hearing so much about people starting their own businesses, it is tempting to join their ranks and reap the same rewards.
But, of course, nothing is ever that simple. And there are some harsh truths about becoming an entrepreneur that you need to know before packing in the 9-5 and making a go of it. Because the simple fact is that your chances of success are incredibly slim, for a variety of reasons. Let’s take a closer look at everything you need to know.
It’s not a road to riches
Some entrepreneurs make a fortune; it’s true. However, in the vast majority of cases, it is a long old road even to get close to achieving similar success. The truth is that many people will end up better off staying in their jobs, getting a regular pay packet, and enjoying all the benefits that go along with it, including retirement plans, vacation pay, and even sick pay.
The ‘be your own boss’ myth
Many people wish to become entrepreneurs because they want to be their own boss. But you never will be in the vast majority of cases. Let’s assume you start a service business – you will be 100 percent beholden to your client’s every desire.
If you launch a product business, the customer ends up controlling everything about your products – and, by association, your company. And if you ever end up being in a position where you are looking for investment, then you can guarantee that whoever gives you funding will want a significant amount of control for their money.
You need contacts
Going it completely along is almost impossible to do if you want to be an entrepreneur. A broad range of contacts is essential. Let’s assume your entrepreneurial goals are focusing on real estate.
You might follow the likes of @nicolaslivsit on Twitter or check in with the journalists on one of the industry-leading websites such as Investopedia. The point is, whatever industry you are targeting, there will be thought leaders and influencers out there that are way ahead of you.
And you have to focus on developing relationships with these people and making the contacts you need for success.
It’s the ultimate sacrifice
Enjoy your weekends? Love spending time with your family at home? Looking forward to nights out with friends in the next five years or so? You can put all those things to bed the second you decide to become an entrepreneur.
It’s hard work, and there will be no room for breaks, vacations – and in some cases, even sleep. Time is not your own anymore; it now belongs to the business you are trying to forge.
You have to be positive
Unless you are the type of person who remains confident when everyone else is losing their minds with worry, you can forget about being an entrepreneur. There will be many pitfalls that stand in the way of your success, and you are the person who needs to lead the team through them. Best of luck!