AdministratorSeptember 29, 2020 at 1:45 pm
#1 – Forget About Money
If you’re thinking about money, forget it. You’re not qualified. If you do not have the following things you shouldn’t even try—creativity, resilience, persistence, endurance, and mental agility.
Welcome to the murky world of entrepreneurship, where the most important asset is not money. You begin to make loses even before you begin.
More importantly, the greatest paradox of entrepreneurship is to think of the customer as more important than money.
#2 – You’re Likely to Fail the First Time
You’re likely to fail the first time. And the second time. And the third time. And the fourth time.
If you’re a person easily discouraged by failure, then I’m sorry—this one isn’t for you. Go find yourself something else to do, or get a job. Entrepreneurship is not a one-way ticket to riches. Nor for the faint-hearted. IT could mean a ticket to disaster.
More importantly, you will definitely make mistakes no matter how much money and effort you have invested in market research.
Customers are elusive subjects. They may like something today, and hate it tomorrow. IT’S up to you to take the blame because customer is king.
Besides, they could even insult you for selling them something they didn’t order, or for late delivery. They could even ask for a refund. If you’re a sensitive person given to emotions, you may soon succumb to the pressure and easily give up.
#3 – Forget Your Friends
Your friends will not understand you or what you’re doing. Don’t even bother trying to explain to them too much of what you do—they’ll not understand, or at least they’ll pretend not to understand.
Most members of your family will not understand what you’re doing, and your girlfriend or boyfriend will struggle trying to understand why you’re always broke and working long hours.
The worst part is where your family or friends will distance themselves from you and preach to you daily to get a ‘real job’ and stop your day-dreaming.
#4 – Forget Your Social Life
If you’re a man or woman given to partying you might as well forget about entrepreneurship. Forget what you see in the movies. In real life, the opposite is true.
In entrepreneurship, you are the manager, receptionist, secretary, messenger and employee all at the same time—at least when you’re starting out. If you have some employees, you can’t tie them in the office when working hours are over.
Moreover, you will remain in the office for at least another 3 hours trying to straighten things up, balance the books because you don’t have a bookkeeper, and prepare for tomorrow. You can’t afford to lose your marbles in a crazy party.
#5 – You Will Always Pay Yourself Last
Entrepreneurship is not a joy ride. You can’t pay yourself before you settle the bills, pay the workers, and pay the creditors. They’re protected by law.
You only get what’s left after your employees and creditors are paid—which is not much anyway, unless your business takes off within six months—which is rare.
#6 – Prepare To Lose Your Sleep
First off, your sleep is important if you want to succeed in life. Second, you don’t get much of it because you’re always leaving the office late, sleeping late, and waking up early.
At least in the early stages of your business, this will be your routine, unless you change the routine.
If your sleep is important, then forget entrepreneurship. You’d be better off getting a job.
First, you must wake up early. Meditate if you can afford it. Take a jog, take your harried breakfast and pack your lunch. You must start your journey early and arrive at work earlier than everybody. Don’t forget your employees and workers need supervision, so you can’t afford to be late.
#7 – Forget Comfort
Do you love movies and your favorite TV shows? I’m sorry to disappoint you. You’ll not find the time for that—otherwise your business will suffer.
You must budget your time. You only have 24 hours in a day—8 hours for sleep, 8 hours for work, and 8 hours for resting. You can afford to reduce your sleep hours to 6 hours but this will take a toll on your health.
For the remaining 8 hours of rest, you will most likely use them to finish your work at home, and spend some time with your family at the same time. That leaves very little time to watch your favorite movies and TV shows.
#8 – No Vacations
Whereas your workers and salaried employees are entitled to a vacation, you’ll have to await a little longer to get yours.
You can’t afford to leave your business entirely in the hands of your employees and complete strangers, especially when you’re just starting out or your employees are new in the company.
If you do, and decide to proceed on a holiday, it will not be surprising to find your business has closed down and some employees don’t even report to work.
#9 – Take Care You Don’t Get a Divorce
Divorces among entrepreneurs are quite common. This is occasioned by family misunderstandings and lack of support, especially from your close family members and loved ones.
Whereas your spouse should be the first one to support you, quite the opposite may happen.
Whereas your spouse wants to see you all the time, and frequently have sex, on the other hand, sh/e may not understand why you often spend long hours at work and less time with them, always arriving home late, tired and exhausted, and leaving early the next morning.
Whereas it’s quite Ok for you to work hard—which you’re doing for your family, your spouse may not exactly see it that way. To the contrary, they may think you’re having an affair, which may form the basis for disagreements and a divorce.
#10 – You Need a Special Brain
They say that entrepreneurs have a special brain. Well, maybe, maybe not. I think what you need most is the skill to leverage other people’s smart brains.
However, this can prove to be quite difficult, especially if you’re a control freak and new to business and the whole ‘charade’ of entrepreneurship.
On the other hand, if you relinquish control, you leave your business open and in the hands of complete strangers who may ruin your business.
Employees do not necessarily see your business exactly the way you do. They have a brain of their own, and their primary interest is to maximize their pay.
They may decide to properly run your business or sometimes, even decide to mismanage or even steal from it. IT will take some time and an audit before you discover what’s lost or what has been stolen, which may be too late.
IT’S not all doom. And certainly, I don’t intend to kill your fancy dreams and passion. Far from that.
Entrepreneurship can be quite rewarding if you can pay the price. It’s still the only undertaking that pays good dividend instead of a fixed salary—I know because that’s what I do.
In fact, I can tell you for sure, that entrepreneurship is the best undertaking that can buy you a fancy car, a mansion and a yacht.
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