Being an entrepreneur or business owner may look glamorous from the outside but it certainly is not an easy task. For those of you thinking about starting your own venture, just keep these 5 reasons in your head and ensure your rationale is aligned with your efforts or they could be in vain.
1. There are no guarantees
Risk equals reward but risk can also lead to total loss. Entrepreneurs will be the first to tell you that there are no guarantees in life and certainly none when you start your own business. All your efforts, money, and time could have been for no gain but one of experience. If you are looking for stability, you must look elsewhere as the constant roller coaster of ups and downs is certainly everything but stable.
2. Longer hours than any other job
Most think working for yourself is less work and being your own boss means freedom of time, but it is the exact opposite in the real world. Owners work longer than everyone else and certainly have no vacation or time off per se. It’s important to understand that those that want to work for themselves to free up time have very little idea of the real world behind being an entrepreneur.
3. Every mistake could be your last
The worst fear of every business owner out there. From bad press to lawsuits, any mistake made can result in dire consequences and certainly cause an end to something great. If you are afraid of failure and afraid of the uncontrollable, then certainly owning your own business is not for you.
4. Nobody cares
Most will face negativity from their own families, while others will lose friends and acquaintances once they start working for themselves. Anything from jealousy to lack of time will keep you from hanging around the same circles. As sad as it may be, entrepreneurs have very little support out there and struggle constantly to maintain existing relationships as those around them simply don’t comprehend what they are going through.
5. Lack of income for the first few years
Despite the fact that we work harder as entrepreneurs with the hope of a more significant reward, we certainly can’t overlook the fact that it takes upwards of three years sometimes before you start seeing a profit and as exciting as that may sound, it is often maybe one tenth of what your skillsets will earn you working for others.
There you have it, 5 reasons why you shouldn’t start what you are not going to finish. Keep in mind being a business owner and entrepreneur is ultimately about the thrill of overcoming all 5 and therefore fear should be something that you are able to control or you might end up giving up all together which in itself means it was never worth starting.