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4 Things to Note Before You Begin the Entrepreneurial Journey

7 March 2018 No Comment

Many people are drawn to the idea of starting a business as an entrepreneur. Entrepreneurship helps you to do something you are passionate about other than a boring 9-to-5 job. As an entrepreneur, you get choose any job title you want – Founder, CEO, Chief Hustler, or Head of Global sales, even when it’s just you and your laptop in your bedroom.

However, as exciting as starting a business could be, there’s more to being an entrepreneur than the glamorous success stories on the Internet.

The entrepreneurial journey is filled with many pitfalls of frustrations, disappointments, pivoting, and sometimes admitting that you failed. There’s also the boring daily grind of keeping a business afloat once the initial euphoria of designing business cards and a website wears off.

This piece provides insight into four realities you must understand before you begin the entrepreneurial journey.

You need to be sure that your idea is viable

Before you quit your job because of an interesting idea, you might want to take some time to sound off the idea with people who can give you objective feedback. You’ll then need to take time to conduct market research to be sure that your idea will yield a product or service that people need. In addition, it must be a product that people will be willing to buy. It is one thing for people to like your product, and it’s an entirely different matter for them to part ways with their money to buy said products.

You won’t have the financial stability of a paycheck

Quitting your job to start a business sounds great on paper until you run out of money and there’s a huge pile of unpaid bills at home and in the office. You might need to adopt a frugal lifestyle while you build your business; even then, the odds are high that you’ll run out of money before your business gains traction. You may want to consider keeping your day job or a part-time job while you build your business.

Investing in income-yielding assets or outright trading of stocks could also be a great way to put your money to work for you. Clinton Roberts, a trader on Wilkins Finance notes that “the S&P 500 has delivered 24.87% gains in the last one year, but you could book bigger gains trading individual stocks”. You may also want to put some money (that you can afford to lose) in speculative investments such as cryptocurrency.

You can’t run away from business challenges

Human beings are wired with a basic fight or flight instinct when faced with challenges. Some people confront challenges, others are paralyzed by inaction; and yet, others flee in the opposite direction at the first sign of trouble. Unless you are someone that enjoys solving problems and overcoming challenges, you might find yourself closing shop on your business when the challenges surface.

You could be very passionate about your business; yet, there no guarantee that you won’t feel like getting out of bed on some days. Your grit, determination and tenacity will take you through the rough days and prevent you from taking the easy way out to return to your cubicle.

You’ll struggle to maintain a work-life balance

Human beings are mostly social by nature but the first few years of building a startup might have you living in practical isolation. To begin with, you’ll be wearing many hats in sales, business development, marketing, production, administration, and logistics; hence, you are not likely to have enough time for family and friends. You should be ready to miss lots of family events, birthdays, and vacations. If your relationship commitments will clash too much with the near-fanatical attention that a startup requires, you might want to have a rethink about becoming an entrepreneur.

Final words…

Despite the aforementioned realities of entrepreneurship, you can be sure that the journey will be exciting and interesting because each day will yield new sets of challenges. However, if you stay focused and determined in pursuing your dream, it would be impossible to predict the level of success you can attain because the possibilities are always endless for an entrepreneur.

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