There’s a certain glorified image of entrepreneurship in the eyes of people who want to start a business. There’s money, of course. There’s the magazine features or television interviews. There’s the jet setting around the world. All of these paint the best rewards of the business life—but it’s not the entire picture.
In fact, in the first years of running the business, money and fame won’t be part of your milestones. It’s quite the opposite. Before you jump into the business world, you should know that business also entails financial sacrifices and obscurity. Here are some harsh truths you should know as early as now.
You’ll likely fail many times
Sure, some businesses experienced instant success, but those are rare exceptions. For the most part, many fail many times. Some businesses don’t even take off on their market, with some getting snubbed from the get-go and others fizzling out later. There’s no overnight business success because the sources of failure abound.
This isn’t to discourage you from pursuing the business you want, but this just means you have to work hard in guarding it against risks. A good business plan is what you need. Spend time considering every aspect of your operations to solidify it. Or, consider tried-and-tested business models, like franchising. Explore clothing boutique franchise opportunities, established brands, and you might just reduce the chances of your business failing.
You might lose your social life
Some people quit their jobs and go into business, thinking that once they become their own boss, they’d have more time for family and friends. But once you get immersed with starting your business for real, you’d realize that you actually won’t have time. Some entrepreneurs work through the wee hours of the morning and give up their weekends because there are tons of things to do.
So, even if you transition from corporate life to business life, you still need time management skills, probably stronger this time. The key here is to prioritize tasks. Know which ones would bring you closer to making your business a reality and seeing it grow. This way, you can hit milestones fast and won’t need to bail out on happy hour with friends or dinner with family.
You can’t do it alone
Even if you have the strongest entrepreneurial skills and a large pool of knowledge built from the business conferences you’ve attended, you’d need the help of other people in your project. You need a mentor’s opinions in business dilemmas. You need an accountant’s expertise on tax matters. You need a lawyer’s counsel for legal paperwork. You need your team’s and family’s moral support when the going gets tough.
Entrepreneurship isn’t a lone ranger’s journey. So, if you’re used to getting things done on your own, you can’t do that when running a business. As early as now, train yourself in being a team player, and more importantly, a good leader.
Business isn’t just about the status, fame and money. The greater part of it is fighting with blood, sweat and tears. If you’re planning to take the plunge into the business world, take that hard pill first and know the harsh realities of the industry.