Being an entrepreneur can seem like a dream come true. You get to be your own boss working a job you love and building a business for your future. It can be like that, of course, it can, but the entrepreneur’s life is not all roses.
If you are thinking about becoming an entrepreneur, you need to think seriously about what it will mean for you, your life, and your finances, and in order to do that, you need the full picture of what it means to be an entrepreneur.
With that in mind, let’s take a look at a few key things that no one ever tells you about becoming an entrepreneur.
You are your business
Of course, if you grow a successful business, it will be bigger than you in that you will have employees and branding experts, and all kinds of people working to make the company what it is. However, from the second you seal the deal on that company formation, your business will be a reflection on your and vice versa. People will judge you on how well your business is doing, which suppliers you use, how ethical your buying policy is, and a million other things besides. Your company’s failures will be your failures and vice versa.
Of course, your company’s successes will also be your successes so it is not all doom and gloom!
It’s tough in the beginning
We’ve all heard stories of entrepreneurs who have hit the ground running and managed to turn their little idea into a multi-million dollar business in no time at all, but for most entrepreneurs, it is not like that. Most entrepreneurs will have a string of failures behind them before they hit on the business idea that helps them achieve success and build their fortunes, and there’s nothing wrong with that, Failures often teach us how to bounce back and be better, so you should not let the thought of failure put you off, but you should bear in mind that the road to successful entrepreneurship is often a rocky one.
You don’t call all the shots
As the founder and CEO of your own company, you could be forgiven for thinking that you’ll be the one calling all the shots, but the reality is a little different. Although you will have the ultimate say on how your business operates, your real boss, your customers are the ones who are really in control.
If you want to make money and grow a successful business then you need to remember that the customer is king. Pleasing them may mean doing things a little differently to how you thought you would, and chances are you won’t always be happy with that, but it is a sacrifice you will sometimes have to make.
You won’t necessarily be rich
Many people become entrepreneurs because they think it is the best way to get rich, and sure, building your own business can lead to untold wealth but there are many more business owners who are pulling in a modest salary and working long hours to achieve that. In many cases, the main benefit of being an entrepreneur is being your own boss and any money that you make is the icing on the top of the cake.
You will miss having a paycheck
Yes, when you’re an entrepreneur, you can pay yourself a salary but in the early days, you probably won’t have much profit to pay yourself from, and any profit you do have may be best reinvested in your business to help it grow. So, you will miss having a regular paycheck more than you might think and you may struggle financially for a while, But if you’re determined to succeed, it will be all worth it in the end.
You will need to work a lot
Okay, so this is pretty much common knowledge, but many people think that once their business is up and running, they can stop working such crazy hours and start enjoying life on the golf course or cocktails on the beach.
The hard fact is that many business owners will not be able to retire at 40 and enjoy a life of leisure, they will be required to be around for their business as much as possible for as long as possible. They will need to work hard to ensure that no one drops the ball and everything is done correctly.
Yes, the lucky few will make their millions and retire young, but for the average entrepreneur, retirement is going to be long in the future.
Now that you know more about what it really means to be an entrepreneur, you can make the right decision for your life and your future.