There are some hardships you’re likely to face in the early stage of business ownership. I’m here to tell you about some of my personal experiences. It might have saved me some tears, sleepless nights and hours of self doubt. I hope these tips will help you out in your start up business.
Starting out is lonely. Your hours are erratic and “non-traditional” whether you are working from home or an office, most of your attention will be on your new business. Your family life and social life will be placed on the back burner and you might find that your friends and family are not all that supportive. Remember that this stage is temporary, it does get better, you will figure out a routine and the people around you will learn that too.
Begin with the end in mind. This may sound strange but be cautious before you commit to a business, just because you have the “best idea” or the “perfect opportunity” doesn’t mean it’s going to be plain sailing. Treat your start up with the end in mind. I don’t mean that you should treat it as if it’s going to fail, but make sure you have your exit strategy in place. You don’t want to keep on investing valuable time, energy and money into a business that is simply not working. Businesses do fail, it is a statistical reality. If you’re not afraid of failing, then keep going. If you are, you may want to reconsider being self-employed.
Financial sacrifice. Unless you have a pension fund, trust fund or a huge savings account, chances are that you will have limited disposable cash. Every decision you make is important. Some sacrifices will have to be made, dinners with friends, holidays etc. Consider cancelling memberships (gym and magazine). This is all a great training ground for when you do have money and how to spend it wisely.
It’s not all glamour. Most of the entrepreneurs who made it big will paint a pretty picture. They don’t discuss in length the hardships and sacrifices. There is a lesson to be learned here, focusing on how hard things are only make it more difficult. Look past the obstacles; stay focused on the end goal! Plenty of hard work stress and hours go into creating a successful business.
You will doubt yourself. Your business will challenge you. You will worry that you are not making the right decisions. Dig deep to get through the tough times. Ultimately, you need to be your biggest cheerleader. You need to focus on your strengths and be kind to yourself. Business is unpredictable. When you lose your first (or 10th) client, when people don’t pitch up to your presentation, your employees quit, your balance sheet looks dismal, you will start to doubt yourself. Don’t be too harsh on yourself, keep trying!
You will try do it all on your own. Many people try to do everything all by themselves and fail. Find someone who’s more seasoned in business to mentor you. Find people who have a strong skill set in an area that you are not that strong in to help you. There are many people who have been through what you are going through before. Learn from them.
You will cry. Starting your own business can be compared to raising your children. Just like when your child has a bad day, you might find yourself feeling their pain. You will feel exhausted, you will feel overwhelmed and it’s OK. Feel it and move on.
You will want to quit. Napoleon Hill once said, “Most great people have attained their greatest success just one step beyond their greatest failure.” There will be ups and downs, good days and bad days. We are defined more by how we get back up than how long we stay down. When problems arise: address them, make a plan and execute. Don’t be afraid to take that next step. Most importantly keep going!
You will make mistakes. If you are too scared to make mistakes, you’ll never make progress. Do your best, trust your instincts, ask for guidance, learn from people who have been there and keep moving forward. Worse than making a mistake is living in fear of making a mistake and ultimately doing nothing.
You will feel like you don’t know enough. It’s impossible to know everything about your business especially when you are starting up. Running your business is a learning process. Get guidance from trusted people in your network. Never stop educating yourself, read books, listen to audios – there are so many great learning resources available.
The people closest to you will doubt you first. Your family and friends may question or doubt you. Find the opportunity here, they will give you the most honest criticism and point out things that you may not have been aware about. They will tell you the things that you don’t want to hear as long as you are strong enough to believe in yourself and your ideas when these constructive criticisms come your way, you will be fine.
It won’t be a 9 to 5 job. In the early stages of your business you won’t have the freedom of time. Be prepared to work into the wee hours when necessary. Be prepared to give up some weekends and holidays. It won’t be easy and it will put some pressure on family and friends who are use to having time with you, stick it out, it does get better!
It will take up all your energy. You’ll be thinking about your business all the time. It will cut into your sleep and relaxation time. While you are with friends and loved ones, you will be thinking about it. You will constantly be thinking about new ideas, ways to improve etc.
There is no instant gratification. It is an ongoing process. If you build it, they might not come. Building your brand and getting people aware of your business does not happen overnight. Don’t expect people to just walk in the door or find your website. You need to have realistic expectations about how long this will take. The term “overnight success” is misleading it takes hard work.
If this doesn't scare you, congratulations: Welcome to entrepreneurship.
Starting out is lonely. Your hours are erratic and “non-traditional” whether you are working from home or an office, most of your attention will be on your new business. Your family life and social life will be placed on the back burner and you might find that your friends and family are not all that supportive. Remember that this stage is temporary, it does get better, you will figure out a routine and the people around you will learn that too.
Begin with the end in mind. This may sound strange but be cautious before you commit to a business, just because you have the “best idea” or the “perfect opportunity” doesn’t mean it’s going to be plain sailing. Treat your start up with the end in mind. I don’t mean that you should treat it as if it’s going to fail, but make sure you have your exit strategy in place. You don’t want to keep on investing valuable time, energy and money into a business that is simply not working. Businesses do fail, it is a statistical reality. If you’re not afraid of failing, then keep going. If you are, you may want to reconsider being self-employed.
Financial sacrifice. Unless you have a pension fund, trust fund or a huge savings account, chances are that you will have limited disposable cash. Every decision you make is important. Some sacrifices will have to be made, dinners with friends, holidays etc. Consider cancelling memberships (gym and magazine). This is all a great training ground for when you do have money and how to spend it wisely.
It’s not all glamour. Most of the entrepreneurs who made it big will paint a pretty picture. They don’t discuss in length the hardships and sacrifices. There is a lesson to be learned here, focusing on how hard things are only make it more difficult. Look past the obstacles; stay focused on the end goal! Plenty of hard work stress and hours go into creating a successful business.
You will doubt yourself. Your business will challenge you. You will worry that you are not making the right decisions. Dig deep to get through the tough times. Ultimately, you need to be your biggest cheerleader. You need to focus on your strengths and be kind to yourself. Business is unpredictable. When you lose your first (or 10th) client, when people don’t pitch up to your presentation, your employees quit, your balance sheet looks dismal, you will start to doubt yourself. Don’t be too harsh on yourself, keep trying!
You will try do it all on your own. Many people try to do everything all by themselves and fail. Find someone who’s more seasoned in business to mentor you. Find people who have a strong skill set in an area that you are not that strong in to help you. There are many people who have been through what you are going through before. Learn from them.
You will cry. Starting your own business can be compared to raising your children. Just like when your child has a bad day, you might find yourself feeling their pain. You will feel exhausted, you will feel overwhelmed and it’s OK. Feel it and move on.
You will want to quit. Napoleon Hill once said, “Most great people have attained their greatest success just one step beyond their greatest failure.” There will be ups and downs, good days and bad days. We are defined more by how we get back up than how long we stay down. When problems arise: address them, make a plan and execute. Don’t be afraid to take that next step. Most importantly keep going!
You will make mistakes. If you are too scared to make mistakes, you’ll never make progress. Do your best, trust your instincts, ask for guidance, learn from people who have been there and keep moving forward. Worse than making a mistake is living in fear of making a mistake and ultimately doing nothing.
You will feel like you don’t know enough. It’s impossible to know everything about your business especially when you are starting up. Running your business is a learning process. Get guidance from trusted people in your network. Never stop educating yourself, read books, listen to audios – there are so many great learning resources available.
The people closest to you will doubt you first. Your family and friends may question or doubt you. Find the opportunity here, they will give you the most honest criticism and point out things that you may not have been aware about. They will tell you the things that you don’t want to hear as long as you are strong enough to believe in yourself and your ideas when these constructive criticisms come your way, you will be fine.
It won’t be a 9 to 5 job. In the early stages of your business you won’t have the freedom of time. Be prepared to work into the wee hours when necessary. Be prepared to give up some weekends and holidays. It won’t be easy and it will put some pressure on family and friends who are use to having time with you, stick it out, it does get better!
It will take up all your energy. You’ll be thinking about your business all the time. It will cut into your sleep and relaxation time. While you are with friends and loved ones, you will be thinking about it. You will constantly be thinking about new ideas, ways to improve etc.
There is no instant gratification. It is an ongoing process. If you build it, they might not come. Building your brand and getting people aware of your business does not happen overnight. Don’t expect people to just walk in the door or find your website. You need to have realistic expectations about how long this will take. The term “overnight success” is misleading it takes hard work.
If this doesn't scare you, congratulations: Welcome to entrepreneurship.