The reality of becoming an entrepreneur is a topic that not many entrepreneurs talk about, you must admit that 2020 has brought many challenges to our lives and launching into entrepreneurship is no easy feat, so in today’s podcast I discuss a question asked to an audience of entrepreneurs.
Many new entrepreneurs who may have been bitten by the entrepreneurial bug. And I’m sure we can see that across social media, just the different things that you see that’s popping up with the creation of different types of facemask and so many things that no entrepreneurs are coming out and they are making a way for themselves to be relevant in this time period that we are living in.
The question asked was “ I hear some entrepreneurs say how hard it is to be an entrepreneur is it true?
And I thought that this question was very insightful. And it really was a two part question. Because what this person is actually saying, I see some entrepreneurs basically saying how hard it is to be an entrepreneur, or On the flip side, I’m seeing other entrepreneurs that are just like a breeze. They’re not telling you about how hard it is.
They’re just looking at it as though it’s easy. It gives you this type of lifestyle, and you can make money quickly. So basically, to me, it’s basically a two part question. And I’m looking at it from the standpoint of the person asking, they want to know what are the pros and cons of entrepreneurship, just in case I want to pursue it.
I want to be aware of what I’m really getting into So I can weigh my options if this is something that I want to be committed to. You may have two types of entrepreneurs where one one group who are high earners never go into the details of what it took to get them to where they are.
Their social media and websites give off this air of wealth and prestige with no signs of struggle, insecurities or the trials that come with being in business. While another group of entrepreneurs go in depth with the realities of entrepreneurship and the day to day struggles that they face.
Why Some Take The Risks
Some individuals set out on the course to entrepreneurship because they’re tired of dead end jobs, tired of putting in hard work but never seeing the benefit of their hard work noticed within the job. These are the type of individuals who desire to create their own destiny, they are tired of relying on dead end jobs that offer no security so they would rather take a risk instead of leaving their livelihood in the hands of someone else.
When a person with an entrepreneurial spirit goes against the grain they are looking at it from the standpoint I’m willing to sacrifice In order to get to an end goal, if you’re looking at entrepreneurship from that from the standpoint of living your life on your own terms, setting your own goals, deciding where you want to live and how much money you desire to make.
Now you have to ask yourself, am I willing to put in the hard work in order to get there, because one thing that you have to understand even when you see big earners who are in the millions and billions who may have started a small company, but then it grew to a multi-million dollar status.
This didn’t happen overnight. It was trial and error that they went through in order to get their business to where it is, but I’m sure they had many hardships as well as many setbacks.
One entrepreneur made a statement saying true entrepreneurs sacrifice their basic needs for their passions, they’re able to forego certain luxuries that others would not. An example they highlighted was a woman entrepreneur, used to sleep in her office on her floor, staying several nights a week.
When her business was in rapid growth mode, meaning she couldn’t afford to go home her business needed her and she was willing to give up the comforts of going home, or getting in front of a TV, and getting a shower, and a good night’s sleep, and maybe even a good meal.
So when it comes to you doubling down and meeting your business goals and objectives, there are sacrifices that need to be made.
The Reality Of Entrepreneurship
There are many times when I get discouraged and feel that all of my efforts are in vain, until I think about the current job climate and where it’s at in our present world, it makes me appreciate entrepreneurship even more and keeps me motivated to reach my goals.
Enjoying The Journey
One entrepreneur stated he never ever trade it for another career. He said, because the freedom to do things your way, along other amazing things is unmatched in any type of business. He went on to say, however, I’m not blind to the fact that it’s far from sunshine and rainbows.
This business owner also said, here’s the thing about entrepreneurship. you can give it your all, and wind up with nothing to show for, and just, and not just once. So you’re on a mental and physical journey throughout, because this is a lifestyle and not a job.
You’re basically living and breathing it and it demands a lot. But it also provides a lot, he says, speaking from experience, there are times when you’re not sure if you can take it anymore.
Despite all the passion in the world. If you’re not persistent enough to overcome fear and failures, running a business will eat at you until there’s no more meat on the bone. Now, that’s what his version and I can basically agree with him in some aspects that entrepreneurship is basically a journey.
You’re also discovering who you are, another key point that was made is you have to overcome fear and failures, you have to have a strong mindset. You can’t approach entrepreneurship with a scarcity mindset, you can’t self sabotage you have to really be committed to the process.
Some entrepreneurs, they just want to get into it because they want the quick money, or they want this instant gratification and entrepreneurship is nothing like that and this is why you have to make sure that you’re cut out for it.
Developing A Thick Skin
This entrepreneur went on to say you have to have really thick skin to endure all the stress and unpredictability that comes with running a business. He says many people don’t have it, but they find out the truth about themselves too late.
And that’s so true. Because remember, I said this in another podcast, entrepreneurship will show you who you are, you’re basically putting yourself out there in a place of taking risk. And if you’re not a person who likes to, take risks, or experience setbacks, then it’s going to mess with her self esteem,
You have to really get built up in the area of confidence. So this way, you can push through those times when you’re not hitting maybe your goals. A great remedy or practice to put in place is listen to positive affirmation podcasts or business podcasts that help to build your confidence.
Joining a group of entrepreneurs would be a great way to seek encouragement while on your journey.
There are no shortcuts here, no guarantees, and certainly no quick money, you’re going to bleed your soul dry and go through hell and back to grow your brand and your business. He said plus, with all the long hours, coffee fueled nights, an increasing amount of pressure, especially after you secure an investment, it can be a very lonely gig, your actions affect a number of people that keeps on growing, as you scale your business.
He says running a business requires so much responsibility. And there’s rarely a person you can confide in, because very few people understand the scope of work involved, that success belongs to everyone, but failure’s all on you for the most part, and that hurts deep.
This is not to scare you away from entrepreneurship, it’s putting the cards on the table so you’re not blindsided by those who make claims that it’s such a breeze to make money.
What many entrepreneurs don’t tell you is how many times they had to start from the drawing board to get a system that worked in place only to strategize when algorithms changed and the projected life cycle of a customer ended and now they have to now seek for new clients and customers to maintain their income.
There are many rewards that come from entrepreneurship, like the freedom to work from anywhere, meeting other entrepreneurs and collaborating with them on projects to meeting a desired goal, and helping your potential customer with solutions to their problems.
Laying a proper foundation
Before venturing into this space these are some key things to consider before you throw caution to the wind and end up frustrated and overwhelmed.
- Have a plan
- What is the product and solution that your followers need
- Who are your customers (millennials, gen-x, baby boomers) parents of small children, gamers, influencers etc…
- What is there income (can they afford your products and services)
- Where do they go online to find solutions (where do they shop)
- What type of business model will you have (subscription, free- premium upgrade, membership)
- How will you reach them? (video, podcast. newsletter)
- Will you invest in a website?
- How often will you provide content for your followers (daily, weekly, monthly)
This is just the tip of the iceberg when creating a plan to go into business for yourself, vast amounts of research and testing go into your business venture.
The internet and platforms are always changing so staying relevant is key, not that you have to buy into every shining object that is offered, my rule of thumb is to stay your authentic self. Trying to fit into what everyone else is doing doesn’t make you stand out it makes you blend in.
Don’t be afraid to go against the grain, don’t be afraid to be transparent and say that you are having a bad day, your followers will see your authenticity and admire you for it.
Now it’s up to you there are countless resources to help you along your journey and I share many of them here on this website, so lets get started in creating a business will be well worth the effort.