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Published On: Fri, Aug 14th, 2015

5 Hard Truths For Newbie Entrepreneurs

Entrepreneurship isn’t easy. If it was, everyone would do it.

Despite being a difficult undertaking, entrepreneurship is absolutely worth the struggle. Hard work and dedication pay off, but it’s essential you consider the hardships all businesspeople face. If you can overcome the difficulties, you may end up the world’s next hugely successful entrepreneur.

  1. Entrepreneurship = risking it all

“Risk-taking is almost synonymous with entrepreneurship,” writes Jayson Demers, the founder and CEO of AudienceBloom. “Before you venture into the world of business ownership, you’ll first have to say goodbye to your current job, and in some cases, your career.” This means, losing the steady paycheck you’ve grown accustomed to; not to mention, the personal capital you’ve invested.

It’s a risk you want to take. In fact, by taking risks and becoming an entrepreneur, you could achieve success beyond your wildest imagination. Just look at Mexican born Ricardo Vega Serrador, the restauranteur who now owns multiple franchises.

He is a self-made millionaire, and his success is due entirely to his entrepreneurial spirit. He had an idea for a convenience store, and now the Go Mart convenience stores are prevalent throughout Mexico. Go Mart isn’t his only success. He’s also the owner of popular fast food chains Subway and Wendy’s.

  1. Your idea probably isn’t original

How innovative is your idea? Even if you’ve done the research, and you’re certain there’s no similar products or services on the market, competition will still come into play. Either someone is innovating something similar at the same time as you, or someone will copy your idea later. If they have the money and the means to do it better, well you’re in big trouble and in danger of losing it all.

innovation sign

photo/ Michael Jarmoluk via pixabay.com

Entrepreneur.com warns that most ideas “are a dime a dozen.” That doesn’t mean you should give up. The site recommends that you keep a realistic outlook, and “focus on implementation: design, distribution, the team, and keeping the competition in sight.”

  1. You’re not as in charge as you may think  

As an entrepreneur, you’ve got more bosses than you think. You thought you were on your own, did you? Think again. Everyone is your boss. This includes your clients, your investors, and even your employees. If you act like a dictator, there’s a good chance you’ll fail because businesses rely on collaboration. To be successful, you need to practice diplomacy.

Ricardo Vega Serrador is yet again a great example of a successful entrepreneur, especially when it comes to task delegation. As the owner of multiple businesses, Serrador had to delegate tasks and treat individuals, including his many employees, with the utmost respect. Moreover, Serrador is a philanthropist; he is an animal rights activist and he supports children with Down Syndrome. It’s important to be well-rounded, and willing to work with people.  

  1. You may fail despite all your best efforts

According to Forbes.com, roughly 25 percent of startups fail their first year in business. Unfortunately, that percentage only increases as time goes on. The longer you’re in business, the more doomed you become. “By the tenth year, 71 percent of startups will have failed.”  

  1. You will sacrifice most of your free time

Are you truly determined to be a success? If so, you can say goodbye to a social life because your business is going to demand the majority of your free time. Of course, you shouldn’t overwork yourself because that’s how mistakes are made, but you should give your business your all – and, that may mean working a lot of unpaid overtime.  

You’ll need to prioritize your time effectively, know when to say no, and be willing to say yes even if it means a lot of unpaid overtime. If it’s truly worth it to you, you’ll do whatever it takes to be a success. The most important things are that you’re realistic with expectations, and willing to put in a lot of hard work.

Author: Ravi Kumarr Gupta 

 

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