Starting up a business can be a rewarding and exciting venture for a lot of entrepreneurs. However, there are a number of things that you should be aware of when setting up a business, which nobody tells you about. One of the major reasons why most would-be entrepreneurs experience failure in their businesses is that they jump into a business head first, believing that it is an easy way to get rich quick.
While success stories like that of Richard Branson, John Mackey or Bill Gates are somewhat of a norm in the business world, there are several aspects in entrepreneurship that often get left out when these success stories are being told. We all have ideas about how starting up a company will be; but like all other things in life–there are going to be a few things you won’t know about until you actually get started. If you are a first time entrepreneur looking to journey into the business world, here are 10 things nobody tells you about ‘Starting Up’:
#1: There will be times when things won’t go according to plan
Never expect everything to be easy or work out perfectly when starting up. You must understand that things may not go according to plan on the first try. However, you mustn’t see these problems as failures; instead look at them as a learning process that gives you the opportunity to understand what went wrong so you can prevent it from occurring again in the future. Every start up entrepreneur is bound to experience a setback at one stage or another with their business and you must be willing to accept these occasional setbacks as part of your continuous journey in the business world.
#2: A few people will try to make you think you are wasting your time
Among the things nobody tells you about starting up, is that you are bound to come across people who will try to make you think or believe you are wasting your time. These type people are usually cynical about setting up a business and have hardly ever dreamt of a life as an entrepreneur. Most times they choose to ignore the fact that the advantages of running a business of your own far outweighs the disadvantages and that it is possible to become a successful entrepreneur with just the right attitude. Never let such people undermine your efforts in anyway; instead seek the honest opinion of like minded entrepreneurs for support and advice concerning your business.
#3: It Entails Hard and Diligent Work
Starting up a business and making it successful involves time, dedication, hard work, diligence and good use of the resources available to you. If you make the mistake of treating your business like a pastime, it will end up becoming a frustrating and expensive enterprise. What nobody tells you about a start up is that you will have to work hard to achieve your purpose and accomplish your goals. Starting up a business is a lot more than raising the required capital or drawing up a beautiful business plan, it takes dedication, consistency and a lot of work.
#4: You’ll Get Loads of Unsolicited Advice
As a startup entrepreneur, nobody will ever tell about how opinionated others would be about your business. A lot of people will appear out of the blue with what they consider to be perceptive advice concerning your business, when in fact, they have never even been in your shoes as an entrepreneur. You’ll find people who have had corner-office or desk jobs all their lives telling you what you should be doing to run your business. The best way to handle such people is just to nod and smile whenever they begin to offer you unwanted advice; or just avoid them all together.
#5: You will likely have an information overload at some point
When setting up a business, you are bound to feel like there’s so much for you at the beginning. Finding customers to buy your products and services, searching for the right marketing tactics to use or different ways to ensure customer satisfaction are some of the things you will continuously be working to achieve. There’s a wide range of paid and free business strategies for you to use; and at some point it can become overwhelming when searching out or applying these strategies, leading to a complete information overload. You should try and take things one step at a time because all the information you need to acquire and assimilate to take your business further isn’t going anywhere.
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#6: It Takes Time To Get Positive Results
Most people who desire to make loads of money as fast as possible are usually the ones who get discouraged and throw in the towel when things don’t go their way or when the business begins to experience a few bumps. Developing a solid and trustworthy reputation amongst your clients; getting your business noticed by potential customers and building a strong client base generally takes a lot longer than people expect, and this is usually something nobody tells you about a ‘start up’
#7: You Feel Lonely Sometimes
Life as an entrepreneur can get lonely at times, especially at the beginning. This is also one of the things nobody will tell you about a startup. No more chit-chat at the water cooler with employees, no more teamwork or after-work parties on Friday nights; especially if you are the only one running your business. Make time once in a while to attend business related events, mastermind groups or meeting in your area. You can also use this as an opportunity to expand your client base by meeting up with new clients.
#8: You Will Have a Lot of Sleepless Nights
One other thing nobody tells you as an entrepreneur about a startup are the countless nights you will be spending worrying and thinking about your business; strategizing and planning on how to win over new customers and keeping the loyalty of old ones. Going through some serious periods of insomnia is an experience you are bound to have as a startup entrepreneur. Everyday business is tough already, but it seems even tougher when you haven’t had a good sleep. It’s strongly recommended that you take on a recreational activity such as yoga, swimming, or even meditation while your business is still young.
Related: Meditation for Entrepreneurs
#9: Stepping Out of Your Comfort Zone is a Must
As a start up entrepreneur setting up a new business, you’ll have to wear a lot of different hats in order to get things done; you may have to do different things that you don’t like or don’t really know very well to keep things going. This may require you to step out of your comfort zone at one time or the other to get this done. However, as your business expands and develops, you will be able to outsource some of these tasks to other people and get some respite for yourself.
#10: You Will Have Motivate Yourself at All Times
As you’ll no doubt discover when setting up a business–entrepreneurship is not an easy ride. There are times when you will feel like giving up on a business idea or calling it quits with a startup. Whenever you find yourself in such situations, you have to be your own motivator; your very own cheerleader and supporter. There’s no boss to remind you of deadlines or colleague to give you a thumbs up when you complete a project. It’s just going to be you and you alone to motivate yourself when the road ahead seems uncertain.