Many people would happily swap the 9 to 5 with becoming an entrepreneur. It’s estimated that there are 582 million entrepreneurs around the world - so there’s obviously something appealing about it!
With all the success stories and known benefits of running a business, like more flexibility and the chance to build your own creations, for many people, it seems ideal.
However, it’s important to remember that this comes with its own challenges. Although a lot of entrepreneurs find it extremely rewarding, the reality of living the entrepreneur lifestyle often isn’t as people would expect.
If you’re considering becoming an entrepreneur, here are 5 facts about doing this that people rarely talk about:
1. It requires a lot of self-motivation
As you can imagine, becoming an entrepreneur means you have to be extremely self-motivated. As a business owner, you no longer have a boss to answer to. Although this gives you much more freedom, it also means you have to take full accountability for everything.
When launching your business, you’re going to have to do lots of things alone. And, when you do reach a point where you can start growing your team, you will be responsible for motivating them and making sure all tasks are completed on-time and to a high quality.
2. It takes a while to start making money
Entrepreneurship doesn’t mean you’ll get rich quick. This is a major misconception, and it’s important to debunk this myth. Once your business starts to grow and you become successful, the hard work is often worth it. But, it will take a while to get to this point.
In the early days, most business owners will see a big cut in their salary. In fact, 67% of business owners report using personal funds to handle financial problems in their business. Entrepreneurs often find themselves paying for everything business-related, and any profit they do make is reinvested in the business. As previously mentioned, this is often worth it in the long-term, but it’s important to plan and be prepared for this drop in income.
3. You can’t do everything yourself
Another thing people don’t tell you about starting a business is that, as much as you might want to, eventually you will have to outsource work. It will become impossible to do everything yourself, so you will need to find reliable people to take over some of your tasks. However, there will still be many tasks you can do yourself - and some of them might surprise you. For example, people assume tasks like design work are too complicated for them as they don’t have expert skills. This isn’t necessarily the case, though. With online tools like Canva for graphic design or Business Cards for creating free printable business cards, you will find you can do a lot of this work yourself - and the same principle applies to other areas, too!
4. You will struggle with procrastination
Procrastination is a bad habit that, in workplaces, can leave you behind with your work tasks. The problem is, when you’re your own boss, you don’t have a manager pushing you to complete these tasks on time, you’re responsible for it yourself. The lack of structure can be an uphill struggle for some entrepreneurs. And, it can become a serious issue if it continues, as you will constantly find yourself getting nothing done.
5. It can be hard to find a great team
Lastly, when running a business, finding the right team members can be a lot harder than you would think. When you get to needing to onboard a team of people, this can be immensely difficult, and you might struggle to find people that share your enthusiasm. Although this can be discouraging, it’s important not to give up. As long as you remain confident in your company, you will eventually find team members that you can rely on.
Becoming an entrepreneur can be tough, but it comes with staggering rewards if you’re persistent. Seeing a business thrive and grow is incredibly rewarding. But, it’s important to be realistic. Hopefully these tips help you know what to expect in the early days!