Maybe you’ve been holding on to a special idea for quite some time. Maybe you just came up with a plan that you think is brilliant. Perhaps you’re tired of the rat race and you’re looking for something more. You’ve heard stories of people making it big on their own, and you think you’ve got what it takes — you feel ready to become an entrepreneur.
Great. The world needs people like you. In fact, many of our current technologies and practices exist because someone dared to step out on a ledge. However, before you take the plunge, there are a few realities to consider. Some people ignore details before they take that big step, and they later fail because of things they didn’t see coming.
Consider these tips part of an unbiased, fair account of what becoming an entrepreneur means. Take the time to consider whether you’re willing to face these battles and situations head on and whether or not you have what it takes to pull through for the long run. Ready? Here we go.
Striking It Big Is Not a Guarantee
Who wouldn’t want a product that cleans your house without you having to lift a finger? Or an app that allows you to reserve and rent tractor trailers for your startup’s shipping needs at the press of a button? Whatever idea you have that’s never been done before might sound great to you. If you’re lucky, it’s plausible to create and there’s a market for it.
However, ideas do not become instant successes, at least not 99% of the time. Instead, it takes hard work, marketing acumen and financing to go from idea to massive success, and even that is not promised. There’s a reason 3 out of 4 start ups fail in the first year. It’s important to take a realistic look at this possibility before going full force.
Freedom and Relaxation Are Not Part of the Deal
Sure, the idea of spending weekdays by the pool, out fishing or at the gym might sound like an easy way to pass time while the money comes in on its own, but that’s not how it works. The best entrepreneurs will tell you that, in many cases, starting a business that has a chance of making it in the long run requires time and energy, generally more than working in a standard 9-5 job. Vacations whenever you want and limitless freedom just don’t cut it.
This is especially true when investors or business partners are a part of the deal, which is necessary in many start up scenarios. If you’re considering venturing out on your own just because you want a relaxed schedule, entrepreneurship may not be a good idea for you.
You Will Probably Need to Take a Pay Cut
Because of the issues already mentioned, especially the fact that start ups generally take time to go from idea to success, your income will probably be variable at best, especially in the beginning. Yes, one day you could strike it rich, but before that happens, you’ll likely take a hit.
The average entrepreneur earns less than the national average, especially in the beginning. It’s important to evaluate whether this is a feasible opportunity for yourself, your family and your lifestyle before making any decisions.
Yes, there are many benefits to becoming an entrepreneur, and in most cases, even when an idea falls flat, many individuals who have chosen this route do not regret the decision they made. However, taking a realistic look at options and opportunities is a critical step in the right direction. Be sure to look at becoming an entrepreneur realistically from the start.Google+