These days, everyone dreams of starting their own business that becomes the next big thing. The startup culture has really defined the beginning of the 21st Century. Some of the biggest names like Google, Amazon, and Facebook originally started out as entrepreneurial ventures.
The problem is when people look at successful businessmen they want to emulate, they focus only on the end result. They look at the large houses, flashy cars, the private jets, and think “I want that too”. Hardly anyone thinks about the struggle and sacrifice it takes to get there. This blog discusses 10 things nobody tells you when you’re starting your own business.
7 Things You Should Know Before Starting Your Own Business
Starting and running a successful business are two very different things. Virtually anyone can start a business these days. You can rent office space, devices, and furniture. You can find a team fairly quickly thanks to modern high volume recruitment strategies. You can even start selling your products and services. But none of that guarantees that your business will be a success. Part of the reason why business offers higher rewards than a desk job is that it also involves a high degree of risk. That’s not to mention all the time and effort you have to invest, especially in the early stages. This blog explores 7 things that nobody tells you about running a business, which include:
- Starting A Business Doesn’t Guarantee Success
- You Need To Take Most Initiatives Yourself
- You Should Be Your First Customer
- Being Your Own Biggest Supporter is Essential
- There Will Be A Lot of Hard Work and Long Hours
- You Will Need To Sacrifice A Lot
- Your First Business Idea May Not Be Great
Let’s examine these in more detail below.
Starting A Business Doesn’t Guarantee Success
The startup culture has gained traction over recent years. Nearly every aspiring businessman has some form of idea and plan. While we encourage believing in yourself, remember that just because you think you are starting out with a good idea, you are not guaranteed success in the business world. The ground realities of the business landscape are usually much different from your simplified business plan. There are many uncertainties, and many challenging circumstances will arise during the course of your firm’s lifetime. So before you quit a steady job to pursue your dreams, prepare yourself for a much more challenging professional life.
You Need To Take Most Initiatives Yourself
In a corporate setting, you’re likely managed by your supervisor or line manager. That means the workflows are usually clearly defined. Everyone has a clear idea of how they contribute to the process and what is expected of them. In short, you’re likely used to being told what to do during the course of a working day. However, when you start a business, in the early days, you will be doing a lot of the work yourself. In a sense, you will be both an employer and an employee. That means you need to be the one taking initiatives, and you also need to be the one seeing them through.
Nobody is going to tell you to be more productive or improve your efficiency. So if you have grown complacent over the years, you may want to rethink starting a business of your own.
You Should Be Your First Customer
If you don’t use your product yourself, you can’t really expect others to. The best chefs in the world taste their food before sending it to the table. Unfortunately, many businessmen don’t use their own products but expect others to. There’s also the fact that unless you use your product yourself as a customer, you can’t really evaluate how good it is and what needs improvement. If you don’t think your product is good enough, likely others won’t either.
Being Your Own Biggest Supporter is Essential
Don’t expect others to support your business if you aren’t willing to root for it yourself. In the early days of your business, you will likely have few supporters. That means in addition to your other responsibilities, you also have to act as your own support team. Don’t be afraid to promote your product or business. Don’t worry about it seeming like shameless self-promotion or arrogance. If you want your business to be successful, you have to be the first one to believe in it.
There Will Be A Lot of Hard Work and Long Hours
Much of our perception of what a successful businessman looks like comes from TV shows, movies, and social media. We have conditioned ourselves to look at the mansions, the Ferraris, the helicopters, and the private beaches. To many people, that is the lifestyle that attracts them to business in the first place. However, we are collectively blind to all the hard work that successful business owners put into their ventures. So if you were planning on working from the beach and taking a day off whenever you feel like it, you need to reevaluate yourself immediately.
If there’s one thing common across successful businessmen, it is that they have had to put in extremely long hours. You will have to work even harder than you do at your job to create a successful business. It is not a vacation and the life of a businessman is never easy, especially in the early days. So if you aren’t prepared to wake up early, grind all day, and sleep a few hours, you may want to reconsider starting a business.
You Will Need To Sacrifice A Lot
Usually, hard work and sacrifice go hand in hand, and such is the case in business. Since your business is your brainchild, you will undoubtedly be putting in the most effort to make it succeed. But putting in all the time and effort means it will eat away at other aspects of your life. You may have to miss out on your child’s Little League games. You may have to miss a lot of family dinners and pour most of your leisure time into the business along with all your regular hours. You will have to cut costs, tighten your belt, forego pleasures, and most importantly, give up a lot of habits and traits to be successful.
So unless you are prepared to do all that, don’t get into starting a business.
Your First Business Idea May Not Be Great
While you might think you have the perfect business plan and model, the realities may be different in practice. Often, the first iteration of your idea will not be a success. That is nothing to worry about.
Business ideas and models like mortgage staffing solutions evolve as time goes on. You might have a good plan on paper, but it can often fail in the real world. There are many variables that people don’t account for in the early days of their business until they become unmanageable. While being optimistic and passionate about your business idea is important, don’t be surprised if your first ( or even first few) business ideas don’t work out.