By Abhishek Sharma, COO and Co-Founder of Fashinza
Working as an entrepreneur is an opportunity to take an idea and transform it into a lucrative and impactful business. It is better to paint a picture of what entrepreneurship is really like that best reflects reality to prepare future and potential entrepreneurs for what they are in for. The truth is, there’s a not-so-pretty side to it. There are incredible benefits but it really depends on how prepared you are to take on the risks.
Being an entrepreneur requires sacrifices. It can make connecting with others difficult. Especially at the beginning. Working long hours is not abnormal and in turn, this means less time is spent with family and thinking about your health. When it comes to personal time, this just got shortened by at least half. For some, the first few years are grueling but it really comes down to your mindset. While two or three years can feel like forever, once you are past the initial grind things will change for the better. The time it takes, however, is not the same for each and every entrepreneur.
Corporate Leadership vs Entrepreneurship
There’s a huge difference between working in a corporate position and being a founding member of a company. While a corporate position can require long hours, at some point the day ends. There is stability that allows for ‘things to get done tomorrow.’ As an entrepreneur, the weight of the vision you are looking to bring to life falls entirely on your shoulders. In moments it can feel like a lot of pressure but when your vision is truly realized the reward is incomparable.
The flexibility of ‘being your own boss’ is bittersweet and we are seeing a shift towards entrepreneurship. The number of startups in the US alone is growing at an exponential rate yet, despite, almost the same number each year are failing.
CEO or Generalist?
You’re on around the clock which means while your title may be something fancy like CEO, you are really a generalist – of everything. In order to run the show, you need to understand a bit of marketing, finance, business development, product and operations, and people skills. If you’re a big thinker and visionary as most entrepreneurs are, you may find yourself having to learn how to execute and pay attention to the smallest of details. In essence, a lot of personal growth takes place while on the entrepreneurial path.
The Key to Generating Wealth
The exciting part about this is if you are willing to push through the trials and tribulations and growing pains, there is an opportunity to create true wealth. Alongside creating a greater impact, at a large scale and changing the lives of millions of people.
There’s a common belief that if you have a good idea that’s been validated by others, it has the potential to make you money. While this may be true, the idea alone, or its ability to potentially bring you wealth, should not be the reason you embark on an entrepreneurial journey. This is partially why we are seeing so many startups fail.
Follow your passion. Ensure what you are building interests you. If you genuinely care about what you are doing it will be the very thing that motivates you when things get tough.
Are You Really The Boss?
There are a lot of expectations in taking on this role. As an entrepreneur or the boss of a company, by default, you are expected to know the answers to questions you probably have never even thought of. With that comes the challenge of keeping others happy. This is a very important piece of the puzzle but it can get overwhelming when it feels like you are bending over backward and people-pleasing. There comes an important point in the lifecycle of an entrepreneur where they must realize what is in their control and best interest of the company and what is not. It is better to realize this sooner rather than later. These realizations are a part of the learning curve. And entrepreneurship itself is one big ride.
Business Ventures in the Making: What To Consider
When thinking about starting a new business venture, it is important to have thought about all the challenges that may come your way before diving in. Managing your finances is crucial during the early stages. Sometimes getting lost in the possibilities of what you can do with your business idea and product shelf can get you into trouble. Knowing what your priorities are, what is set to make the most impact during these early stages and what will show value to the first potential customers and investors will set you up for success. Everything else can be considered at a later time.
By honing in on your priorities as an entrepreneur, you can truly diminish the number of additional stresses that will come your way. It’s inevitable that there will be stressful moments. It can be emotionally draining and physically taxing. But there are strategies that can be used to bring you peace of mind. Give yourself moments every day to take a break, and stay attuned to the key priorities and vision.