Starting a business is not so easy – it is nothing like what you expect it to be. Entrepreneurs spend their time, dedication, efforts and hard work to learn about how to grow a business. But the sad reality is, they don’t spend enough time questioning whether they should start their own business in the first place.
Most entrepreneurs usually start their businesses with some expectations in mind despite the fact that the reality doesn’t always align with the reality of starting a business. There is a lot of things to consider. Making the right decision depends on analyzing your current situation and not relying on the ideal business leaders and entrepreneurial myths.
Have a look at five expectations that entrepreneurs usually make when starting and building a company.
- You’ll be Your Own Boss
One of the most common reasons why majority of people want to start their own business is the opportunity to become your own boss. Setting your own hours, working at your own pace, taking time off whenever you want, charging the rates of your choice – who wouldn’t like to have this ideal life of flexibility and convenience?
But frankly speaking, there is actually more responsibility and less freedom involved when it comes to starting your own business as opposed to having a regular 9 to 5 job. The life of entrepreneurs is filled with extra pressure, big undertaking and more stresses that employees never experience. Working so hard will become the only thing in your life to succeed. And when you get it right, it’ll become more successful. And when you start out a boss-free lifestyle, chances are you will have people that answerable to you for your business growth.
- You’ll Make a Millionaire
Let’s face it. Many entrepreneurs hope to make tons of money by growing and selling their business. In fact, it is the end goal of most business owners. Though it is true that in the U.S.A. the richest people are mainly entrepreneurs and self-employed. Companies such as Google, Facebook, Microsoft have produced hundreds of millionaire employees. But how many of those entrepreneurs are truly enjoying long-term wealth and financial security?
Building a business creates value that is not measured in dollars. One of the most valuable aspects of starting your own business is actually the social capital and learning experiences you actually gain along the journey.
The opportunities you gain to meet other mentors, professionals and company founders, discuss awesome idea of running a business, attending networking events, develop meaningful relationships are something that are invaluable.
Though it is possible to become a millionaire by starting a business, be sure to avail these bright opportunities and savor the insights you receive. It will help you deal with any business challenge skillfully.
- You Need to Do More Things
Many entrepreneurs start a business to follow their passion. There is a tendency to fall in love with optimism that lure you into training programs and other productive things. Some entrepreneurs think they will find endless contentment by doing what you love to do. But sadly, it is not always the case.
As your business starts to flourish, you will find yourself doing less and focusing more on hiring smart people than you to do a better job than you could have done. Moreover, keep in mind that even the craziest passion and fun hobby can easily become work when it turns out to be your full-time job and source of revenue.
Ultimately, the most important aspect of your job as an entrepreneur is doing less stuff you love to do once and more about building and managing a team of professionals, and then nurturing, training and motivating that team.
Successful entrepreneurs know how to manage their projects and team and stay ultra-productive. They use task management software to get more things done in less time and accomplish their goals successfully.
- You have Nothing to Lose
It is much simpler and easier to work under a manager and keep your goals and achievements, no worries about the failures as the project manager, boss or CEO is responsible for business success or failure.
In fact, it’s the easiest way to avoid any embarrassment and judgment. But when you enter the entrepreneurial (boss-free) life, you are responsible for everything – you need to promote your business and you need to put yourself out there in a public way.
Sadly, 80% of small businesses fail in their first year. So, chances are, being an entrepreneur, you do have a lot to lose. The key to success is to stay determined, ignore the naysayers, learn from your mistakes and adopt new things so that things will get better. There are many successful business leaders who start multiple ventures and look at each venture as a learning experience, not a failure.
Successful business leaders won’t be disheartened and try again and again. The will learn from their failures to increase their chances of future success.
- Your Dream will become a Reality
How easy it is to show up at work, do your tasks, get promoted and watch the dream become a reality. Things like getting your first job, moving into a better and more professional place, having a party to celebrate success, getting a performance award, or having satisfied customers. It’s impossible to explain how awesome it feels.
Starting your own business is indeed a big responsibility. Therefore, it is highly recommended to think more deeply prior to starting and building a company. Figure out the motivations and intents behind this undertaking. Probably, it won’t be anything like you expect it to be, perhaps it will better than you ever imagined.
The life of entrepreneurs is exciting, especially when you have an idea, hobby, product or service in which you are passionately invested your time, efforts and energy. If you are all set to start your own venture, it is advised to stay away from these entrepreneurial myths, so you can make well-informed and smart business decisions and come out on top. Good Luck!