5 Things They Didn’t Tell You About Entrepreneurship
I’m no expert in the field of entrepreneurship. The opinions I lay down are merely based on my own experiences vis-à-vis the “agitprop” being evangelized out there.
Today’s new order is highly capitalistic with immense value put on creation of ideas and rewards on the cachet that comes with attaining wealth and power. Entrepreneurs are today’s heroes, considered role models more than any other group. Look around and you’ll see programs trying that encourage people to become business owners — from government sponsored training to a plethora of blogs on how to become an entrepreneur and a mushroom of privately owned accelerators. Almost everybody today aspires to be, is or at least claims to be an entrepreneur. It’s easy to understand why.
Entrepreneurship has been romanticized too much. The allure of financial independence, freedom of time and becoming your own boss has sucked too many people in. While I maintain all these things are highly attainable by running one’s own venture, it’s not always sunshine and rainbow like we are meant to believe. The reality of entrepreneurship is a lot different than what is portrayed in biographical articles and economic headlines. In fact, I dare say working for someone is easier than running your own business.
Here are a few things they probably haven’t told you about entrepreneurship:
1. It’s emotionally and physically draining
They don’t tell you how much of a lonely path it is going to be. Regardless of whether you have family or friends that support you, more often than not , you are going to be alone with your thoughts. Constantly doubting what you are doing and wondering if you’ve made a mistake. The toll battling such thoughts will have you on you is unfathomable.
You’re also going to be doing a lot of things on your own when the business is starting out: phone calls, client meetings, testing, pitching, book keeping (and that’s if you’re actually keeping a record of your books) and a heap of other things. Lucky are they that will have partners or a system set in place to handle operations.
Imperative is understanding just how essential time-management is going to be. The earlier you learn how to effective manage, prioritize and attain the goals you’ve set the easier it will become.
Nonetheless, whether you are an expert at managing your time or you have a system in place, you’ll still be physical and emotionally drained. The simple truth is, no one can prepare enough for that which they don’t know.
2. You probably won’t become a mega-rich entrepreneur (and if you do, it won’t be overnight)
We overestimate that which we can achieve in a year and underestimate what we can do in ten 10 years.
Realizing that success won’t come quickly is important before starting. Accepting that the business might also fail is crucial. That cool idea that you think will revolutionize the world, won’t have clients for a while and most people will think it’s sh**t.
You can’t summarize someone’s life in an article or a single movie. Most of the entrepreneurs we look up to have their hardships behind the curtains. No one ever openly discusses what they actually went through, and even if they did — it still won’t make so much sense until you actually experience it.
Have a clear vision and reason for pursuing your venture. Stick with it, as long as it still makes sense to you, and pursue it until it materializes. Have a long term plan that motivates and pushes you, self-delusion is a tool every entrepreneur has to pack.
3. You’ll face a lot of rejections — get used to it
I think the one think everyone who has tried business has in common is rejection. People won’t buy into your idea until you prove it’s value to them.
Accept the fact that a lot of people will say “NO!” when you first approach them. It will break your heart, but don’t be so fixated on the rejection that you fail to pick up the lesson. From every rejection you encounter, ensure you have a feedback mechanism to understand how you can do it better. A thick skin will also come in handy.
4. Your idea doesn’t matter — someone else probably has done it already. Learn how to sell a lot.
There’s nothing new under the sun and to be honest, ideas are pretty common and worthless. Whilst it’s important to have a viable idea before pursuing a venture, ideas themselves mean nothing. Heck, I can bet you’ll even find someone whose thought about the exact same thing — Google it, I dare you!
A key integral part of business is the ability to sell. This doesn’t just encompass selling the product, it includes: selling your vision, the company and yourself. So learn how to sell, and sell really well.
5. You’ll work more hours than someone whose employed
As a founder of a business, a lot of responsibility will fall on your shoulder and success will be highly dependent on you. The whole concept of work-life balance become blurred at some point.
Entrepreneurship, especially when starting out, is more a lifestyle. Unlike employment where you clock in and out, running your own business will mean setting your own work time. Before one discovers how best they work and how to balance time, the business will consume more hours in your day than anything else. The whole 100 hours a week, although I don’t advocate for it, will probably become the norm.
Entrepreneurship can go along way in solving majority of the problems that we face in Africa. I’m in coherence that we need to encourage and promote idea creation and innovation. That said, I think it’s important you are prepared for what’s coming. Being prepared for the “reality” is much more pragmatic than following the hype.
