Are you strongly considering taking the leap into entrepreneurship? If so, then let’s make sure that you know the 3 fundamental things that entrepreneurship is about before you get started.
#1 – Entrepreneurship is about RISK!
As an entrepreneur there is an inherent risk that can’t be avoided. If you are looking for a steady income, a guaranteed return on your investment and a greater than 50% chance for success then you might not be going down the right path. The majority of entrepreneurs fail during their first journey into this world. This reality is not something to fear or stop you from jumping in with both feet, but to be aware of so that you make the best decisions possible before you launch. And if failure is the outcome, then there should be a significant amount of takeaways that you will have learned that you can use during your next try.
#2 – Entrepreneurship is about SACRIFICE!
To be as successful as possible as an entrepreneur there will be a need to make several sacrifices. Some of the main sacrifices are of time and money. In order to get your business up and running you will need investment capital and for the majority of small business owners this means they will need to tap into their personal savings. Along with that there is a strong potential that it might take you 2 to 3 years for your business to break even, meaning you have made back the money from your original investment. This means making less money in the short-term, so that you make more in the long-term. As for the sacrifice of time, an entrepreneur will typically have to work harder for themselves than you would for anyone else. This may mean longer hours or more stress depending of the size and the industry of your business.
#3 – Entrepreneurship is about ACHIEVEMENT!
As you make your plans to become a successful entrepreneur there need to be goals along the way to be achieved. These goals could be related to income, lifestyle, passion or anything that might be important to you. The important thing is not really what the goal is (at least not for this article) but, that these goals are being achieved. If they are not, then why are you taking the risk and making all these sacrifices? At the end of the day your business won’t be evaluated on how hard you worked and how much of a risk you took. It will be about did you achieve your goals. If you did not then, it is a highly likely that you will no longer be in business.
Entrepreneurship is not something to be feared but on the other hand it should definitely be something to be respected and researched before you begin. If you start with understanding the risks that you will need to take, the sacrifices you will need to make and the goals you will need to achieve it may not guarantee you success, but it will definitely position you for it.