What could possibly be adverse being in charge of your financial future? Being your own boss – how can it not be in your favor? The idea sounds perfect to almost everyone- own business, own routine, own workplace, own setup and own decisions. Where could things go wrong? How could anything be wrong in here? Well, the bad news is that entrepreneurship is a bitter-sweet fruit based on the chances and risks you take and it really can make you or break you. Many of the aspiring business-owners are not aware of the statistics associated with entrepreneurial success or failure. It may come as a surprise to you but most startups fail within the first year of their launch due to a number of reasons- the main reason being the failure of the business-owner to keep up with the business. There are many things that first-time entrepreneurs wish they knew before taking the plunge so that they would take well-informed decision. While the allure is pretty strong, there are some harsh realities that you should realize before jumping in. So, what are the top things that break the fantasy of the perfect entrepreneurial life? Why is entrepreneurship not everyone’s cup of tea? Here are a few reasons which might make you think twice about your decision to quit that job and take the blindfolded leap:
You will be needing unwavering focus
A growing startup can demand a lot of attention (just like a new relationship) and if you find it hard to focus, everything can go down the drain very quickly. It is indeed a distracting world and you can find your mind wandering quite often but to establish a successful business, you will be required to get rid of your time-wasting habits to stay steadfast. If you are not ready to sacrifice on your habits or schedule (or sleep, for that matter), leave the entrepreneurship dream for the time being.
You must be a good decision-maker
Being in-charge of a corporation puts you in a leadership role which means that you should be capable of making smart moves and taking sensible decisions instantly. There are going to be numerous times when you will be required to put on your thinking cap and your decision could be the turning point of your business. Seizing opportunities and missing them will all be dependent on your decision-making skills, so if you struggle in that area, you might as well re-consider on the thought of becoming an entrepreneur.
Your income can be fluctuating
No business promises a fixed income- so you either got to compromise or have a secondary source of income unless your business is capable of supporting you. Yes, owning a business does give you financial independence but only after it is established, until then you will have to use your funds wisely. With an inconsistent income, many entrepreneurs lose hope within the launch phase of their startups. If you think can’t cope up with the highs and lows at the moment, your business can wait till the time you are ready.
Your business might take a toll on your weekends too
A business requires you to sacrifice some aspects of your personal life, including family time and social interactions. Most of your weekends will be dedicated to the purpose of bringing your ideas to life, which means no partying late and no hangouts on a regular basis. But of course, once you are settled and your business has taken off, you can live your life however your wish. Many people find this part to be hard on them but there are definitely no gains without pains!
It’s going to be a one-man show
There are certain times in an entrepreneurial journey when you feel all alone in the middle of a desert with nothing in sight. It can be a very heart-breaking and a depressing situation to be in- all alone, on your own. Of course you may look up to family or friends for support and advice, but they might not be able to help you with anything solid. They can be there for you in your stressful times but can’t really take you out of any situation. With no one to put the blame on or to rely on, a business is indeed a journey which you have to set on your own. If you can’t take the burden to bear these things, you might as well wait before you think you will be able to!