The Dark Times in Every Entrepreneurs Career (Part 2)
Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering. – Yoda in Star Wars
For years entrepreneurship has been widely heralded as the path to fame, fortune, and following your own vision and ideas while avoiding working for “The Boss.” But the thought of going into business and doing your own thing as it is popularly called can be very appealing. This is especially true for most people who want to make the switch from the limited world of employment to the unlimited world of business. But sooner or later, the untold harsh realities will begin to set in and the truth is; a lot of people are unfamiliar with these harsh realities.
Below are Richard Branson’s 7 things you probably do not know about entrepreneurship:
You will be unhappy
According to Virgin Boss, “Entrepreneurs are people that are always chasing the next big wave, looking to the next venture, making moves that will come into play months later. This can have a positive impact if it all goes well, but the chances are it will never always go according plan and that’s when unhappiness kicks in.” The truth is, in start up, the first few years of operations are spent getting your business up and running. You might. spend more than you’ll generate in revenue
Your relationships will suffer
You might experience failure, but it is how you respond that will have the final say in what comes of your endeavors. In many cases, failure can serve as a redirection, leading you to a new pursuit you wouldn’t have thought of otherwise. Most entrepreneurs I meet are single and I think that’s often a personal choice because you are chasing that next big wave.
Also, you might look at the time you’re spending with somebody doing couple things a waste of your time and overall, it’s not fair to make somebody else unhappy whilst you chase your goals.
Your overdraft will become your best friend
Good accounting isn’t a luxury in business. It’s a necessity. As Mr. Branson wrote: “When starting up, cash-flow is tight and you will often be living from week to week, let alone month to month. With this, you can expect to dip into your overdraft and have a few phone calls with your banking provider about lowering your overdraft fees. I remember having to make the decision between spending the last £10 available on my overdraft on food for a week, or train travel to a meeting. I chose the train ticket which resulted in a client acquisition.” But know that with every failure you are adding layers to your mental strength.
You will have a terrible diet
Start up entrepreneurs mostly spend hours on a daily basis, getting little or no sleep, partial or no exercise and worst of all, you’re surviving on mainly junk and noodles. Entrepreneurs don’t have the time to cook a meal from scratch do we?
You have to be mentally strong
Mental capacity is the ability to make your own decisions. We (entrepreneurs) consume lots of books which help to build the mind. Remember, with every failure you are adding layers to your mental strength. But how do you improve your mental capacity? By constantly and actively enjoying the daily activities of entrepreneurship.
You won’t go out and raise £1 million overnight
I see so many so called ‘entrepreneurs’ prepare a business plan and chase funding without even having registered an actual company. They want somebody else to take all the risk for their idea. Raising money takes time, preparation, a solid business model and a great team behind the business. Stop kidding yourself that you have the next Facebook said Richard, but need £15 million before you can start it. Start with what you have, do what you can and then go to raise investment. Investors will respect you far more if you’ve had the terrible diet and the overdraft account because they will see how passionate and committed you are to the success of the business.
Your social life will diminish
We often see pictures of entrepreneurs all drinking in bars with each other, laughing, joking and having a good time. Yes, this is true, for those entrepreneurs that have built a company and successfully integrated a structure and team that allows them to free up their time. Starting out though, a combination of lack of funds, long working hours and constant uncertain success will mean that you cut back on a trip to the pub with friends and shopping trips. Be prepared to have friends question you, moan at you and make you question yourself.