An entrepreneur is seen as society’s salvation from untapped opportunities that are waiting to be harnessed into potential problem solvers. These problem-solvers however difficult, shaped into businesses, make living more convenient. As a result, the entrepreneur is paid accordingly, for his service to humanity. The higher the risk attached to the problem solved by the entrepreneur, the greater the reward. However, not all products that glitter are sold. Some businesses do not even exist for long, and the ones that do succeed still face challenges. Here are the 5 scariest facts about being an entrepreneur.
1. It’s a leap of faith
What most entrepreneurs end up turning into multi-millionaire establishments was probably born out of a small hunch to chase a dream. The person is seen by some as a dreamer and the truth is, not many appear otherwise. The only way to then find out if the hunch is bankable is to dive into it. The fear of the unknown becomes a problem as doubt clouds the entrepreneur’s steps towards achieving his dream with the idea still new, little or no funds to begin (for those with capital issues), and very few people seeing the entrepreneur vision. The best thing is to take a leap of faith and lose yourself in your idea, hoping both you and your business grow over the years. The entrepreneur then does all possible to achieve his dream; sometimes it pays off and other times, the business might crash. But it all starts with a leap of faith.
2. Family may also doubt your dream
One of the best ways to finance your business at the earliest stage is to get support from family and friends. But nobody likes to lose money, not even family, except the money given to you is not meant to be paid back. However, with all remaining constant, your family may have doubts, not believing in that dream of yours. But how can they? Some of them had dreams and were too scared to chase them or tried and failed and may try to rub off their (dis)beliefs on your efforts. It’s a trick as your perseverance and continuous drive make the difference and help you overcome this stage. But could your family be right? Would it head nowhere? There is only one way to find out.
3. Don’t be the enemy
Family may doubt your idea or dream, but it is not as dangerous as when you doubt yourself. No matter the phases the entrepreneur goes through, it becomes important that you don’t become the enemy. Doubting yourself is probably the biggest mistake in the entrepreneurial book and would bring down the business idea faster than it takes to raise one. The entrepreneur may fall victim to this challenge or choose to prevail. This phase in the entrepreneurial journey comes naturally and most go through it. But snap out of it as soon as you can, or it may become disastrous.
4. You are not the only one
You believe that your idea is world-changing and impressive, and you are special. But if you do not do anything about your idea you won’t be special for long as there is every possibility that someone else is thinking about that same idea. As funny as that may sound, it is true. Now it is up to you and every other person with the same frame of mind to do something about it. Thomas Eddison wasn’t the only person who worked on light bulbs. Although Eddison patented the first-ever commercially used bulb in 1879, that wasn’t where the story of the light bulb started with inventions dating as far back as 1802 with Davy’s arc lamp and Swan’s invention running from 1850-1879 when Edinson improved on the mechanism. So never think you are alone, in all truth you are not the only one so it would be safer to act like it.
5. Success isn’t the end
Well, the last and most important rule in entrepreneurship is: Learn to manage success. It is indeed not as easy as it may seem like many greats have gone down due to their inability to manage the level of fame or money they gained. Even Jordan Belfort, a stock market billionaire at 26, became a convicted felon at 36. This means nothing is impossible and even when successful one must do everything possible to manage success. It may have been hard in the beginning, but success isn’t the end, it only gets harder, which makes one wonder when the businessperson rests.
The BELT community is a community of entrepreneurs and like minds. Joining the community connects you to other entrepreneurs that may be going through similar challenges in the world of entrepreneurship. These 5 scariest facts about being an entrepreneur can either scare or spur you. Here’s hoping that it’s the latter.