Some Difficult Facts About Being An Entrepreneur
When you set out to become an entrepreneur, you can sometimes feel as if you are jumping off a cliff. You might be the most orderly, anal-retentive organizer or logistician and may have a clear picture in your head about how you are going to achieve independence and satisfaction. Do you know how to make God laugh? All you need to do is say that you have “a plan,” which converts to your quest to be an entrepreneur! The unfortunate truth, as those who have been down the road before you will testify if you ask them seriously, is that you are in for some adventure. Your plan is nothing more than a constant work in progress and you will certainly end up putting more time, effort, emotional and physical work into your own business than you would working for anyone else.
You will need to put a lot of thought into any idea that you have, before you start a business. Are you just pandering to your own needs and likes, trying to create a business around your hobby because you are interested in it, or are you truly creating a solution to a problem for potential clients? Your business must be able to solve a real problem, have a well-thought-out and different approach, or you’re likely to be crushed by the competition. What is your unique selling proposition?
Aim to always give more than you get back when you start off, as part of your creative interpretation of your business environment. People are always wary about doing business with someone or some business that they do not know and are looking for social proof. When you get customers, treat them like pure gold and make sure that you get positive testimonials and feedback. Be prepared to go way beyond the line when providing value.
Unless you have the luxury of a lot of time and a pot of money behind you, the sad truth of being an entrepreneur is that you’re going to have to be head cook and bottle washer, becoming adept at everything. Outsourcing will only be a dreamland, and you will find that your time is really stretched thinly. There are certainly not enough hours in an entrepreneur’s day, so be prepared to work at a minimum 60 hours a week. Don’t be surprised if your business demands your attention seven days a week. You will quickly find that time is worth more than money, which can be very frustrating when you’re devoting much more of that time to operations rather than development.
Your business model must be realistic and once you get going you should be able to document its potential according to the amount of time that you are spending, the value per hour of work that you are currently achieving and the potential based on a very realistic and reasonable projection. Always be very honest and realistic, however and understand that you need to allocate a certain amount of time every week to annoying issues that will eat into your productivity.
Keep your feet firmly anchored on the ground, because you will go through tremendous ups and downs as your business unfolds. Don’t lose faith however, as everyone would be doing it, if it were easy!
Adam Toren, Co-Founder of Young Entrepreneur, specializes in developing the profitability of struggling businesses with a specialized and ‘bottom line’ approach. Adam, along with his brother, have created, purchased and sold a variety of companies over the years. At the moment, they own and manage a highly successful publishing company and several dedicated online enterprises.
