The Truth about becoming a Successful Entrepreneur Right Now
They are so many misconceptions that are associated with entrepreneurship. Many people look at a successful entrepreneur and think that sole proprietorship equals success and profits. However, there are lots of factors that go into play to ensure that the business makes the impact the owner intends for it.
- Success will take longer than you expect. In business school, they teach that for a business to break even, it takes at least 18 months for a company to break even. That means, for the better part of the first year, the owner would have to put in money into the business to sustain it money, which they would not be getting back as soon as they would have hoped. This is where most entrepreneurs lose hope of running the business.
- Self-discipline should not be compromised. Many people in formal employment view entrepreneurship as the relaxed working option where you can choose to not show up to work because you are your boss. This is where most starting business owners go wrong, unlike in other forms of business where you work in a large team to push the vision on the organization; in entrepreneurship, the backstops at you. Therefore you need to do all the tasks that alone, which means you have to put in more time and work for the business to succeed.
- Competition is real. Getting clients to buy your brand is not the hard part of entrepreneurship. Keeping those clients is the tough part. Every day in the sole proprietorship ventures, other businesses are coming up that offer the same goods and services that your company provides, and they might even have more resources than you do. Ensuring you still meet the customers’ needs to make them keep stick to your business is the real challenge that needs to innovate and reposition your brand every so often.
- Be ready to be disappointed. All entrepreneurs should recognize that no one cares for their businesses the way they do. And because not everyone knows how much the company means to you, there will always be people who will make promises and not deliver. Sometimes the staff you employ if they have not bought into the vision you have and are only motivated by the salary they might be running the business to the ground. So when you get into entrepreneurship, you need to develop a thick skin.