It seems to me that most people who get into business are more excited before they get in than they are, when they are in. Entrepreneurship is an exciting adventure when you are out, but the story often changes when you are in. Many people become entrepreneurs without really knowing the negative side to it. They think only about making so much money without considering the rough road to wealth.
In this post, I share with you some of the odds of becoming an entrepreneur. My intention is to fully equip you by preparing your mind to face all the odds when they come, and move on to success. After reading this post, you will surely want to reconsider your decision to start that business. But if you do, you will be more likely to succeed after knowing these things. The following are six solid odds of entrepreneurship.
1. Much Work, No Laziness
Before becoming an entrepreneur, you use to get up every morning, do the morning chores, be in the office by 8 am, work till mid-day and have a break, get back to work till say 5 pm and close. Then you have the rest 5 to 6 hours for yourself to spend with whoever you chose. And for you who did not have to be in the office on Saturdays and Sundays, wow!
Now the story is different, with being an entrepreneur. You don’t go to and close from work. You work round the clock: when you are eating, partying, driving, chatting and even when you are sleeping. You virtually don’t have rest time until your business is thriving on eagle’s wings and even when that is happening, you are working hard to keep it soaring.
The entrepreneurial life is very exciting, challenging and stressful. It is not for one who is lazy. Don’t quit that job if you are not sure you can stay awake all night thinking and planning. If you do, you will be shocked how poverty creeps into your life like a thief.
2. Insufficient Capital, Failure
I have a friend who went to the bank, withdrew her savings and borrowed some more money to start a restaurant business. She was so optimistic that she will be making millions in a few months. For the first five months she was seeing some green light for success, with more customers.
After the 6th month, she realized she had spent all she had and was now managing the business with the little profit she was making yet. After 4 other months, there was not enough for rents and utilities, salaries and production. She could no longer keep the place running. Her workers who had gone without salaries for a few months, left and frustrated, she quitted. She took less than a year to move from a millionaire to a pauper.
One of the reasons why start-ups fail is lack of sufficient capital. Most businesses require more money than is ever initially imagined by the start-up. When you start up the business without sufficient capital, the chances are high, that it will fail and you will become poorer.
3. Loneliness, No People
The early stages of the entrepreneurial life are usually lonely: no time for friends, family, socialization, fun, etc. Most entrepreneurs don’t realize it when they soon lose the people in their lives because they are very busy trying to face the day to day head-aches of business. It begins with their spouses and children complaining that they are always busy and then sooner than later, they are travelling from one place to the other.
Entrepreneurs know how it feels when no one believes you and everyone around you is watching to see the business fail. They know how it feels when there is failure and everyone who was in with them, quits. No one wants to identify with failure. The moment you start and the challenges come, most of those with whom you sailed, start looking elsewhere. Your spouse and best friends could even begin throwing stones at you. Be ready for loneliness, until you start making it big.
4. Much Stress, No Rest
Many people in the world today die of stress. The world is becoming a busier place to live in. Everyone is trying to catch up and at the top of that list are entrepreneurs. They have to deal with low sales and turnover figures, the complaints of customers, high staff turnover challenges, competition in the market, and so on. The head-ache is sometimes unbearable and you find out that health problems have crept in unnoticed. A one-time active go-getter could easily become a hospital client, struggling with health problems.
5. No Promotions, No Titles
Most professions come with so much prestige as you climb the ladder. On a job you get promoted and receive honors as you keep performing well. This is not so common with the entrepreneurial life. In fact, you are only noticed when you have made so much money and your achievements are easily more recognized than you. You will bear with me that some of the renowned business men in your locality are hardly known. While their businesses are doing well and receiving praises, they are at the background and hardly recognized.
The entrepreneurial life does not have Masters and Doctorates. It does not recognize and award laureates. It only notices wealth and this is when you must have hit the top.
All the above are odds of entrepreneurship. As one who is choosing the life of an entrepreneur, be prepared for the above. Nevertheless, some are very preventable and if you prepare well, you will have a more exciting adventure. In my post titled “Ten Strong Reasons Why You Need To Get Into Business” you will see the good things about the entrepreneurial life. I encourage you to go on and read it, but don’t forget to leave a comment below.
By Kadzem Claude
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