Entrepreneurship is thrilling, exciting, and empowering, but it's also scary.
Entrepreneurship is seeing a renaissance, in part motivated by the rockstar tech founders that seem to have become overnight billionaires, and in part due to the increased availability of resources that can turn anyone into a full-fledged business owner. Almost anyone with an idea can create their own business and start generating independent revenue while calling their own shots.
It's exciting and appealing, especially when you start daydreaming about the possibilities of becoming a millionaire, but before you pull the trigger and start investing in your idea, it's important to understand a few of the scarier realities of entrepreneurship.
1.Money will be tight. I'm talking extremely tight. Your business won't generate revenue for a while, so chances are you'll be without a salary for at least several months. Not to mention, your business will demand initial capital, and unless you're sitting on a pile of wealth already, you'll probably exhaust your personal savings in the process. Add in the fact that your eventual revenue isn't guaranteed, and you have one scary financial scenario.
2.You're wrong. Something in your business concept is fundamentally, inarguably wrong. It could be that the entire business model is flawed--it's no secret why the vast majority of startups never make it beyond their first year. Even if the core of your business is solid, there's at least one assumption you've made along the way that isn't correct, and it's going to sting when you figure that out. Don't be surprised if you have to rebuild your idea from the ground up at some point.
3.Overnight successes aren't real. Occasionally you'll see an entrepreneur come out of nowhere with an idea that lands them millions. It appears like this is an overnight success, but the reality is, it's probably the product of years of turmoil and hard work. Only after years of struggle, failure, reinvention, and discipline can you achieve entrepreneurial success.
Don't let these harsh realities scare you away--instead, let them ground your expectations. As long as you know what you're getting into, there's nothing that should stop you from following your dreams.
Bio:
Jose Vasquez is a serial entrepreneur and tech enthusiast dedicated to helping startup technology companies get the direction and momentum they need to succeed. As the founder of Build. Brand. Blast., Jose has established a collective resource for tech entrepreneurs to consult when brainstorming, creating, launching, or expanding a new business. Jose is also the founder and CEO of Quez Media Marketing, a marketing firm that combines technology and creativity to help new and growing companies get the results they need.