You may have chosen to become an entrepreneur due to all the good things that come with it. You get to be the boss and control where your life goes. No more will you be subject to the whims of other people – your destiny is in your hands. What you may have not considered is that entrepreneurship has a dark side. If you want to succeed, you will need to learn about the negative things that come with being an entrepreneur and prepare for them as soon as possible.
You Will Have to Sacrifice Your Personal Life
Having a start-up is like having a newborn baby. It doesn’t care what you’re doing at the moment. If it needs you for something, you need to be there to care for it. That means getting up in the middle of the night if a report needs an urgent answer. It means apologising to your friends for seemingly vanishing so you can take care of your business. Being an entrepreneur means having to explain to your significant other why you missed their birthday.
You Will Likely Fail to Make a Profit in the First Few Years
The fact is that many businesses do not make money in their first year. Even if you break even, your business is not going to improve your financial situation. Being an entrepreneur is not about quick money. Running the start-up is not a sprint, it’s a marathon. Your start-up can make you money – eventually. In the meantime you’ll have to temper your expectations. You might not even paid in the first six months.
Things Will Go Wrong
It is said that if you want to make God laugh, tell him your plans. Whatever your plans are, they will likely change within the first six months, if not the first six days. Any plans you make are based on current information. By the time your business actually gets started, the industry may be entirely different. That doesn’t mean that you shouldn’t plan anything at all. What it does mean is that you need to be flexible.
You Will Spend Your Days Exhausted
As an entrepreneur, you’ll have to take on a lot of responsibilities early on in the start-up’s life. You’ll be in the industry you love, providing people with the product you designed, but you’ll also have to manage people, handle the finances, work as human resources, maybe more. Whether you find that exciting or not, the fact is that the entrepreneurial stress will take a toll on you.
At One Point, You Will Lose Control of Your Emotions
Being an entrepreneur is inherently stressful and at one point, you’re going to lose it. It doesn’t matter whether you have an outlet or a support group. The fact is that you only have a limited amount of willpower. The fact that you are, in all likelihood, emotionally invested in your venture only makes you more emotionally vulnerable. At one point you’ll just break and you need to be prepared for that moment.
Failure is Inevitable
As an entrepreneur, there is only one thing that you can be absolutely sure will happen: you will fail. Things will go wrong and at one point you’ll make the wrong decision. It’s entirely possible that your mistake will send your venture spiraling into failure. The good news is that failure is essential for your growth, as there is nothing like a huge mistake to make you learn.
You Will Make Decisions That You Will Regret
As an entrepreneur, you have direct control over your destiny. You also have direct control over a lot of people’s destinies. Your decisions will shape the future of your employees and partners. It’s not just your mistakes that will cost people – you will, at some point, have to fire someone. At some point, you may hire someone who damages the company in some way. Regret will be a constant companion.
Being an entrepreneur can be rewarding, but make no mistake, the path to success is filled with as much darkness as it is filled with joy. Only in knowing what you face and preparing for future issues appropriately can you make sure that you are emotionally ready to deal with the tough decisions you have to make and the failures you will endure.