This is not meant to discourage you about entrepreneurship. Au contraire! If, after you read this, you are jumping up and down and yelling, “Yeah, bring it on baby!” you truly have what it takes to be an entrepreneur. However, if these realities make you queasy, don’t quit! Just step back and think how you might manage some of these realities. If you say “Hell no, I will accept none of these,” I have saved you a lot of time, money and aggravation.
Already knee deep in your venture? Look over this ERC just for the heck of it. These realities may already be apparent to you, but I’ve never met an entrepreneur 100% prepared for the fun ‘n games waiting for him or her around the bend.
TV shows like The Profit, Shark Tank, and West Texas Investors Club entice those with the entrepreneur spirit, while others gasp with horror at the thought of such personal risk taking. Like sporting events, there are winners, losers and lots of emotion. These shows often skimp on the true, behind the scenes realities of entrepreneurship.
Reality #1 If you think being an entrepreneur will give you more free time – forget that right now. You will have less free time.
- Vacations and going out to restaurants will be fond childhood memories…for now.
- You will continuously be in study mode − always learning and seeking information and opportunities.
Realty #2 You will fail…often. You’ll get over it.
Reality #3 You can also forget about trying to achieve “work/life balance” as the one in charge of building your business. Entrepreneurship will offset any semblance of a so-called “balanced lifestyle.” As Tony Robbins insists, you will have to “integrate your life into your work.”
Reality #4 Your family must buy-in to your venture and the entrepreneurial lifestyle that comes with it — 100%. If you are on the verge of committing to a love relationship or planning to start a family, be totally upfront with your significant other regarding the demands entrepreneurship will require. It will be intense and time-consuming. Any little strains in your relationship now will be exponentially greater as you build your business. Divorce costs big time on many levels.
Reality #5 Whatever sleep you get, it better be good sleep.
Reality #6 Be prepared to be exhausted, frustrated, terrified, ignored, underestimated very often, and pleasantly surprised on occasion.
Are you still in the game? Great! Continue reading my COREageous blogs every week to advance your success!