Thinking of starting your own venture?
Join the club. There are about 40% of people out there who want to do the same or have already started out!
With technological advancements and the innumerable tools available online, it has become very easy for just about anyone to start their own website or an eCommerce store. Bootstrapping or crowd-sourcing funds, these entrepreneurs are also able to get a small team in place to get things going!
There are a lot many people out there who will talk about how and why you should take your dreams forward and build something of your own. Being your own boss, getting recognition in the industry for making a difference or introducing something that the world hasn’t seen before – there are endless things that can get listed to encourage you enough to take the leap.
But what most people avoid talking about, is the dark side of entrepreneurship.
So before you set foot in the big bad world of business with your idea, here’s taking a look at the not-so-rosy picture of starting up.
1. Not every idea works
About 90% of startups fail when they actually hit the market. For that matter, more than half the startups in industries like finance, health, education, agriculture, services, wholesale and mining don’t work for too long either! It’s either because the concept wasn’t planned end-to-end, or the market needs changed by the time they launched.
The market is unpredictable and the speed at which technological advancements are taking shape, the consumer needs are bound to change.
Tip: Execute a thorough survey of market needs and how long would they stay considering the developments in the industry, before working on an idea.
2. No time for socializing
Most entrepreneurs have a hard time keeping up with their social lives. Being the one responsible for the growth of an idea, leaves them with absolutely no room to be involved in someone else’s life. Phone calls become more demanding and work hours extend way beyond the regular 9 to 5! Technically, they end up working all the time.
Tip: To avoid going about apologizing to people for skipping socials, surround yourself with family and friends who are supportive.
3. Addiction to work
With absolutely no socializing and extended hours of work for days together, leaves them addicted to work. So much so that even when they do step out to take a break, all they can think about are the things they need to get done once they reach back. Work becomes life, while life starts to take a backseat.
Tip: Even though the drive is understandable, take some time off every now and then to go out. It will only refresh your brain and help you work better.
4. Your health becomes secondary
Since work takes over everything else in their lives, even health takes a backseat. Staying up late in the night and indulging in midnight cravings to keep themselves fueled, sleep disorders and bad food habits become a part of their lives.
Tip: Streamline your work hours, set sufficient time aside to rest and eat well. It is necessary to take care of your health to last longer in the race.
5. Frequent self doubts
Even though entrepreneurs start their venture with a 100% faith in their idea, the level tends to drop every now and then. Be it because of a new competition in the market, not being able to come up with something new frequently or the lack of team’s performance – everything just adds to their stress. This often leads to self worth issues.
Tip: Stay focused, plan your moves and improvise on the go. And if you fail, learn from it only to start again.
While all this might sound relatable, how do you ensure that you stay afloat in this dark sea?
By not letting your business define you!
Being driven about your concept is one thing, but losing your identity for it just not acceptable. Most entrepreneurs give up their hobbies and social lives to make things work for their business. Their profession becomes their world.
Don’t let that happen! Don’t let the market stocks define your mood or let someone’s ideas push yours aside and never let someone’s opinion bother you beyond a second. Have an identity of your own and never let your business overshadow it.
Trust your gut and stay passionate about your job. Make a difference in the world, but not yourself. Stay the same or you’ll block all the ideas that might come to you every now and then – after all, who knows what your next venture would be?
‘You’ are the brain behind a venture, not the other way around – don’t ever forget that!