No country can prosper without entrepreneurs who run small and medium-sized businesses. They are the backbone of any civilized society.
A country remains economically and militarily powerful as long as its entrepreneurs are free to innovate, experiment and implement new business ideas. An entrepreneur might start a manufacturing business that creates their own products while others might start a servicing business-like call center.
Usually, governments are responsible for enabling a productive and conducive environment where all kinds of entrepreneurs can thrive. We have seen around the world that authorities are willing to go the extra mile to support their business communities and entrepreneurs.
But despite all that support, many entrepreneurs fail to grow their businesses. In fact, 9 out of 10 fail. Why?
Well! Being a successful entrepreneur is not so easy. It takes a lot of effort!
Following are ten things- What Must an entrepreneur assume when starting a new business.
#1 Not a Regular 9 to 5 Job
The first thing What must an entrepreneur assume when starting a business is you are not going back to your home at 6 pm. Unlike 9 to 5 regular jobs here, working hours are not fixed. There are no weekends or holidays. Whether it is Christmas or New year, you have to work hard every day.
Your work is never complete, especially for entrepreneurs who have just started their businesses.
When I started my digital marketing business as an entrepreneur, I had to sleep in the office for the first two years. There were days when I was not able to go to my home for a whole month.
#2 A Lot of Hard Work
An entrepreneur must be prepared to go the extra mile if he or she wants to succeed in his or her business.
one important thing what must an entrepreneur assume when starting a new business is that business requires a lot of innovation. Basically, it is uncharted territory. No one else has done it before. You are the pioneer! Hence you won’t get the desired team that is ready to help the way you want.
You have to do most of the daily tasks on your own as your employees are either incapable or unwilling to do so. This can be very stressful at times.
In my case, most of my employees were simply unable to grasp the technical aspects of digital marketing. Therefore I had to work on so many projects alone.
#3 Years without Income
What makes it worse is there is no guaranteed monthly salary like a 9 to 5 job. After doing all this hard, there is no guarantee that you are going to generate any revenue. In fact, many entrepreneurs end up losing money.
In my case, forget about generating any profits. I failed to generate an income that could pay my employees and break even. Then in my free time, I started to earn some side income from blogging, as writing is my hobby. You can also get some extra income from side hustle jobs in your free time.
Things started changing only after a year. But for the whole year, I had to work very hard for a decent income. An entrepreneur must appreciate this fact, and there is no such thing as easy money.
#4 Extreme Mental Pressure and Insecurity
A lot of work without any return leads to stress and constant insecurity. In my starting years, I was so insecure about my future that there was a moment when I thought of quitting my business altogether.
What makes the situation worse are your competitors. You see your competitors doing fairly well, and you start feeling like a loser. To be honest, insecurity also gives rise to jealousy which is not good.
However, successful entrepreneurs always overcome their insecurities and rise above their prejudices. I did the same thing.
#5 Sacrificing Social and Family Life
I was in my early 30s, slogging my ass working 24 X 7 like a mule in my office while my friends were enjoying a healthy social and family life. Many got married and had children & having the time of their lives.
As an entrepreneur, you will surely miss sunny family life, going to the beach, kids playing with sand, etc.
You have to be emotionally strong and not get carried away when you see your friends having a happy family life.
Initially, I also had the feeling of ‘missing out,’ but eventually, I was able to cope with it.
#6 No Appreciation
Another issue that you might have to face is that there is no appreciation for all the hard work you are doing. You don’t work for someone, and you work for yourself. Thus, no one around can appreciate all the hard work you have been doing for so long.
A lot of hard work with no appreciation can demotivate you. In fact, I saw many of my fellow business owners quitting their businesses just because they had no one around who could appreciate their work.
You feel lonely and dejected!
#7 No Employee Benefits or Health Insurance
Other than emotional aspects, entrepreneurs also have to account for their health insurance because there is no employer who can provide employee benefits.
Initially, the majority of the entrepreneurs do not have enough money to afford health insurance. Most of them are not covered.
Not just health insurance, take the example of holidays. If you take holidays while working for an employer, typically, it is paid. But as you are your own boss, then you have to pay from your pocket.
Entrepreneurs have to adjust to the reality that there are no health benefits or travel perks.
#8 Being an Entrepreneur is a Way of Life
Being an entrepreneur is a lifestyle. As an entrepreneur, you have to realize that there isn’t any distinction between your personal and professional life.
Your daily habitual routines are going to be centered around your business. For example, in my case as a digital marketer, I had to read and learn a lot about search engine technology. How they work, Google algorithm updates, penalties, etc.
You also have a team that you are going to lead and inspire. You have to lead by example. You are not going to succeed unless you are willing to change and adapt yourself according to your business.
As an entrepreneur, you just can’t separate your personal life from business life.
#9 Government Regulations
I have mentioned this much earlier in the article. I didn’t have to face any government regulation because my business, digital marketing, comes under the service sector. It was pretty easy to get started.
However, entrepreneurs who manufacture products have to pass so many government regulations. For example, just acquiring a piece of land for setting up a plant could take years. Government regulations depend upon the country you live in. Some of them have very stringent, but some are very lenient.
#10 Come Prepared with Plan B
Last but not least is a Plan B, backup or Contingency. Before taking a plunge, you have to think about an alternative. What if you fail and want to quit? If you do fail, then you must be able to go back to your regular 9 to 5 job.
Or can you change your line and start a new business. Always come prepared with a Plan B!
So these are a few important things that an entrepreneur must assume when starting a new business.
The road ahead is going to be very tough, and you have to prepare yourself mentally and physically to take on multiple challenges thrown in your way.