Want to become an Entrepreneur? Let me give you the cold hard facts everyone avoids mentioning, the ugly truth they usually don’t tell you. Because let’s be honest, starting your own company is a lot like jumping from the top of a building without a parachute. And no one likes to go splat. The first thing you must do is hire a lawyer for business startup who has specific expertise in this area.
1) Your star employees probably make more than you do
Those who don’t like hard work need not apply. Or rather, those who like stability or live paycheck to paycheck should stick to their regular 9-5 job with a steady income. Because being an entrepreneur often means working with a fluctuating paycheck or no paycheck at all!
Yes, lots of long thankless hours and no green to show for it – similar to being a new Mom. This company is now your new baby. So bank on making sacrifices. You may need to dip into your savings, take out loans, cut living expenses, and survive on Ramen Noodles for awhile. The average start up doesn’t see a profit for 2 years. And many entrepreneurs (including myself) often go months, if not a year or two, without paying themselves! Being an entrepreneur doesn’t make you fancy. It makes you humble. And usually your star employees make more than you do!
2) You work ungodly hours
Oh how i envy my friends who leave at 5 pm and go about their lives, our meetings usually run until 10 pm and that’s on a good day! Why if we’re lucky maybe grab lunch while on the go in the car running around from meeting to meeting and client to client! Not so glamorous when your day starts at 7 am and ends at 2 am!
3) Social & Love Life Take A Backseat
I don’t remember what my best friends look like, no really! Ex’s well that’s another story, but you pretty much become married to your job, all your blood, sweat and tears get put into making sure your newest baby can learn to walk on its own.
4) Being in Charge not always so FUN
Sometimes i just don’t want to make a decision, why can’t you tell me what to do!? What if i take the wrong decision? Sometimes you just want to be part of the ride instead of the one who is steering.
5) Grow Slow, Fire quick
Some people think a successful company is in the amount of people the have in their office or how many employees they have. If anything sometimes that is a sure fire way to your failure, one should grow slow, see what your future trends look like. But definitely do not keep around dead weight, micro managing and having to keep your team afloat will only take you anywhere but down.
6) You Will Give More Than You Get
The average entrepreneur works a bare minimum of 60 hours a week. Many work closer to 80 hours a week. You will give until it hurts and then give some more. You will give so much that you will question what more you possibly have to give. Then, you’ll give again. You’ll slave and you’ll sacrifice. And you’ll do it for one reason. Because this is your baby. And you love selflessly like any good parent would.