In this article we will be showing you some of the harsh realities that is entrepreneurship. We will look at the product, the financial and the social realities of owning your own business.
Product Realities
The first incarnation of your product may not be right. This is not to say that you are not the genius you think yourself to be, it is just a common reality – something that happens to the best of us. The important thing is to listen to what your clients/customers have to say (i.e. their feedback on the product). Let your client help you to mold that perfect product. You do not have to pay them for it. In fact, they're paying you. Another product reality to keep in mind is the time it takes to do everything. Just because you have come up with the idea quickly does not mean there will be a quick response from buyers. Even if they are excited about it the excitement will wane as they remember the dozen other things that they have got going on. This is not anything against you. Just be patient. Finally, do not think that there is one big potential client out there that is going to pull you and your company out of near bankruptcy and set on the golden path of career success. Success depends on many small victories. Keep working at it.
Financial Realities
If you are expecting a large salary by starting your own business then you are in for a surprise. Most entrepreneurs make less than minimum wage during their first year as a company. The costs involved in starting up your business are going to be huge. Too huge, in fact, to be giving out any raises or bonuses to yourself. There are going to be overhead costs, taxes, hiring costs and other costs that will keep you working 80 hours a week for seemingly peanuts. Your company startup may take a bit longer than a year. It could take a lot longer than a year. There is no such thing as overnight success in the field of entrepreneurism. Sure there is the odd lucky case, but, in general, it is going to be a long, grueling fight for survival. Lastly, there are going to be forces outside of your control that will make you want to quit. Don't. You have to let these roadblocks show you how badly you need to keep going.
Social Realities
Your friends and family are not going to understand what it is you are doing. Entrepreneurship, although more and more common these days is still an un-graspable idea to most. People will think it means you are unemployed. Don't let it get you down. It is important that you do not let your title go to your head because, as of right now, it means nothing. You may have to do some things you don't like, but you should bask in it. Years from now, when you are really bringing in the money you can look back and laugh, thinking about the times you really had your hands in it. Finally, dealing with customers is hard. Remember though to respond to everyone. Make sure they know that you are in charge.
