Developing your own business — it’s all looking very promising. However running a business is not all sunshine and rainbows, and it’s worth hearing the reality of the entrepreneur lifestyle before diving into the fray. There are some realities you should be aware of before you decide to take the leap.
You Should Have Clear Goals and Benchmarks
Create clear goals and benchmarks in your business. Your freedom to do whatever you decide with your time will backfire if you don’t stick to a schedule and plan. Today, things like social media notifications can lead you down time-wasting rabbit holes.
Don’t give in to activities that will distract you. Your time and energy needs be spent on strategies that grow your business. That’s where your focus should be.
Leaving Education Does Not Make You The Next Steve Jobs
Dropping out doesn’t make you the next Steve Jobs or Bill Gates.
Neither Steve Jobs nor Bill Gates dropped out of school to loaf around. Steve Jobs continued to audit classes for over a year after officially dropping out — he cites a calligraphy class as his inspiration for the beloved Mac typefaces and font spacing, and Gates had been planning his future software company for some time before leaving Harvard.
They were rare exceptions — chances are you’ll be much better off finishing school before embarking on your entrepreneurial adventure.
Your Income Can Be Inconsistent
Don’t consider your business like your personal piggy bank — you should be feeding and growing your business with the money it brings in. Use your funds wisely. There are a lot of places that seem like they would be a good investment, but aren’t. Testing with a small amount is the key to see what really works in your business. Just because someone else had success with a strategy, doesn’t mean it will work for your business.
Good bootstrapping builds a long-term profitable business, so avoid self-indulgence and keep yourself on a low salary.
Procrastination is a bad habit
You must treating your business like a real business — that means keeping real work hours, establishing routines, and sticking to them.To make progress in your business, you have to focus your time on what will help your business.
Do it yourself, but don't do it alone
Establishing and running your startup includes many parts. As you start out, you can manage them on your own. Eventually, there’s so much to manage that you can’t focus on things that will help your business grow. Today virtual assistants and freelancers can take on some of the load so you can focus on growing your business. Trying to be the “jack-of-all-trades” only hurts your business in the long run.
You should work on setting and meeting goals, developing your business skills, and putting money back into the business.
Check Your ego at the door
Accept that you may fail. Over 80% of businesses fail, that doesn’t make for great odds. Some entrepreneurs go through several failed startups before finding their golden ticket. It requires a degree of humility to accept education and insight from your mistakes.
Set new higher goals
When achieve success, it’s easy to stay complacent in your progress. Your goal should be to grow, and to set new goals and new levels of success. If you continuously set higher and higher goals, you can make it your reality.