The best entrepreneurship advice that I never got before becoming a full-time selft employed writer.
In my past career as a Business Development Consultant, I have had my fair share of talking to first-time entrepreneurs, listening to their struggles, and eventually helping them come up with business and marketing plans.
And let me give you a hint: being an entrepreneur it’s not as glamourous as it is romanticised on TikTok and Instagram. It’s really hard to find success in business overnight and it’s definitely harder to run your own business than working in a 9-5.
Based on this experience, I’ve synthesised a few tips and considerations for new entrepreneurs. I feel that it’s important to know the main challenges involved in starting and running a business 24/7 before you make the BIG jump.
Entrepreneurship advice: 3 Facts To Know Before Starting a Business
1. Entrepreneurship is HARD
A lot of first-time entrepreneurs that I’ve spoken to fail to understand that starting a new business demands A LOT of sacrifices. And even then, it doesn’t mean that your business will fly off and you’ll become the next Amazon in a few weeks’ time!
In fact it’s common that most businesses will fail within the first 18 months.
“The number one reason why so many businesses fail so quickly is because they don’t realize how hard it is, how “all in” you have to be, and how much talent it takes to be a successful entrepreneur”Gary Vaynerchuk
In business, if you make a commitment, regardless of what happens, you have to deliver. Not only is your business’s image at stake, but also your personal brand and reputation. As an entrepreneur, you have to deal daily with making hard decisions – which could put your status as an entrepreneur at risk.
So does that mean that you shouldn’t start a business just because it’s hard?
I have made the HARD decision to quit my secure and comfortable corporate job and start a career in marketing a few years ago. I won’t say that I never regretted it. I learned that running my own business means that I don’t have much time to spend with family, friends and cultivate a social circle. While others are relaxing and watching movies after their dinner, I’m mostly stuck at my home desk thinking or working on my business. Even on my days off, my business is my baby so it’s always on my mind.
2. Starting a business requires FULL COMMITMENT
You come from a family of entrepreneurs, you’ve probably gone to business school and in your free time, you watch #StartupTips videos on YouTube. By now, you might feel you know everything there is to know about running a business you are ready to start your own business.
“Hey, I think I should quit my job and start a business.”
Sounds like a great idea, isn’t it?
If you are passionate about being an entrepreneur, you have to first understand the level of immense commitment it requires. By starting a business you are making a decision that won’t allow you any time, in your first year, to do anything except grow your business. Bye-bye hours spent watching Netflix, no more late-night partying and certainly you’ll be spending less time with friends and family. Hello working 18 hours a day, working on weekends or late at night.
Think: “Is that the life you want to live?”
In fact, you have to ask yourself are you ready to make that level of a commitment?
Entrepreneurship advice: Don’t become an entrepreneur just because the people you follow on social media tell you it’s a very easy, and anyone-cando-it thing.Tweet
3. Financial considerations before starting a business
Starting a new business, particularly one that requires an upfront financial investment and not just your time, it also drains your money very quickly. Before you even start it, you have to make sure you have enough cash to sustain your business operations before you even turn a profit. Depending on your industry, most startups can run a for few years before they break even.
Trust me, I was a business consultant.
You need to be practical and understand financially what it takes in order to pay for bills like rent, inventory, software subscriptions and staff salaries. Do a cash flow projection for at least 1 year and see if it makes sense for you to venture into this business.
Then, ask yourself:
Do you have enough money to stay afloat and for how long? Do you have one year’s worth of rent and operational expenses?
The fact is that starting your own business is a daunting task and with a high chance of failure within the first 2 years. So is it even worth it? I know this may not sound ideal and a little harsh, but this IS the reality of business. I want you to read carefully and understand the above considerations before venturing into a business.
I want to see you succeed.
Are you a business owner seeking marketing or entrepreneurship advice? You can book a strategy call to get your strategy planned by a professional.
Follow me on Instagram. I am an experienced business consultant and i’ve prepared numerous business plans and feasibility studies for various business ventures in the field of technology, SaaS, property development, education and online retail stores.