5 harsh facts about Entrepreneurship you wouldn't learn on Wikipedia

The idea of becoming an Entrepreneur sounds appealing to many business orientated individuals. In today’s day and age, it is gaining popularity by the second. Young graduates are looking up to well established entrepreneurs and wish to become as successful as them.

 Wikipedia’s description of the profession, although vast and long, is concentrated around the nature of the job, its history and aspects. Similarly, many entrepreneurs themselves will give you an encyclopaedia style definition of what makes them a part of this industry. What none of these sources mentions are the limitations and pains it comes with. Those, if realised beforehand, could prepare aspiring youth and minimise the possibility of failing in the process.

I have combined 5 facts that, although true, are not being mentioned often.

1. It DOESN’T happen overnight – no matter if you are experienced in the art of entrepreneurship or you are making your first steps into the business world, you will have to suit yourself with patience. Many people fail and give up simply because they have expected a rapid result. You must believe in your cause enough to engage in persistent action no matter how small the outcome seems to be. Temporary setbacks are common and should be expected. If you need to take a break, rethink your strategy, take a step back – you should do so for the benefit of the overall progress. 
2. You are ALONE in this – partnerships, help, assistants will come in time but ultimately this is you and your business as one. There will be no boss to designate your tasks or correct your mistakes. In corporate environment the responsibility for a smooth running of the business is spread across functions and levels of management. You receive guidance and support along the way. When you decide to start your entrepreneurial journey, you will need to learn to depend on your own judgement, skills and expertise. Advisors, you will be able to associate with, should be just that – advising you, not running your affairs.
3. You WILL be exhausted and disorientated at times – this is natural. As a solo businessman you will have to wrap your head around many tasks at once. If you are into services you will probably have to simultaneously work on your social media presence, which will include Facebook, Instagram, LinkedIn etc., your strategy, business cards, website, getting to know your competition, increase your own skills, work on getting exposure and provide services to your clients. It is likely you will be catching up with work over night or weekends. This is the price you will be willing to pay for the promise of success. As much as it is only natural to feel overwhelmed and confused at such moments, try to remember that Rome wasn’t build in a day. The more exhausted you are the less effective you become. Also, this will have an impact on the quality of services you provide. If you are not at your best you will be likely to lose business due to your client’s disappointment. Take a breather every now and then, take care of yourself first and remember that the business doesn’t run you – you run the business.
4. You WILL fail – continuously, on many occasions. That is perfectly fine! Don’t let it disappoint or frustrate you – don’t give up! Failing is an integral part of learning – the more mistakes you make – the more knowledgeable you become. There are many stories out there about people who achieved success despite the fact they have failed multiple times (i.e. Oprah Winfrey, J.K Rowling). If you were to think about scientific research you would observe that there are many failed medications before a cure can be found (cancer, HIV etc.). What makes you think you can be 100% correct at all times and you are not about to fail? Be ready for it! Accept it as a part of the process and you will learn much faster and eliminate future mistakes more effectively.
5. It is NOT for everyone – you are the best judge of your character and you should be able to assess if you have what it takes to succeed. Strong minded, independent, hardworking and risk taking – those are only few character traits which accompany any successful entrepreneur. You can develop those skills if you are determined. But if you are hoping for an easy 9 to 5 job, limited amount of stress and security – you should probably consider a career in a corporate world. People who work for themselves must be ready to put an extra effort on top of scheduled duties, work around the clock and often sacrifice personal life until they are successful. The benefit of it is – once you “make it” you will be able to slow down, employ helpful advisors, assistance, create a laptop life style and maybe even retire early. But it will take time.

 These are the top five facts which are worth realising before we step our foot into the entrepreneurial reality. If you read these and you are doubting yourself – reassess your situation. It doesn’t mean you will not be able to “pull this off”. It simply means you may need some re-aligning, coaching, developing before you make your first steps. There is the old truth, we all know: Before we can run, we must first learn to walk. The more aware and prepared you are – the better your chances for success.

Izabela Khan

Strategic Executive Coaching (SEC)