What No One Tells You About Entrepreneurship
1. Late Nights
- It takes a lot of work to be successful and that could be sending emails, working on client projects, or working on your website till 3 AM. Remember late nights are where legends are made.
2. Less Social Life
- Do you think Jeff Bezos went out every night like the majority of young people do? No he worked smart and hard on his business. He knew that the internet is exploding in popularity and there was not much competition on the online book space. So he started in his garage with his wife and a programmer that built the original ecommerce site. If you want to be great you can’t be like everyone else. Don’t follow the herd, make your own lane.
3. It Takes Time to Make Money
- You have to get out there to influence potential clients. That could be attending networking events, trade shows, cold calling, asking family or friends, and connecting with former classmates. Once you get that first client then you will be ultra motivated to get more. So don’t give up every great thing in life takes time. WhatsApp took years to make a profit even though it was wildly popular.
4. Mentors Are Important
- Some of the most successful people like Mark Zuckerberg had a mentor. In the early days of Facebook Sean Parker joined as President of the company and advised Mark on the future of the organization. Sean has a background in starting and investing in companies particularly advising for Friendster a social networking startup. One mentor can make a monumental positive change.
5. There Are Highs & Lows
- Some months you will be doing extremely well while other months business might slow down or worse you could run out of capital. Many startups run out of money and have to make tough decisions which could result in major layoffs.
6. People Will Let You Down
- When you hire new people you might have high expectations, but sometimes people might not align with company culture. Steve Jobs was fired from Apple and the company hired others, but sales were going downhill. The board brought back Steve and now Apple is the first trillion dollar company ever.
7. One of the Best Decisions You Can Make
- Entrepreneurship is one of the best decisions you can make. If you believe in a product or service and have passion to execute then you could be a success if you work smart. You are your own boss and make critical decisions that will influence your life. Jack Ma the founder of Alibaba was rejected many times in life. For example, he applied to Harvard University ten times and rejected ten times. Also, Jack went for an interview with 24 people at KFC in China and was the only one not selected to work. Sometimes failure is a blessing in disguise and can help an individual grow by motivating them to do better.
8. Feelings of Isolation
- You could feel lonely at times because you are focused on building a vision for your business. Elon Musk at times sleeps at his SpaceX factory because he deals with a wide array of aspects like engineering, business, and marketing.
9. It’s More About Drive
- You can have all the skills in the world, but if you are not motivated and not have the drive then you will not succeed. Many entrepreneurs aren’t geniuses they are just regular people that took the first step and started. Gary Vaynerchuk helped his dad’s business grow from a few million to sixty million in a short period of time by having a vlog on YouTube. Then he started his own marketing agency and investment firm. He knew he wasn’t the smartest in school, but he worked the hardest. He hustled his way to the top from a young age selling baseball cards. Now his company Vayner Media generates hundreds of millions in annual revenue.
10. Clothes are Important
- When you are meeting with clients you have to look the part for presentations. It doesn’t cost a fortune to look professional just find some high reviewed affordable blazers, dress shirt, pants, and shoes on Amazon. You can get an outfit for less than $100.
Four Quotes to Ponder:
“A person who never made a mistake never tried anything new.” - Albert Einstein
“Genius is 1 percent inspiration, and 99 percent perspiration.” - Thomas Edison
“If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much.” - Jim Rohn
“Formal education will make you a living; self-education will make you a fortune.” - Jim Rohn