If you ask most people if they want to become entrepreneurs, their most likely answer is yes. They see entrepreneurship as a way to amass a lot of wealth and they are right. But what they don’t know is that being an entrepreneur has its own rough sides. They don’t know about the 5 deep secrets about entrepreneurship you’re about to know.
Nobody tells them about the secret downside of being an entrepreneur, the long nights and lonely hours, the struggles and the, in some cases, almost quitting.
Below are some of the deep secrets of being an entrepreneur that no one tells you.
High failure rate
Okay maybe this one is not a “deep” secret and you must have heard it many times. But the abstract mention of saying that “90 percent of businesses fail in the first five years” sounds cozy than when you hear that “9 million out of 10 million businesses” fail in the first five months. That’s scary.
But it is true though, many businesses fail in their first five years but the thing is they never advertise their failure when this happens unless the business started big and there was real buzz about it. So when it fails everyone will know about it.
Most entrepreneurs whose businesses fail either quietly start another one, quit or quietly, with their tails between their legs, walk to declare bankruptcy.
If everyone who has started a business and failed should announce it to the world, 99 per cent of the population will never attempt to start any business.
Sure, the failure rate is high, but the payoff is higher. Read about some business tips that will help you succeed at as an entrepreneur.
It’s lonely (The great depression)
The only reason there is no actual depression is because the entrepreneur is engrossed in his or her work. But yes, being an entrepreneur, especially at the beginning, you will have to spend many lonely hours with yourself.
You may be surrounded with people but still will be lonely.
You must have heard this said somewhere before, “You may be alone but not lonely and you may be surrounded by people and yet alone”. It makes complete sense.
It takes time
Most people have been deluded with the notion that once you start your own business you will make it big in no time (emphasis on no time).
So they look for an idea that they can take to the market and when they realize how slow the journey to their big time wealth is, they get frustrated and some of them lose the passion and enthusiasm they had at the beginning, which is a sure way to go belly up in your business.
Being an entrepreneur is not “start a business today, collect your money tomorrow”. It takes a lot of planning, strategizing, punching of walls, for some people, crying and even, as we must have heard in some occasions, jumping off bridges.
Entrepreneurship is not for the faint hearted and the one who is in a hurry.
Do you know what you call a person in a hurry to make it big as an entrepreneur?
A Ponzi schemer
It takes patience to become the kind of success you may want to become in starting your own business.
There is no other more frustrating occasions in life than when in business all your deals fall through or some vendor did not deliver on time, or your warehouse just burnt down, except when frustrated by your kids.
There is plenty of frustrating moments in running your own business that will make you feel like strangling the life out of some contractor who is trying to squeeze you for more cash when your deadline is fast approaching.
As far as you are in business, especially when you are the boss, there will always be more frustrating moments that you would like. The trick is to stay sane through all of it.
Imagine you have to make a major decision that may change the fate of your business. Either it succeeds in which case you become a hero, or you fail; and the men and women you employed; counting on you to do the right thing are out of a job and their families go hungry.
In this kind of scenario, self-doubt and uncertainty will surely creep into your mind. Do not give into it or you will regret it later in life.
Experienced entrepreneurs have found a way to deal with this; and that is why I think that the best kind of people you can find, apart from those religious people that believe in love, are entrepreneurs because they are more emotionally reformed and drilled, except for some exempted few.
These are the 5 secrets most businessmen and women don’t tell you about becoming an entrepreneur. If you plan on becoming one, you should be able to deal with these five secrets and you may be the best version of yourself in business.