Being an entrepreneur comes with countless benefits. It means you get to take the reins over your life and essentially control how much you’ll work and, thus, make. However, it’s important to realize that the life of an entrepreneur also involves a number of unique challenges. Don’t expect that the path of entrepreneurship will be one, big, fun adventure.
1. Your First Idea Won’t Work
For some reason, many people think that their first idea as an entrepreneur will be a success. This rarely works anywhere else in life though. No one takes their first karate class and gets handed a black belt. You don’t always enjoy the meal you order at the restaurant. Few people marry the first person they date.
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Why, then, does everyone expect it will be different with a company? Be open to the idea that your first venture may nail it, but accept that this may simply be a learning opportunity, too. As long as you actually learn from it, though, your next entrepreneurial idea has a better chance of being a success.
2. Your Friends and Family May Doubt You
If you start out on the entrepreneurial path and expect that all your friends and family will throw you a parade, you’re most likely going to be disappointed. Some will not support you for purely selfish reasons. It can be tough knowing that a friend or family member is rallying against you because of jealousy or their own lack of accomplishment.
Sometimes, though, people who love you try to talk you out of your dreams because they don’t want you to get hurt if it doesn’t work out. Your spouse may be thinking of the entire family as well.
In the end, it’s your life. Hear them out if you want, but remember that the final decision is yours and yours alone.
3. You Won’t Make Much at First
When most people think of entrepreneurs, they see Mark Cuban’s huge house or the private jet. They don’t think about how long it took those people to get where they are.
Know that you won’t make much money at first. The majority of entrepreneurs don’t even turn a profit their first year. Instead, they take any money they have left over after covering their expenses and put it right back into the company.
It will be different for everyone, of course. Just don’t get disappointed because you can’t buy a Ferrari after the second month of your website going live. Be patient now and you’ll be rich later.
4. Customers Will Make It Difficult
You’d think the people you’re trying to serve would be one of your biggest assets. At the very least, shouldn’t they try to meet you halfway? Unfortunately, that’s usually not how it works. Instead, you’ll often pull your hair out trying to please customers, especially at first when you need each and every one of them.
Look at each customer as a learning experience who will help make your company that much better aside from just giving you money. Someday, you’ll be able to vet your customers a bit if you wish.
Don’t let these harsh truths derail your dreams. If you want to work for yourself someday and make good money in the process, all you can do is accept them for what they are and decide they won’t stop you.