The good-great and bitter-ugly things about being an entrepreneur (10 mind-blowing things you must know)

I’ve been in this entrepreneurship game for quite some time, in actual fact, it all begun when I was just 15 years old when I established my first car washing business. A lot of people thought I was really smart to have started a business at a young age, but the truth is, I did that solely because I despised the idea of working for someone.

For some reason, being told what to do never sat well with me, and for that reason only, I was always at loggerheads with many of my school teachers, including my parents in some cases. So because of my inability to take orders from people, I realized that I needed to start my own business, to be an entrepreneur, because if I got hired by someone, there would’ve been a high possibility that I would’ve gotten fired. Hey, you can’t judge me, I can’t easily take orders from people, so as a result, i decided to walk the path of entrepreneurship.

Well, being an entrepreneur is fantastic to say the least, but it does not go without its hard bumps and obstacles. Everything has its good and bitter side and entrepreneurship is not an exception. So before diving head first into entrepreneurship, the following are some of the things you must really know

The good-great things about being an entrepreneur

  1. Freedom

Do you feel like going to Dubai? Well, that becomes possible if you work for yourself instead of working for someone else. Most people want to be free, but sadly, most don’t get to that point in their lives cause they have to live up to the expectations of their employers. For example, you might work excessively cause there are some work related tasks you need to complete before the deadline?

 

If you are an employee, there is a good possibility that you won’t be able to give 100% time to do your personal stuff. The truth is, the company that you work for owns your time in exchange for your skills and your services. So what this means is that you can’t reject whatever task they assign to you because that’s what they pay you for, whether you like the task or not, you have no choice but to do it.

 

So, if you hate taking orders and lousy tasks from your boss. I recommend that you consider entrepreneurship.

 

  1. No restrictions on your salary

If you hate making that fixed $ 3000- $10000 monthly salary, then I suggest that you become an entrepreneur.

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The advantage that an entrepreneur has is the unlimited earning potential one gets. It’s possible to make million dollars as an entrepreneur that it is for an employee. If you want to make a million dollars as an employee, then you need to be in top positions of a lucrative company, apart from that, you need to be an entrepreneur to make that happen.

 

I’m not gonna lie, making a million dollars as an entrepreneur isn’t easy, but with a great idea coupled with hardwork, you might reach that goal in no time.

 

  1. You hire people instead of getting hired

If you hate taking orders just like me, you are welcome to entrepreneurship because it gives you the opportunity to hire people in order to help you build your business. So Instead of giving all your time making millions for someone else, with entrepreneurship, you get the advantage of hiring people who might help you take your business to higher levels. Remember, you can’t do everything on your own, so as result, you will be compelled to hire people when your business grows or when managing everything on your own becomes too difficult.

 

Hiring people has its advantages and it goes as follows:

 

  • Minimize overwhelming work load

Like I said before, you can’t do everything on your own

  • Delegation of tasks

If you have other important things to do, having someone else carry them out for you will make it possible for you to focus on other important stuff

  1. Flexibility

When you work for someone, you are scheduled for work at a particular place and a particular time. When you work for yourself, you are scheduled for work at any time depending on how established your business is.For example, if you run a very successful business with good managers and employees, you can basically take the day off or you can work at home. But if you work for someone, forget about getting an extended day off, Haha, you are better off faking your sickness if you want to see that happen. So, being your own boss doesn’t only give you unlimited earning potential, but it does give you enough flexibility though.

 

  1. Decision making

The success of your business depends on the choices you make. Since you answer to no one, you are given ample opportunity to run your business in any manner you see fit, and guess what? Nobody will ever have the authority to tell you how to operate things but you alone. Well, I think this is one of the greatest things about being an entrepreneur. I think everybody wants to make his or her own decisions, but since a lot of people are employees, making their own decisions becomes extremely hard cause they answer to someone.

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Be an entrepreneur and you will call the shots instead of being a recipient of those shots…get it?

 

Being an entrepreneur is fantastic but it does not go without its perks. Everything has its bitter side including entrepreneurship, and they go as follows

 

The bitter-ugly things about being an entrepreneur

 

  1. Competition is really high

If you are new to this entrepreneurship game, it’s quite easy to get swallowed by already existing veterans. Most new businesses fail cause they get engulfed and outperformed by their competitors, so as a result, they call it quits when they see that they won’t stand a chance. For example, if you just established your own search engine, succeeding right now will be extremely difficult especially when search engines like google, Bing and yahoo are still around. So if you want to succeed when competitors are around, the following is what you need to do

  1. Provide something extremely better; something that is so groundbreaking people will have no choice but to try it out. Basically, if you follow the herd and provide what they provide, you will suffer just like them. So come up with something extremely creative, and you’ll will outperform your competitors. Just plain commonsensical truth.

Competition is not always bad, so please consider the following advantages

  • Motivates you to work smarter and harder
  • Kills your complacency
  • Sparks your creativity
  • Thrusts you to provide quality services

  1. Failure is real

Don’t think that being an entrepreneur will automatically make you a millionaire or a billionaire for that matter. There’s nothing wrong with dreaming big, we all do, but be realistic enough to understand that certain things might not go as intended.

The business world is full of strange ups and downs, and to a certain extent, those ups and downs might affect your business. So be aware of things like that cause they will affect how you progress in the business realm, okay?

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Failure in entrepreneurship is real and the following are some of the major cause why most newbies fail

  • Poor location

Small businesses tend to fail because their businesses are situated in regions where there’s little or no active customers

  • Not understanding customer’s needs or wants

If you want to succeed in the business realm, one must understand what customers want or else there’s a good chance that your business will fail

  • Unprofitable business

When you reach this state, there’s a good possibility that the business will shut down

  • Can’t compete

It’s either you compete or die. If you give your competitors a chance to breathe, your business will die in the process. So, I suggest that you suffocate them.

Learn from your failures if they happen, don’t let them define you

  1. Requires a lot of work

Growing a business isn’t as easy as some might think. First of all, it requires time, dedication, drive, determination and long hours of working. If you think that you gonna be an overnight success, then you’ll come out seriously disappointed. Whether it’s online or offline business, acquaint yourself with appropriate knowledge and skills if you want to make it. Anything worthwhile requires work. So, if you want to succeed………..well, I think you know what to do, right?

  1. You might not rest

So you thought your employees will take all the workload, huh? Well, you are dead wrong. The truth is that you, the employer, will take most of the workload because you’ll be responsible for the overall business operations. Well to be honest, doing that is quite stressful especially if the business is on a steady road to disaster. So be prepared for times like that cause they happen.

  1. You might not make money

Fuck whatever I said so far, this is the most crushing thing I have to say to most aspiring entrepreneurs. But why is this so crushing? Well, this is crushing because everybody goes into entrepreneurship with the intent to make money, and when they don’t make money, their souls get crushed.

The truth is, you might not make money, and this could be caused by a whole lot of things that you need to diagnose on your own. So, learn from whatever’s prohibiting you from making money. For it is with trial and error that businesses succeed. Don’t give up cause legit entrepreneurs don’t quit.