A 7 minute read.
Thinking about starting a business? Maybe the new year has put your Entrepreneurial Spirit into overdrive. Perhaps you watched some content that sparked the flame?
On the other hand, you may have some doubts, “Is it realistic to be starting a business? & will it even be successful??” “I’ve heard it’s 100x harder than a job” “I’m not lazy and have average intelligence, could I become a millionaire?” “Is it even worth it?”. Most entrepreneurs have had these same questions at some point.
To help you answer some of these questions for yourself, I’ve created a list of 10 realities to consider before you start your business. It’s important to know what you’re jumping into before you dive in fully. Keep in mind, that none of these ideas are made to discourage you, but they are designed to make you think… and even help you get started!
To my fellow business owners and entrepreneurs: let me know if you can relate, &/or what I forgot!
1) Starting a business is easy. Running a successful business is really hard.
Filling out a few forms to register a company, and building a website is easy.
It’s the daily problem-solving of “how do I get my product out there”, “how much do I charge?” and the self-doubt of “is this the path for me?” plus the balancing/sacrificing of life, sleep, hobbies, social life, etc. All of these questions culminate into one of the most challenging but most rewarding journeys I’ve personally experienced.
2) Overwhelming Stress
If not handled properly, the stress of business can cause severe anxiety, and drain you mentally to the point of depression (even for the most laid-back person).
The weight of the world is on your shoulders with a business. Your decisions directly impact the bottom line and your livelihood. You must be willing to face this stress and find healthy ways to cope and push through.
Prioritization of health and some semblance of balance is key. Maintain the basics: sleep, healthy eating, exercise, and even outsourcing work when appropriate.
3) People view you differently (Good and Bad)
Bad:
Whether conscious or subconscious, friends, family, and even strangers will have a tendency to view you differently. Understand that people are driven by their wants. At the core, many people are self-serving and may view you only for what you can provide. Don’t take it personally, but also set and maintain standards and boundaries for your interactions.
Good:
When you are starting a business and start getting off the ground, people may begin to respect you more. Making it in the world of business is tough. Most businesses don’t make it past the first 2 years, and the majority of people will never have the courage to step out on faith & bet on themselves even if people don’t openly admit it. Realize that carving your own path with business is a respectable pursuit!
4) The Ever-Increasing To-Do List
Beware: Just when you think you’re about to close out a to-do list, 10 more tasks pop-up or you have a moment of genius at 2 am and now you have 10 new ideas that you “just need to try”.
This is a blessing and a curse!
Try not to let it overwhelm you. The best thing you can do is Prioritize, Prioritize, and then… Prioritize some more… and then, start knocking tasks out!
5) Goodbye to Work-Life Balance
Many personal relationships ultimately fail because there is often no work-life balance. We need to be the director, the worker, the admin, the marketing team, the accountant, HR, the cleaner….. all whilst being a parent, a husband or a wife, family support, or a friend.
Balance looks different for everyone, but overall the necessary sacrifices are often underestimated.
It’s a constant effort. But not impossible.
6) Unforeseen Challenges
All the planning in the world cannot save you from things you didn’t know to expect. You don’t know what you don’t know. And just like in nature, you must be adaptable to survive
Example: COVID-19 killed untold businesses, and unless you were able to adapt and do it QUICK. The chances weren’t great. Thankfully, meals of dopeness managed to adapt – quickly- & made our FIRST 6 figures through the pandemic. Won’t He do it!
7) Demoralization
You can give it your all and wind up with nothing to show for it… and not just once, but on repeat. Business requires grit. It requires coming up with new ideas, testing, analyzing results, and doing it all again. You must be ready to take some losses on the chin, and keep on moving. Eventually, you will develop a thick skin, and learn from your mistakes
8) It’s a Lifestyle, not a Job
There is no “clock in – clock out”. On your road to success, your life will inevitably revolve around the business. “How can it be better?”. Observing the world, “What works, what doesn’t?” (Pro Tip: You can be your best source of customer research. Start asking yourself “why?” when you make purchases).
You begin to be much more aware of your time. If you’re not moving the needle in an important aspect of your life, you may begin to feel like you’re wasting time. Eventually, you can build systems that allow your business to function without needing your attention every second. The goal is for your business to keep business’ing even when you’re not there (in the same room). #goals
9) Starting and Running a Business defies Maslow’s Hierarchy of Needs
We’re taking it back to human psychology 101!
In the pursuit of business, you often forgo all the base needs in exchange for achieving your full potential.
Let me break it down:
Physiological: We can get so busy and overscheduled that we skip basics like sleep, meals, and neglect our well-being.
Safety & Security: Many entrepreneurs thrust away their life savings, cushy jobs, and nice apartments, just to have the required funding for their business – *disclaimer* we recommend using discretion, and maneuvering responsibly 🙂
Belonging and Love: As we covered, relationships will likely get put on the back burner, we often isolate ourselves from friends and spend minimal time with family.
Esteem: It’s often a long time, a significant amount of effort and failure, plus mental and physical strive that must be faced before you see any glimpse of success
10) Building a successful business is one of the most fulfilling things you can do.
Yes, it’s going to be hard… I mean, extremely hard. You’re going to be tested in every physical, emotional, spiritual, and mental way possible. It’s not a cushy desk job… but do you really want that anyway? (I personally can’t sit still for 5 mins, so I had no choice but to find another route 🙂)
Or… do you want to carve out your own path, unleash your mind on the world, push yourself beyond what you ever thought possible, and discover your true potential?
Look… it’s not for everyone, most things in life aren’t. But for those of us who this resonates with, I urge you to join me in the jungle of business. The rewards are every bit worth the struggles.
Action is the Only Thing that Creates Outcomes
For my closing lesson in business, I want to give you a reminder: the only way to get what you want is to take action towards it!
So if you want more business-based blogs to help illuminate the vast world of business and entrepreneurship, let me know in a comment below…
If you have a question for me, shoot me a reply here…
And if you want to make it easier to fulfill that base need for healthy food that keeps you performing at your best and satisfies your craving for flavor… place an order here!
Till Next Time,
Stay dope, lovers.
#SupportSmallBusinesses
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