PS has worked as a freelance writer since 2012. When she's not traveling and writing, she helps people with web design and development.
Building a successful business empire is a dream of every entrepreneur, already aware of the fact that how much efforts it takes and how many hardships they have to face. They are ready to challenge themselves in every situation.
Despite knowing this, there are always going to some facts and realities that you become aware only when your feet get wet. To summarise the possible hurdles that an entrepreneur may face, here are few guidelines advised by the successful entrepreneurs:
1. Highs and Lows are Huge and Unexpected
It is nothing less than riding a roller coaster to build a successful startup, which doesn’t shut down. You may face happiness like euphoria at one time and extreme lows like nightmares at other time. It’ll give you sleepless nights. But the best way is to celebrate every small victory, doesn’t matter how small it is.
2. Networks are Crucial
Networking is the soul of every successful business whether it is a tech giant Microsoft or fashion retailer Inditex. The role of networking is huge in bringing success to the brand. Working as a solo professional won’t give you much credibility, doesn’t matter how much efforts you put in. Find potential clients and business gurus. Surround yourself with like-minded people.
3. Get ready to accept isolation
Hardly anyone will ever tell you how much loneliness you may get surrounded on running a business alone. There will be plenty of incidents when you’ll have to deal with the crisis all by yourself. To accelerate business growth and reduce the burden, it is better to get assistance. Having the feeling of togetherness while dealing with the hurdles give the courage to look at the positive side of the problems.
4. Mentorship is important
Reading other entrepreneurs’ stories about how they tackled problems and struggled to reach the top makes us feel like we know a lot of about entrepreneurial mindset. This makes us confidence enough to start a new business venture since we understand we know what problems may occur and how to deal with them. But this is not the case. Reality is far away from this misunderstood truth.
If you step ahead with this mindset, you’ll fail and might drop your idea of being an entrepreneur. Hence said, prevention is better than cure. Get the help of business mentors. They won’t only tell you how to begin with the startup, but will also support you in your journey. Many entrepreneurs complain about how they missed the right opportunity to build a better idea because they had no one to mentor them.
5. There can never be a pre-planned Path
Saying, “I have a set plan and I will follow it to build a successful startup” is just a myth. Building a set of pre-planned strategies is a waste of time. It is better to create a firm idea and then, work on it step by step crossing every hurdle and then, planning on the basis of present achievements and failures.
6. 4-Hour Work Week is a Myth
For aspiring entrepreneurs, tighten your belt to spent more than 100 hours a week at least for a year or two till you get hold of your ground. No one is ever going to say it in your face about the time investment that you need to do while setting up your business. Initially, go with investing all your potential time in your business and then, reduce it, gradually, as you progress on your path. It is fruitful in the long run.
7. Everyone has Super Dumb Advice for You
It is not always dumb, but I said so because most of the time it comes from people who have never been in your situation and never want to be. Because they are stuck with the corporate 9 to 5 jobs. People will have lots of unsolicited advice for you, heed them all with a smile but never follow. Follow what your mind asks you to.
8. Overnight Success comes after lots of Overnight Failures
Don’t get lured by how people achieved early success in their business and are earning well so soon. The early success is nothing but a stroke of temporary luck. Even most of the overnight successes are the results of an innumerable number of failures in the past. If you are one of these people and are enjoying immense success, then have patience and stay disciplined. Success is a place of euphoria it makes you forget your negatives and raise your ego. Never let that happen to you. Most of the successful entrepreneurs are paranoid and never fully trust their own work.
9. Business Consultants are Actually Helpful
I have come across many people who consider business consultants to be scam and greedy. But in reality, they are very helpful in easing your way during the financial problems. They are aware of every business aspect and can give you better strategies to leverage your business reputation in the marketplace.
10. Everything is Unpredictable
If you plan to start a tech-based startup, you’d look up to the stories of other tech entrepreneurs. It is reasonable to assume that you may face a similar experience as theirs because it seems logical and feasible. Also, they give you a proposed business plan that matches their business journey. Remember it’s their story, their hurdles, and their journey. It can never be yours, well not exactly in the same way. No matter how much you read this stuff, the real path becomes clear only when you travel it by yourself.
11. Partnerships are not that bad
Building a business through a partnership is challenging, yet they can be rewarding at times. It can be a game-changer and can offer you plenty of big opportunities. Certainly, it lowers down your burden and gives you a better vision for your dreams. Before all this, make sure to consult a business advisor and establish legal terms on partnerships.
12. Meet like-minded entrepreneurs
Instead of merely reading their stories about success and failures. It is, indeed, better to meet like-minded entrepreneurs face-to-face. Never lose an event or a conference where you have the golden chance to meet these people. As you must have noticed, how successful entrepreneurs readily discuss their journey, with great pride, with the aspiring novice entrepreneurs. This way you have better chances of accelerating your business growth.
13. Having a Business Idea is not Enough
Running a business is much more than generating a billion dollar idea. It feels as if you own the money and just need to grab it. Get over with it, that’s not going to happen, at least not with this mindset. There are huge chances that most of the people have already tried it and miserably failed in it. The thing which makes difference is your team, planning and thorough research to give a more practical shape to your idea.
14. Be ready for Sacrifices
An idea alone is a worthless commodity. For it to work, you need to give it lots of attention and thus, decline your involvement in other activities. In short, be ready to do some sacrifices to achieve the biggest dream of your life. Successful entrepreneurs such as Warren Buffet, once said that if you really want to be successful, then you must Sacrifice everything that interferes in your path. For example, hanging out with friends, having personal time with some alcoholic drinks or surfing the Internet or social media for leisure purposes. These are some examples that may eat up your valuable time without giving you much in return.
15. Capital Infusion is a thing to be Prepared for
There are high chances that you may fall short of internal resources and require investment from other profitable sectors. Be prepared for that as many companies do face this situation. Investment is a great opportunity to build your business, but stay conscious to find the right investors.
16. Family is Everything
Entrepreneurship demands time and lots of dedication. Still, always remember to put your family first. Never lose them, they are the most important part of your life. Steve Jobs, one of the greatest entrepreneurs in history, had always talked about the importance of family above all.
These are a few points that you must know before starting a startup business. The entrepreneurial journey is full of hardships, but is fruitful too, if done with an extreme level of dedication and perseverance. Be ready to live out of your comfort zone. All the Best!
Dominique Cantin-Meaney from Montreal, Canada on December 29, 2019:
This is really good information for those who want to be entrepreneurs. There's definitely a lot of truth in this.
Sharon Lopez from Philippines on October 19, 2019:
Thank you for sharing this comprehensive guide on starting a business. I am currently employed full-time but thinking of having a business of my own.
Md Mosherof Hossain from Chittagong ,Bangladesh. on October 15, 2019:
Hi, This is very good topic for an entrepreneur. But it will differ man to man , country to country . Thanks.
shames patel from Selangor on July 17, 2019:
Informative article to start a new business. it's really useful.
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