So you’ve decided to quit your full-time job to start you own business. You have a great business idea with a well-thought-out business plan, and you have the passion to commit your entire life to growing your small business into an empire. You’re excited to begin your new journey and already day-dreaming about shaking hands with investors like Mark Cuban and Warren Buffet. What could go wrong right?
A lot. A lot of things can go wrong.
Entrepreneurship is not an easy road to success. The road might not even bring you to success at all! You see successful entrepreneurs in the cover of magazines and on television as people from around the world are praising him/her. What they don’t show you though, is the struggles and failures they had to rebound from to get to where they are today.
Let me say that not everyone is cut out for the entrepreneurial life, so I am here to tell you all of the baggage that comes with it. Maybe then you’ll think twice about quitting your job to pursue your own business or startup.
Baggage #1: Say Hello to the Haters
Everyone you know will think you’re crazy for leaving your job to start your own business. Friends, family members, and even your spouse will all look at you as if you’ve developed dementia. Expect to hear some of these common statements:
The harsh comment: “Have you gone insane? Your life will be in ruins!”
The let-him-down-easy comment: “Well (Name), it’s a great idea, but I just don’t think it’ll be as successful as you think it will be.”
The classic comment: “Are you on drugs?”
Next thing you know, you realize that only you believe in your dream and no one else. That means no support, no employees, no pity, and if you fail, a lot of I-told-you-so’s. So prepare yourself for a life of loneliness and isolation if you do go through with your business plan.
Baggage #2: You are, Well, Everything
Since everyone has turned on you, don’t expect any help when it comes to building your business. You might be able to find some loyal people who are willing to help you, but it’d be best that you don’t get your hopes up.
So let’s say you go through with your business idea and decide to set up shop. You have no other employees, which means no marketing team, no accountant, no HR, no one else except you. For that reason, you’re going to have to take on the responsibilities of all of these departments all by yourself.
If you don’t know anything about marketing, then you’d better do your research. The same can be said with all of the other departments you know nothing about. With so many tasks on your plate, you’re going to wish you were back at your nine-to-five job.
Baggage #3: No Time, No Sleep
Since you’re supposed to manage all of the departments in your business, you’ll realize how little time you have for other activities. Starting your own business means less sleep, more stress, and no fun.
You won’t have any time on your hands because you’ll constantly be busy taking care of your business. That means no time for family, no time for friends, and no time for loved ones. Remember when I said you’ll be living a life of isolation? Well, I wasn’t kidding. Your business will be your life and nothing else. You’ll have to make serious sacrifices to keep it afloat, and it could be all for nothing by the end of it.
Baggage #4: You’re Probably Going to Fail
No offense, but you’re small business or startup is most likely going to fail. About 85% of entrepreneurs fail at their businesses, so your margin of success is very slim. Imagine working everyday of nearly every hour, only to have your dreams ripped to shreds in just a year. Pretty demoralizing right?
Welcome to the entrepreneurial life, where you’re taking a gamble just to have a 15% chance of creating a successful business. This is the main reason why so many people refuse to become an entrepreneur, or why so many people frown upon those who are looking to start their own business/startup. With such a high chance of failure, one can only expect that you will fail as well.
It’s Not What You Think
Now I’m not trying to bash on entrepreneurs, or those who want to become one. I am only stating common scenarios that most entrepreneurs go through when pursuing their own company. It’s also a warning to those who think an entrepreneurial life is easy because of the way the media bends the image of successful entrepreneurs.
I am here to tell you it’s not easy. It’s tiring, gruesome, and time-consuming. If you really feel passionate about your business idea then I say go for it, and ignore the nay-sayers. But I also want you to know that there are immense risks and sacrifices that will need to be involved, if you choose to go through with it. Therefore, you may want to think over your business idea and your pursuit to become an entrepreneur.