Being an entrepreneur is very hard. While there are tremendous highs, there are also some terrible lows. This interesting path has some hard truths. Realizing them will make you a better entrepreneur.
Beware of Tunnel Vision
It’s way too easy to get tunnel vision when you’re building a company. Everything revolves around you and your company. You spend your entire life in it.
You might feel like the most important person or the world will stop moving if your business goes under. Neither is true. Realizing it’s not just about you could either be a huge blow to your ego or a big relief.
Don’t try to do Everything
In the beginning, you have to do everything from accounting to marketing to product development. But as you grow, delegation is important. If you don’t, you’ll very rapidly become overworked and quickly burn out.
What’s great about hiring is you can hire people in areas you don’t enjoy or aren’t good at. Hate accounting? Hire a bookkeeper or CPA. Love sales presentations? Keep that to yourself.
Handle Failure and Rejection
Be an employee for someone else if you can’t handle this. You’re going to experience a lot of failure and rejection as an entrepreneur. In the beginning, you’ll have to try new business ideas and often be forced back to the whiteboard after a failure. Along the way, you’ll have marketing mistakes and bad hiring decisions. It will never end and in the end, you have to figure out how to roll with the punches.
You Won’t Be the Next Elon Musk
Many people get into the entrepreneurship game because they’re inspired by someone like Elon Musk or Jack Dorsey. In our society, some entrepreneurs are heroes. Some people might be envious of how they have their private islands or space exploration companies.
The truth is, chances are you’re never going to be a billionaire. The odds are just too low. You’ll toil in obscurity.
This is especially true in the beginning when you don’t have employees. The hours are long, which means your social and family life will suffer.
Being an entrepreneur is a difficult path but the rewards are tremendous. The sooner you realize the harsh truths the better.