May 2nd, 2022 at 02:22 pm
10 Things No One Will Ever Tell An Entrepreneur
Entrepreneurship is becoming the order of the day. The talk of it alone is exciting that everybody is aspiring to be one. You are being told you would have enough time for yourself, you are your own boss and probably make a lot of money your 9 to 5 job won’t offer you.
Well ,some of these reasons may make sense, but, you should know that being an entrepreneur is not cut for everyone. Being your own boss is not all sunshine and rainbows as it has been portrayed. Before you quit your job to become your own boss, these are some things you should know as you take the step to be an entrepreneur.
1. Firstly, You won’t see returns immediately.
Most entrepreneurs are sold the idea of making huge amount of money once they start their journey. But the truth is that, the start of a new business puts you in some financial difficulties. This is because you will have to pay for the space rented to start the business, pay off loans, pay salaries of staff, spend money marketing your products or services and sometimes paying for expenses you have not budgeted for.
Sometimes, it can take up to a year or two before you earn some profit. Your business model needs to serve the needs of your customers, so they can patronise you.
2. Secondly, Your relationships will be severely affected
Becoming your own boss can take a toll on your relationships. This is because you will find yourself cancelling on your family and friends, postponing or skipping plans to meet the demands of your business. To be able to spend some time with your family, it is imperative to set your priorities straight and manage your time efficiently.
3. You will need others
To see good results, you will to delegate people to take up roles that will ease the burden on you. You cannot be your own marketer, accountant, production manager, social media manager or human resource manager. You need to hire people who can do the task efficiently and this will come at a cost you might have not factored.
4. Ideas are nothing compared to selling smartly
As an entrepreneur, you need to know that life is not a bed of roses and thus, you are expected to hustle in a smart way. Your idea is not anything new that your potential clients have not heard of. You need to sell the idea for your clients to buy into it. What new value is your product or service bringing to your clients.
You can make use of Google’s learning tools to know how to market a product. You can also make use of social media to market your products or your friends with a large following can become your influencers.
5. You will miss earning a steady income
Not having enough funds for yourself will make you wish you did not end your 9 to 5 job. You will have to pay for some subscription you have signed up for your business, you need to pay your staff, pay for utility and other expenses. At the end of it all you will be left with close to nothing. This might not be forever.
CONTINUATION ON: 10 Things No One Will Ever Tell An Entrepreneur
6. It will be tough
When your plans are not falling in place, you start to get frustrated and worried. The naysayers will also cause you to doubt if you took the right decision to be your own boss. Not having funds to pay your staff, or not meeting your customers desire will cause you to be anxious. What you need is to have the right mind-set and associate your self with like minded people.
7. Managing your time efficiently
Although you will have enough time on your hands as an entrepreneur, you need to manage your time efficiently like you will do when working for someone else. With this, you are not bound to fail. You need to meet the needs of your clients on time, purchase your merchandise and pay on time.
8. You will work more hours than your 9 to 5
If you find your day Jon to be tiring, you should know that being an entrepreneur offers you nothing less. That is because you will be handling so many things at the same time. You most probably will be working 24/7, you will have to work into the night, sneak out during family time to reply to your emails and not having time to give yourself a treat.
9. Not knowing if your product is the problem.
If your clients are not happy with your product or services, changing your pricing, promoting the business or running sales is not going to solve anything. You need to come up with an upgrade of your product to meet the needs of your clients
10. You may not get rich after all
You might not make a lot of money if you are not meeting a need. If you are not bringing a twist to an oversaturated industry the chance of making a six figure will be like a needle in a haystack. You need to study the industry you want to venture into and see if you will make it.
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