Here are some harsh truths all new entrepreneurs must face
If you’ve been running a business for some time, you’ve probably had at least one encounter with the strange duality of entrepreneurship. One day, you feel over the moon, bursting with pride for all that you’ve achieved. The next, you feel like a total failure, and frustrated with yourself for ever chasing your crazy dreams. This is natural, but not really helpful! Sometimes, all you need to steady things out is a simple reality check. Here are some harsh truths all new entrepreneurs must face…
Harsh Truths New Entrepreneurs Must Face Of Running A Business Click To Tweet
You’ll (Probably) Never Make Millions
You don’t have to be a professor of economics to see that it’s hard to make it in business. Barring the Zuckerbergs, the Bransons, and other rare geniuses, success in business takes time. Because of the way the media only really starts caring when a business becomes a success story, it can be easy to think that making it in business is more attainable than it is. Almost every CEO has spent years toiling in obscurity, testing dud ideas, studying the market, working on their associate of science degree. Even if they have great ideas and strategic skills, a very small proportion ever make millions from their venture. If you’ve started your business for an easy fortune, it’s time to re-assess things.
You Can’t Be a One-Man Band
One of the biggest mistakes I see aspiring entrepreneurs make is trying to grandiose their way out of pessimism. Their heart may be in the right place, but it’s a huge blunder to approach your business with the attitude that you, and you alone, have all it takes to drive your company towards incredible success. Countless entrepreneurs get so excited and wrapped up in their ideas, that it becomes hugely ingrained in their psyche, and many wind up feeling like they’re the only ones who can bring the idea to market in the right way. Sure, when you first launch your business, you’ll have to wear a few hats and juggle many different roles. However, when the operation begins to expand and build momentum, you’ll need to delegate things simply to avoid burnout and failure. Entrepreneurial mindsets are naturally independent, but if you fail to hire people to cover your weaknesses it will really come back to bite you.
No One Cares About Your Product
That is, they don’t for now. You might have the most innovative and revolutionary business plan to come along in years. However, if you’re failing to connect with the needs and desires of your target market, no one is going to care about your product at all. That old saying “build it and they will come” is completely false, especially in today’s massive, international market. If you’re unable to form a keen understanding of your target market, and know your buyer persona like the back of your hand, you’re not going to take your idea very far. When you start to run marketing campaigns and tweak them for greater success, you’ll start to realize that it’s the customers, not you or your staff, who really matter.
