I am an entrepreneur.
And, I can say that entrepreneurial life is good after you get some wins under your belt, and learn to run and grow the business.
For most people, before that, there is a period of learning and growth, where one experiences ‘entrepreneurial struggle’. This struggle feels more acute when the decision to turn an entrepreneur is powered by some myths.
I am sharing 5 of those here.
The Entrepreneurial Myths
Myth 1: I’ll Be the Boss
Nothing can be far from the truth. When you become an entrepreneur your customers, clients, and investors are your boss.
You can reduce some of this pain by packing what you sell but it is tough to bring it to zero.
What you are in control of is when you do what so use that to your advantage when you can.
Myth 2: I’ll Be Rich Soon
Truth is in entrepreneurial life, revenues take longer than you expect them to start rolling and expenses are more than for you plan for in most cases.
The only way to avoid this situation is to plan execution really well or have a waiting list of customers before you launch. Even then it is common to see launch delays.
Myth 3: I’ll Make Lots of Money
This is different from myth 2. That is about the speed of wealth accumulation. This is about the quantum of wealth. Unless you are a solo founder, with 1 or 2 supporting hands, running a million-dollar business, you will be making less than what you’d at a job. At least, this is how it is for most people.
Even when your business starts generating a lot of money, you’ll be paying yourself a salary that will not be huge, because you’ll have employees, expenses, and taxes to take care of.
Even when you raise big money, you won’t see a lot of it because until there is a sale or IPOs you’ll have equity, but not a lot of cash in the bank, with the added pressure of answering to your investors and board of directors.
Myth 4: I’ll Control My Schedule
A big part of your schedule will be ruled by employees and customers. And even when you stop working your mind will continue to think. And, it is not easy to stop it.
Myth 5: I’ll Be Super Relaxed With No Stress
This point does not come for most people, who struggle to build successful business and don’t earn much.
For this reason alone, it is almost always wise to work for 5-10 years gaining experiences, building a side hustle, and bring it to a point where you have a cash buffer to fall back on, and regular earnings close to what you made at your day job.
So, these are 5 popular myths that motivate people to turn entrepreneurs. If you are in line to become one then be ready for sustained hard work before you see the fruits.
And, know that it is not all doom and gloom. You can, in fact, build an uber profitable business and it is worth it because of the personal growth and rewards you get eventually. But know that it is not for the faint of heart. And, if you do it, do it for the right reasons which are growth, connections, legacy, learning, and making something valuable out of the ether.