Do you have a million-dollar idea that you want to put into action or a high-demand skill with high-earning potential? If so, taking a leap of faith to become your own boss and start your dream business might be something worth exploring.
At BAUCE, we champion women who boldly pursue the entrepreneurial lifestyle and stop at nothing to achieve success. With countless resources available today, we’re witnessing more women step into this space, reaping the rewards of financial independence, flexibility, and self-sufficiency.
However, it must be said that this lifestyle is not suitable for everyone. Behind every successful self-starter is a lot of blood, sweat, and tears. We often see prominent entrepreneurs live a lavish lifestyle of wealth, influence, and spontaneous trips to Italy but we never see the relentlessness that has gotten them through the hard times necessary to get to that position. We encourage everyone to pursue their passions if called to it, but it’s important to note that you must have the entrepreneurial spirit to reach all the milestones you dream of. Before going all in on your business, consider if you are willing to endure the not-so-glamorous side of entrepreneurship that many don’t see. Here are six things to consider before choosing entrepreneurship.
Entrepreneurs Work Long Hours
A strong motivator for many who want to become an entrepreneur is to break free from the 9-to-5 routine and work on their own time. This is a nice perk of being self-employed, however, when you’re the boss you need to be prepared to be on the clock almost all the time. Sure you can set your work hours, but to get your business off the ground in the first few years you will have to be very involved in every aspect from marketing and product development to bookkeeping and customer service. This requires working long days and nights to get everything in motion.
Financial Instability Is Commonplace
Financial freedom is a common goal many entrepreneurs aspire to achieve. But the reality is that it can take years for your new business to generate significant, steady profit. Building your empire will require serious financial investment on your end, so you will need to be comfortable with not seeing immediate earnings. Also, keep in mind that your income might not be consistent. You could very well earn several thousands in revenue one month and a couple hundred the next. This is why it’s essential to have a deep belief in what your business stands for so you won’t get discouraged when times are rough.
Strong Discipline Is Required
The entrepreneur life is not for you if you do not have strong discipline, period. No one is managing you or looking over your shoulder to ensure deadlines are being met and tasks are being executed at the highest level. It is all on you to not fall behind and keep your business afloat. You can not simply rely on fleeting motivation alone. Running a business requires an unwavering dedication that will keep you productive and on “go” even when you’re tired or facing mental blocks. This can also require you to make sacrifices and cut out distractions such as going out, overconsuming media, and making unnecessary purchases. Trusting the process and being focused on your end goal will take you far.
Be Comfortable with Making Hard Decisions
Despite what online “business gurus” might try to tell you, there is no exact blueprint for launching a prosperous business. There will be times when things don’t go as planned and you have to pivot and change course correctly. This means you will have to make hard decisions for your venture’s best interest. Having extreme confidence is key to adapting during uncertain times and not cracking under pressure.
Managing Stress Is Like Walking a Tightrope
No matter how strong-minded you are, the journey to building an empire will come with inevitable struggles and ultimately, stress. It’s important to have tactics and boundaries in place so you don’t get too consumed by the growing pains of launching a business. Know when to step back and prioritize your mental health over the grind. If you don’t it could compromise both your wellbeing and your business.
Resilience Allows You to Reach Your Goals
In order to endure all of these battles you have to have a certain resilience that will keep you fighting for your dreams after every time you get knocked down. Entrepreneurship is not a linear path. There could be months, even years of you constantly facing setbacks or unexpected challenges. You must remember the biggest rewards are often on the other side.
It’s true, owning and running a business is not for everyone but just because it’s challenging doesn’t make it impossible. If you have an overwhelming passion that you wish to turn into a business and a vision you can’t let go of, we encourage you to go for it. With the right mindset, the rewards could very well be worth the risks.
