So you want to be an Entrepreneur

18 Jun

So you want to be an Entrepreneur.  Great, now what do you do?  According to many articles you must be prepared to fail.  Six out of seven Entrepreneurs fail, one third will fail, and so on.  Still want to be an Entrepreneur?    Then let me share some cold hard facts with you about being an Entrepreneur.

Treat it like the real business that it IS!  Decide up front is this a hobby or an income replacing business.

Everyone (and I do mean everyone; spouse, family, best friend, colleagues, etc.) will think you are crazy.  They will shoot holes in your ideas and try to drag you down.  Admittedly, some of their concerns will be valid.  You will have to sift the good concerns from the bad ones.

Believing being an Entrepreneur is a get rich quick scenario.  Being an Entrepreneur means you are in it for the long haul.  Very rarely does it happen overnight.  Also if you prefer a 9-5 lifestyle, you might want to think again about being an Entrepreneur. There will be a lot of long, sleepless nights ahead.

You can’t do everything yourself.  You will need professional help in certain areas.  Accounting, Taxes, writing the business plan, and Legal are usually the first ones that come to mind.  Remember, professional doesn’t have to mean expensive.  You can get professional help with lots of things at www.fiverr.com.   Don’t be shy about using your local Chamber of Commerce or the local SCORE office of the SBA to get help.

You will need a network of people with varied backgrounds.  These people will be able to give you valuable insight about your idea or a process.  Remember though, GIVE more than you take.  Help others whenever you can.  It will repay you in the long run.

Financing will not come via an Angel Investor (probably).  Be prepared to work on a shoestring budget or finance it yourself.  The Angel Investor will come after you start being successful.

Finally, have fun with it.  Will it be a stressful, overwhelming, hair on fire, or pulling out your hair proposition?  Yep, but that is the fun part of being an Entrepreneur.  If you can live with these cold hard facts, welcome to the wonderful world of Entrepreneurship.

I welcome any comments or suggestions on this article.

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