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CEO DISCOVERY

10 Facts You Need To Know Before Becoming an Entrepreneur

Entrepreneur

 

Entrepreneurship makes you your own boss. It gives you job security, the power to decide your own pay and the chance to do whatever you want, whenever you want it. It gives you the freedom to travel the world without seeking the permission of anybody or being restricted by company timelines. Being an entrepreneur is sweet and enticing. Yes, it is. But here are a few things you need to know about this sweet and enticing venture called entrepreneurship:

1. Entrepreneurship Isn’t For Sissies
To put it better, entrepreneurship, like anything worthwhile, isn’t for the weak hearted. To be successful as an entrepreneur, you have to be courageous. Things may not always go as planned. There will always be bad days. What successful entrepreneurs however do is that they brace up and prepare for these bad days. They know that if every good day has a beginning, every bad day also has an end.

2. Success Is Never Guaranteed
Oh, your business will be meeting a need? You’re also very passionate about the service you’re willing to render to the world? Well, that’s good to know. But here is a spoiler alert: That doesn’t guarantee success in business. You may succeed, and you may not. It is common knowledge that entrepreneurship is all about risk. One thing worthy of note is that if you do your best, the worst wouldn’t happen.

3. You Have To Know Your Money and Numbers
The difference between a charity organization and a business enterprise is MONEY. And to know how good or bad you’re faring, all you need to know is your numbers. Mind you, your numbers isn’t the number of employees you have. It is the number of sales you make, the number of products you create, the number of customers that keep coming back, and several others. These numbers is what is used in evaluating how well or poorly your business is doing. If the need to source for funds from external sources ever arises, it is your knowledge of your numbers that will make investors either say, “Okay. Sit down, let’s talk” or “Okay. You will hear from us soon.” The later is a tacit way of saying we can’t do business with this person.

4. You Will Have To Make Tough Decisions
Making tough decisions is something you really can’t separate from entrepreneurship. In fact, as an entrepreneur, you will have to make plenty of it. You may have to take decisions that may hurt you, just for the sake of business. You may have to path ways with employees, even the ones very dear to you, just to cut cost or keep the business afloat. As long as it serves the interest of the business, all such tough decisions are fair.

5. Everyone Won’t Like You
Regardless of how hard you try, not everyone will like you. It may have to do with your managerial style, your temperament, or due to weighty decisions you may have taken in time past. Their reason notwithstanding, it is normal for people to find faults in some of your doings and undoing(s).

BY: Joel Pereyi

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