In the first part of this article, knowing your money and numbers, entrepreneurship isn’t for sissies, everyone won’t like you, success is never guaranteed, and making tough decisions were highlighted as some of the things you need to know before launching out as an entrepreneur. As the concluding part, here are more facts you need to know.
6. Feedback Can Sometimes Be Deceptive
There is nothing bad in seeking the opinion or takes of other people on how good or bad a product or service is. In business, it is normal to probe what others think of a service or product. Their criticism or advice can be very valuable. It is also normal to get wrong feedback, sometimes, especially when it is coming from loved ones. These people mean well for you. They have your interest at heart. And because of that, they may choose to be frugal with the truth. If a product or service isn’t okay, they may choose not to tell you because telling you may hurt or bruise your ego.
7. You Will Still Be Answerable To Someone
Many people become entrepreneurs because of the freedom it comes with. Others do because they are tired of being yelled at by a grumpy boss. They can’t just wait to own their own thing and start doing things their own way already. Well, if the desire to be your own boss is why you want to become an entrepreneur, here is a spoiler alerts: Entrepreneurship will not give you the opportunity to be your own boss. You will still be answerable to somebody. If that somebody isn’t your partner(s) or your investor(s), it will definitely be your clients. And hence any income you’ll make will be coming from your clientele; you just have to listen to them.
8. You Have To Let Go At Some Point
At the early stage of your business, you may have to don so many hats. You may have to handle marketing, HR, procurement, PR and several other things at the same time. If your business is being financed with personal credit, you may have to do all these things just to bootstrap cost. But as things get better, you may have to let go of some of these things. You may have to hire and delegate some of these responsibilities for maximal effectiveness.
9. You May Not Make Money Right Away
If people start making money the very moment they launch their enterprise, unemployment will probably not be this rife. Everybody will be entrepreneurs too. But that isn’t the case. How soon or late you’ll start making money will largely depend on the type of business you’re into and your initial investments. This isn’t to say there wouldn’t be sales, no. There will be sales and you’ll make money. But you will have to recoup all what you’ve spent before you make any profit.
10. You Have To Keep Growing
Old things depreciate in value and worth as soon as superior things show up. To stay in business, you have to keep growing. To retain your customers, you don’t just have to keep growing; you have to be innovative about it. Just as being active and being productive aren’t the same thing, being busy and growing are two different things. Being busy may sometimes count for nothing. Remaining in business isn’t about daily routine and running around. It is about growing, providing superior service and being great at it.
BY: Joel Pereyi