Entrepreneurship: 8 Facts To Know Before You Quit Your Precious Job

So, you have decided to take the courageous path of entrepreneurship? Maybe to enable you make all the money, and still enjoy your freedom? Well, just like yourself, many of us desire and dream to make money, and to do so with all the freedom that life can offer.

entrepreneur facts
– Get the idea, get the fact

Every year thousands of people quit their precious jobs to become entrepreneurs ready to build their own profitable and successful business empires within a twinkle of an eye. They are often seduced by the get rich quick success syndromes that abound on the media.

Like them, the idea of being your own boss, having much freedom and real cash, setting your own working hours, and finally getting to loose yourself from the grip of your aggressive boss may have drawn your attention towards an all new business startup. But you need to ask yourself one very important question – who is an entrepreneur?

Who is an entrepreneur?
An entrepreneur is a person who pioneers, organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.

From the above entrepreneur facts, it is clear that the reality on ground is always very different from the success promises, hence many risks are actually involved.

Outlined herein are eight facts about being an entrepreneur I wish I had known earlier before I decided to quit my previous job in order to become an entrepreneur. At least, I should have prepared better for greater challenges. The facts:

1. You will actually have less freedom
Imagine all the freedom in becoming an entrepreneur, the advert may state.
This is probably the biggest myth about entrepreneurship and yet the one that entices people the most. Many people moved into entrepreneurship simply for the freedom, only to discover that they traded a five-days-a-week, 60 hours job, for a seven-days-a-week, 100+ hours job, yet for much less remuneration.

Entrepreneurship should come with a warning saying Entrepreneurship: all weekends and holidays canceled for the foreseeable future. Yes! It is not a must, but in most cases, one can’t just help it; it’s part of the sacrifices.

2. You must be ready to follow the money more than your passion
We often hear the phrase “Follow your passion, not just the money.” While this sounds very appealing and romantic, should you decide to just follow your passion more often, you will soon end up with an expensive hobby and leaking pocket. One that eats through your savings very quickly and leaves you with nothing to show for your time and investment.

First, you need to make sure that you can actually monetize that your passion. And secondly, you need to ensure it is very profitable.

3. Anyone can become an entrepreneur, but not everyone should
This is like saying anyone can be a sales person, or anyone can be a leader. Now while it’s basically true, it doesn’t mean that everyone should try.

Being an entrepreneur is hard, it requires determination, inventiveness, focus, sales, tenacity, self-reliance, self-confidence, and yet with great financial risk. According to Bloomberg, 80% of first-time businesses fail, so while it’s true that anyone could be an entrepreneur that statistics show that at most only 20% who start out, eventually make it.

4. Great ideas, don’t always make great businesses
AltaVista was a groundbreaking search engine, when it first came out, it was way ahead of the competition, but the problem was they couldn’t figure out how to monetize it on time. Nobody wanted to pay for searches and ultimately that great idea flopped as a business.

When Google came along, they solved the riddle of making money from search engines, but they did it through advertising. Great ideas that don’t generate revenue will ultimately fail as businesses.

5. Even with the best idea, they still might not patronize you
Now that you have monetized your idea, you still need to put yourself in a great position. Don’t think just because you have great product or service, or because your friends and family think it’s fantastic that people will just turn up and buy it. No! They won’t patronize you without a fight.

You need to formulate and execute great marketing plan with great focus. You need to create the demand, plant the seed and create the need. No marketing, no sales.

6. You won’t have a boss, rather you will have many bosses
Working for yourself and being your own boss are not the same thing.
I know from experience that when you run your own business, you end up with more bosses, not just one. Some days it feels like every customer thinks they are your boss, and on the other days, that’s actually true.

As an entrepreneur, you can end up answering to multiple people rather than just one, such as Investors, the bank, business partners, as well customers.

7. Entrepreneurship is not an easy route to quick success
Many are attracted to the entrepreneur lifestyle, believing it to be the fastest way to make big and quick money. While that can sometimes happen, there are very few overnight successes in business generally, and even when they happen it is rarely just overnight. There is a saying that “It takes three years to be an overnight success, and sometimes more.”

8. Financial constraints, not financial freedom
For the better part of your entrepreneurship journey, you will soon realize that the much talked about financial freedom is more or less like a myth. By the time creditors and investors demands translate to sleepless night, you will sure have to go extra miles in constraining your personal desires and expenses for the sustenance of the business.

You may get to meet financially freedom at last, but not always overnight.

In summary…
When you finally decide to go through the entrepreneurship route, you need to have a great business idea, have a clear plan to make it profitable, have a great motivation to fall on, know who your ideal customers are, how to market to them and you need to be prepared for years, and years of hard work ahead.

Your friend may have succeeded in blogging or any other online business startup, with sweet and enticing stories to tell. Don’t be fooled, s/he must have endured many sleepless nights and other not-so-good-experiences before the real success.

Don’t fall cheaply for those sweet mouth marketing tricks out there, because the facts above are really the true, enduring and surprising facts about being an entrepreneur.

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06: Inspirational: 10 Great Quotes For Young And Aspiring Entrepreneurs

So, what do you mean, should we remain in perpetual financial bondage for ever?

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Thanks so much for this piece.
With the way those guys package the be your own boss thingy, I think they deserve an award for just the packaging sake. That apart, they really need to be given thorough flogging for every other things that follow. I should have equally prepared well when I set out myself, all thanks to boss makers, I went on a trial and error spree. Thank God for where I am today anyway.

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Thanks @CCO for this all important entrepreneur facts. Its good to be your own boss. But be fully prepared before venturing into entrepreneurship. Brand new business startup is not an easy task

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One day, I go start my own biz, and I go fire my own boss from yonder

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