Starting a new business project is always challenging. While you have every resources that will help you thrive in the market, obstacles will come and go along your entrepreneurship journey. There are ups and downs a founder will meet along the way. For example, you will get sleepless nights before product launch or you will meet unpleasant competitor that will weigh you down before you even hit the market.
Do you want to know what true difficulties founder commonly face when starting a business?
See also: 5 Useful Advices for New Student-Run Startup
Here goes the list shared by Nicolas Cole, speaker, writer, and founder of Digital Press.
- If you are building a service business, majority of your clients will expect you to go above and beyond for them, while they pay in the bare minimum amount.
- Nobody pays on time. The first time you learn about this, this might not be a great feeling.
- Firing people is the worst part of your job.
- Every single employee you hire is going to want things nobody prepared you to give them. Like career trajectory, for example.
- Once you have a six-figure business, you will find it unimpressive. You will probably start to cringe at solopreneur who start running Facebook ads talking about selling courses on how to build a six-figure company.
- Once you have a seven-figure business, you will realise that it is unimpressive as well. You will soon realise that impressive company has 8-figure business and above.
- When people say “nothing beats the highs of entrepreneurship, and nothing’s is scarier than the lows”, believe them.
- Even when your business is making money, you are still in “startup mode”. Nothing is guaranteed.
- The amount of time you invest in front of your computer will make you crave time away from any other screens as much as possible.
- For the first year or two, expect to sleep less, eat worse, go to gym less, and barely dive in your hobbies. Whatever semblance of work-life balance, you think you can maintain – you are wrong. Remember that, you should fight and try vehemently to get back to a place of balance as quickly as possible because these are unsustainable habits.
- You will start to understand why majority people have no interest in becoming entrepreneurs and would rather just work in their comfortable job.
- You will learn stark difference between a $30,000 hire, $60,000 hire, and $90,000+ hire.
- You will have “weird” dreams about your business and some problem your subconscious is wrestling with.
- Your circle of friends will change.
- A “growth over everything” mindset can be exceedingly destructive for startups.
- Cash is king. The moment your monthly payroll exceeds 2 months of runway in your bank, you are towing a dangerous line. Also, your strategy needs to be to stack cash as quickly and efficiently as possible.
- You will understand what it means by “if you cannot measure it, don’t do it”.
- People do not buy processes. They do not buy ideas, approaches, or plan. People buy results. That’s it.
- Do not underestimate the value of manager. A manager can grow or fail your growing organisation. Manager is how you scale, and how you pass off responsibility. So, you can continue focusing on bigger items. Without a manager, you will end up becoming an employee within your own company.
- Ideas are the easy parts. It is the execution that separate decent company and great ones.
- Competition is a good thing. If you have a competitor, you can save yourself a lot of learning time by watching them closely. Chances are, they probably learn lesson the hard way. And it becomes reason why they do it, or how they do it. Use that to your advantage.
- As a company, it is better to be magnificent at one thing than many.
- Rising money is overrated. Unless you have experiences as entrepreneur, you will have no idea how to spend it.
- You will lose your trace of time once you begin to focus on your growing startup.
- Do not underestimate the power of putting yourself out there as the face of your company.
- Lastly, starting a company is more or less like starting a family. And for all its ups and downs, it is one of the most rewarding things you could possibly experience in life.
All in all, “you never change your life until you step out of your comfort zone; change begins at the end of your comfort zone.” – Roy T. Bennett
Read also: Why Only the “Chosen” People Can be Entrepreneur?