Many people want to do business because they no longer want to work for a boss, want to make money with something they are good at, want to innovate and create or because they want to create something big.
All four excellent motivations. But beware, doing business requires courage. If things go well, you enjoy freedom and good earnings, but if things don't go well for a while, you will be faced with a lot of surprises. We have listed 7 for you:
1. Work-life balance is nowhere to be found
Starting entrepreneurs want the freedom to work when they want, to take a vacation when they want or to spend time with loved ones ... when they want.
But as a starting entrepreneur you are your own company. In the beginning your company will influence every aspect of your life. And that can be good or bad.
There are no longer normal office hours. You cannot leave your work in the office without thinking about it in the evening or even at night. Finding a balance between work and private life is a daily challenge. It can be difficult to make time for family and friends.
2. Financial uncertainty is a fact
The leap into the deep, starting with entrepreneurship, is exciting. Canceling your job requires guts. But that's just the beginning. The certainty of a salary in your 20the is suddenly gone. And that uncertainty will continue for a while. In general, companies only make a profit in the second year. If you want to expand your business, it is good to be able to count on a buffer (or to request a financing).
3. Discipline is everything
To start doing business, you need more than guts. You will need discipline. The problem with being your own boss is that many are too lenient. For himself. Did you work hard Monday through Thursday? Then you can still enjoy Netflix on the couch on Friday?
If you can live with it and it goes well, for sure! But if you want to create something big, you better leave Netflix out. That is always possible.
4. You are not your own boss
As a starting entrepreneur you wear a lot of hats. You are not only your own boss: you are also your own accountant, customer service, sales manager etc.
5. Don't be afraid of failure
More than 50% of the new companies fail in the first five years. That is simply the case, and that is not a disaster. There are countless successful entrepreneurs whose first (and second and third) company failed, but the fourth hit!
6. You can't do it alone
Simply put: if you want your business to grow, you will have to outsource a large number of things. Hiring others will ensure that you have more time for the important things. CEOs who do their own accounting, customer service or account management? They don't exist. Outsourcing is vital when building your business.
7. Last but not least ... entrepreneurship is not for everyone
Today, everyone is an entrepreneur. Or so it seems. Everyone has a project in addition to his or her 40-hour working week. Logical: who doesn't want to be their own boss?
What many people do not take into account is that starting your own business is not easy. The life of an entrepreneur is a life of uncertainty, fear and concern. Doing business requires courage! If you can handle this life, there is nothing better than that.
Don't be scared! By starting your business, you will realize your ambitions.
Are you ready?
At Holland Startup, first-time entrepreneurs fulfill their entrepreneurial ambitions. We guide, coach and finance young entrepreneurs to turn ideas into successful startups.
We enable young entrepreneurs to shape our society! Are you in?