What They Don't Tell You About Entrepreneurship
I thought about using this space to write an intro but then I thought the title was pretty much self-explanatory. Plus, I am someone who loves when people get straight to the point. Therefore, I swan dived right in…
1. You Must Develop A Certain Mindset. All entrepreneurs possess a certain mindset, doesn’t matter if they are successful or not. If you were to study and pay attention to how successful entrepreneurs thought throughout their journey, you would more than likely notice similar thought processes, and the same can be said about entrepreneurs who may not be as successful. You are bound to see common traits, thoughts, and actions. Your thoughts, beliefs, and even the things you let come out of your mouth are all very, very, very, very important. I will write more about the mindset of an entrepreneur later this week.
2. Self-Awareness Is The Key to everything really but since today’s subject is entrepreneurship, let’s stick to that. Being aware of yourself will take you far in business. The more you know and understand about yourself, the better you will be able to connect with others and connecting with others is essential at every level of business, within any industry.
3. You Should Invest In Personal Development, Early. Trying to start and run a business while your personal life is all kinds of chaotic, will leave an extremely bitter taste in your mouth about being an entrepreneur. Mental health is EXTREMELY important and if you are already running on E, entrepreneurship will surely push you over the edge. To put it differently, invest in a therapist (if needed) before filing for an LLC. Start creating a self-care routine before mapping out a business plan, etc.
4. You May Not Have The Support You Want Initially, But The Outside Support Doesn’t Matter Anyway. First, YOU need to make sure that YOU believe in and fully support YOURSELF. Expecting others to go harder for your goals than you do, is slightly idiotic. Don't be idiotic.
5. You Probably Won’t Get That Much Sleep if you are truly committed to whatever goals you are pursuing. However, a lack of sleep will most definitely end up drastically slowing down your process. It’s kind of hard operating at optimum level when you are fighting sleep and yawning every 5 minutes. In other words, get sleep and rest people.
6. Speaking Of Commitment, What You Get Out Of Entrepreneurship Will Be Determined By Your Level Of Commitment. If you can’t consistently show up for your business, how can you expect clients and customers to?
7. What You Put Into Your Mouth Is Just As Important As What Comes Out Of It. The type of food you eat will affect your work ethic as well. If you eat foods that make you tired and sleepy, you probably won’t get too far on your “to-do” list for the day. Eating foods that increase your overall level of efficiency should always be the goal.
8. If You Didn’t Like Studying And Researching In School, Entrepreneurship May Prove To Be Pretty Difficult For You. More than likely, you probably don’t have your own research team. So, if you don’t like studying, researching, and learning new things, entrepreneurship will be one big thorn in your butt for sure. No, seriously, it will be. Studying industry trends and researching your competition can prove to be beneficial. Plus, all the best entrepreneurs are lifelong students. There’s always something to learn. Well, unless expanding your business and increasing your reach and revenue isn’t your goal?
9. People Will Try To Get Over On You. For some odd reason, being an entrepreneur opens the floodgates for the “Let’s Work” line. Beware: While “Let’s Work” sounds good, not many are actually trying to work. Also, getting payment for work can be a whole headache all in its own. Being an independent contractor, freelancer, or entrepreneur will quickly teach you that it doesn’t matter how successful the business or brand is, you could still have trouble getting your money from them when it's time. It’s always funny how people will consistently blow you up to do work for them, but conveniently forget to pay you when it’s time to pay up. Two possible solutions to this: 1. Contracts 2. Be selective with who you work with, maybe create some type of system to go by when it comes to picking your clients, collaborations, and partnerships. (note: bigger names doesn't always mean bigger bucks or more professional.)
10. Networking And Collaborations Are Great Ways To Extend Your “Entrepreneurial Reach”. However, only the RIGHT connects truly matter. I suggest being VERY strategic with how you use your time, and where you spend your energy. This also applies to building a team. You may not have a team right now, but you will soon realize the importance of not having to be EVERYTHING at once. So, be intentional with who you link up with and never be afraid to explore how you can cultivate mutually beneficial relationships with others.
11. Critical Thinking Is Critical. How to have strong critical thinking skills isn’t necessarily taught extensively in school or in life, but it can definitely be a life changer, especially when it comes to business. It’s also one of the shared common traits of many successful entrepreneurs, and proper use of your critical thinking skills can help you not waste unnecessary time and energy.
12. Know Your Worth And Add Tax. You have probably seen this somewhere on your newsfeed at some point because most people struggle with this. When you are starting a business, figuring out what you should charge can be pretty tedious. You don't want to over charge but you don't want to under charge either. In my experience, the first thing every entrepreneur should do when figuring out their pricing and rates, is really analyze the amount of belief they have in their own products, services, etc. Would you buy from you? Would you work for you? (Feel free to refer back to #3). Also, think about how much time, money, and energy you invest into your business. Think about the type of services you offer, the products you produce, and how beneficial they are to your community of consumers. After you have gotten solid on these things, the next smart thing to do would be to research what others who are doing what you do are charging. Find a happy medium that works for you and don't be afraid to up those prices when it's time to, if you are doing it right, the time will most definitely come.
I think that’s all for now.
I felt it was important to just put these out there to possibly save someone from having an unfortunate encounter with entrepreneurship. Let’s hope you won’t have to learn these things the hard way like I had to. Do you have any “What They Don’t Tell You About Entrepreneurship” insights to add to the list? Feel free to list them in the comment section.