Editor’s note: This article was first published in July 2015; the companies attributed to each entrepreneur quoted, such as BeenVerified, Automation Heroes, Red Branch and DropThought, are given as they were at that time and may have changed.
However passionate we are, on the road to starting a business we are going to run into plenty of obstacles. Entrepreneurs often pay a very high price, one that has sometimes even ended in suicide.
The thing is, we all have some idea of the difficulties and rewards we may find when we start our own business, and many of these problems we won’t know about until we have waded into the mud. But what if we could listen to business people telling us what they wish they had known when they started, and what nobody told them?
So here, some entrepreneurs share 10 things nobody tells you clearly when you decide to go into business.
1. It’s like a roller coaster that never stops.
Starting your own business is going to be full of constant ups and downs. Ross Cohen of BeenVerified says that building his business has given him the happiest moments of his life. But also the worst, and he has endured many sleepless nights. “I knew I would have hard times, but I didn’t know there would be stretches so tough that the problems and worries would give me no respite. That’s why I learned to celebrate every win, however small.”
2. Networks are critical to getting the business off the ground.
Patrick Conley of Automation Heroes says he started out as a solo entrepreneur, and for the first six months things moved very slowly. However, as soon as he built synergies with other groups, his business took off immediately. “Surrounding yourself with the right people from the start (ideal clients, mentors, suppliers…) will help you move faster. Success in business rarely comes from going it alone.”
See also: How to be an entrepreneur mum and run a 16-million business from home
The feeling of isolation, especially when things get complicated, is something every entrepreneur should be prepared for. There are simply challenges as a business owner that you can’t face alone, although you shouldn’t blunder into taking on a partner who brings nothing to the table just so you’re not alone.
(Read: Tips for choosing a partner for your business)
3. Mentors are necessary.
While a mentor isn’t strictly necessary, mentors are the most effective accelerators of success. Being advised by, or having at our side, someone who has already travelled the road we are about to take will help us avoid some avoidable mistakes and do things more effectively. Rob Fulton of Matikis says he missed many opportunities because he had nobody to help him head in the right direction. As soon as that mentor appeared, things changed quickly.
4. There’s no four-hour workweek.
Don’t take Tim Ferriss’s famous book The 4-Hour Workweek out of context (I recommend it wholeheartedly), but until you get there, your working week is more likely to be 80 hours. Roger Bryan of Digital Enfusen confirms it: he says he went from working 50 hours a week to more than 100 hours the moment he started his own company. You will have to work very hard and put in a lot of hours before you reach the dream of the business owner living on passive income.
See also: How to succeed in business: the successful entrepreneur (III)
5. Everyone will give you unsolicited advice.
People will pop up out of nowhere and give you what they consider wise advice, when probably none of them has ever been where you are. If you fail, they’ll tell you with hindsight that they knew all along where you went wrong. And if you succeed, they’ll probably tell you that you were very lucky. Maren Hogan of Red Branch advises that when someone with no business experience tells you what to do to run your business better, just smile and nod. Don’t take it badly.
(Read: The 11 most common mistakes first-time entrepreneurs make when starting a business)
6. Treat early success as temporary luck.
If you start a new business and meet unexpected early success, you have to be disciplined enough to keep your ego in check, because what comes quickly, if you don’t look after it, goes just as quickly. The best entrepreneurs tend to be a little paranoid about success, and they know that business isn’t a 100-metre sprint but something more like a marathon.
7. Advisers and consultants are useful.
Zach Cutler of Cutler Group says that seeking professional advice allowed him to drive his company forward. “The hours of consulting and expert advice helped me make business decisions that still have a strong impact on the company, and in a way they have helped me be successful today.”
8. Learning from other entrepreneurs is invaluable.
Matt Shoup of MattShoup.com says that when you study other entrepreneurs and learn from other people’s successes and failures, you grow as a professional. People don’t usually advise you to study other entrepreneurs in your own industry or a similar one, but it’s time worth spending, and it will probably be one of the best business lessons you ever get.
(Read: 18 business lessons you’ll learn sooner or later)
9. Ideas have no value.
“I’ve seen plenty of entrepreneurs get excited when they think they have the billion-dollar business idea,” says Karan Chaudhry of DropThought, “but you don’t own that idea, and the bad news is that others have probably already tried it, one way or another, without success.” In the end, it’s you and your team who have to execute that idea properly, and if you start to succeed with it, a competitor may quickly appear to take you on. We live in a fast, constantly changing world where you have to keep adapting. But ultimately, ideas have no value in themselves. Execution is everything.
10. Family comes first.
Finally, the biggest regret of entrepreneurs who failed and of those who went on to build a 100-billion company alike is having neglected their families. Even Jack Ma, the founder of Alibaba, would tear up when he remembered it. So never risk losing your family for a business venture. It isn’t worth it.
Further reading
- The public will never come to you again: 7 ways to get the internet talking about you
- 35 profitable business ideas you can start without much difficulty
- The 5 most important steps to success that great entrepreneurs took in their day
Featured image: John Valentine II, CC BY-SA 2.0, via Flickr.
