ACD Headquarters 2004
It’s extremely hard.
If you knew the truth of how hard it is, you’d probably run away fast as you can.
What?!! Why would a guy like me say such a thing?
Well, today we live in a world where many feel entitled to success without having to do much of anything. I see far too many people that “feel” they deserve to run a company, have a business and enjoy the trappings of this “entrepreneur” lifestyle but don’t want to do the hard work it takes.
Some people think that building company is as easy as coming up with any idea, get some venture money, wear a hoodie, have a keg on tap in the office, enjoy some coffee shop meetings with their “successful” friends, run the company like a fraternity and act like you’ve made it.
That’s not reality.
Hey, if you are willing to get real and get serious about being a success then I can give it to you straight. Most businesses fail and most entrepreneurs out there aren’t even really entrepreneurs. They are fakers.
Here’s what success really looks like from someone who has grinded it out and didn’t have investment money just handed to them.
You’re going to feel scared.
You’re going to doubt yourself.
You’re going to wonder how you will be able to pay your staff.
You’’ll wonder if you’ll have the money to make it to the next month.
You’ll be up late at night wondering what else can you do to move your company ahead.
You’ll worry if you can keep your clients.
You’ll wonder why new clients aren’t knocking your doors down for your great product.
You’ll wonder if you’ll even make it.
You’ll have friends and family doubt you.
And here’s a bonus....
Here’s the things you have to be able to figure out.
Are you going to have business partners? If you do, choose wisely and make sure they are willing to put skin in the game.
Making sure your product or service is the best in a competitive market. You have to focus intently on truly having something that is great and people are willing to pay for.
How you are going to build a reputation when you have none? You have to get that first client which is very tough. Once you do though, they can become a great advocate for you.
Do you have the ability to persevere even when told NO by many potential clients? You’ll run into many of these NO’s as most customers are weary at first of new businesses.
People. If you are going to have employees, eventually you’ll have to learn how to manage. If you can’t lead people and inspire them, you won’t be successful.
Knowing your numbers. Once you get your company going you need to know key financial metrics, how to read a profit & loss statement, etc. Know your numbers
Obscurity. Probably one of the biggest challenges. Most people underestimate how hard it is to get your “name” out there as a company. You can have the greatest product or service but getting customers to know who you are is a major challenge, especially in a world of so much marketing “noise”. The good news though, is if you have a niche, your market is much more focused.
How are you going to fund your startup? Most entrepreneurs will have to bootstrap their venture and live frugally. My wife and I sold our home, moved into a much more inexpensive place and lived off the money for nearly a year before we took any pay.
A lot of people fold when the hard work is required. If you can break through and keep going, it’s then you create the best chance for success.
Here’s some other articles you might like:
Let Go To Grow: How Companies Smartly Manage A Distributed Workforce
4 Critical Thinking Skills That Could Save Your Career