The majority of articles online about entrepreneurship make it sound almost utopian. Start a business, use some simple marketing tips and you’ll enjoy success and fortune beyond your wildest dreams. Unfortunately, a lot of these articles are lying to you. While it’s possible to enjoy amazing success as an entrepreneur, it’s not a simple endeavor that everyone can automatically succeed at doing. To ensure that you know what you’re doing when you embark on starting your own business, here are four reasons why entrepreneurship is not for the weak-hearted.
You Won’t Make Much Money At First
You will absolutely not become Donald Trump overnight and you’d do well to remember that. Your first year as an entrepreneur will have you breaking even if you’re lucky and experiencing a financial deficit if you’re like most. Expect to have to cut down on your spending and live on a strict budget during your first year or so.
Competition Is Fierce
The rise of the internet has made it more easy for the average person to begin their own business. You no longer need to have a physical storefront to be the owner of your own brand. Hence, competition is more ferocious than it’s ever been before. You can still succeed, but you’ll need to be ready to clock a lot of hours and work harder than the people whom you’re competing against.
Many People Fail
The sad truth is that “being your own boss” just isn’t for everyone. Many people idolize the concept of answering to no one but themselves, but then buckle under the pressure of not having a boss to keep them on task and focused. The sad truth is that more people fail at starting their own business than succeed.
Owning Your Own Business Is Complicated
Owning your own business is complicated. Be ready to have taxes that would make the average person panic, in addition to mountains of paperwork for licenses, permits and other considerations. These paperwork nightmares will only get worse when you hire employees, who require you to prepare their W-2 forums and provide them with insurance and benefits.
These four reasons why entrepreneurship is not for the weak-hearted aren’t meant to discourage you from starting your own business. Rather, they’re meant to show you the reality of what working for yourself is. Don’t believe those articles that make it sound like starting your own business is easy. While being an entrepreneur can be immensely rewarding, it’s going to entail a lot of challenges and a lot of hard work.
Roman Temkin works as a real estate developer in NYC.