These days, more and more people are looking to set up their own business and be their own boss. And it’s not hard to see why.
Being your own boss allows you to set your own working hours, wage, and professional goals. More importantly, it allows you to build a career you’re actually passionate about.

If you’re an aspiring entrepreneur, you’ll no doubt be consuming media from successful business people and entrepreneurs. Good, you should be doing that. This content can be an excellent source of learning and inspiration. But beware, just like most social media users, these types of influencers may only post the good, impressive, and successful on their social media, giving a false impression about life as an entrepreneur.

Contrary to popular belief, being an entrepreneur isn’t all about private jets and fancy network lunches (though those may come in time if your business is successful). Building your own business isn’t always easier or glamorous. Here are 10 things, they won’t tell you about being an entrepreneur:

 

 

Success won’t happen overnight

These days, many people turn to entrepreneurship to make money. They’re tired of the 9-5 slog and having their efforts lining someone else’s pockets rather than their own.  But anyone looking to make a quick buck, beware. Building a successful and profitable business is all about the long game.

If you’re starting a business, you need to have reasonable expectations. Optimism and a determination to succeed are never a bad thing but don’t expect overnight results or profit. Patience, strategy, and sustained effort are key qualities for any entrepreneur. If you’re serious about becoming a successful entrepreneur, being in it for the long game is a must.

 

You’ll probably miss a stable pay cheque

One of the downsides to being your own boss is being solely responsible for your own pay cheque. When you start your own business, you lose the security of your monthly 9-5 pay. For many entrepreneurs, this can be a scary prospect, especially if you have people who are financially dependent on you.

It’s no secret that being an entrepreneur can unlock your financial potential. But until your business starts making a sustained profit, you’ll probably miss the comfort and security of a guaranteed pay cheque. Risk-taking is an unavoidable part of entrepreneurship but dealing with financial uncertainty is perhaps one of the most difficult parts of starting a business. Remember, there is a massive difference between earning money and having to ‘make’ money.

 

You have to become a trusted brand too

You may have the best idea in the world… but at the end of the day, people buy into people. It’s therefore no longer enough to just have an amazing business, you also need to turn yourself into a brand that people trust and want to work with.

Luckily, building yourself into a brand has never been easier thanks to social media. I definitely suggest setting up a personal website, as well as profiles on more business-orientated social media such as LinkedIn, Twitter and  Clubhouse. Sharing content and thoughts via these channels can help you grow your online network and personal brand- something that will be invaluable to your business journey.

 

You’ll get sick of repeating your elevator pitch

When it comes to networking and self-promoting, having a go-to elevator pitch is a must. You want to be able to introduce and sell your business and yourself whenever the opportunity arises. You may start with a pre-rehearsed pitch but grow more comfortable ad-libbing about yourself and your business the more you network.

If you’re networking right, you will be rolling out your elevator pitch a lot… so much so that you’ll probably get tired of repeating the same things! But don’t give up. First impressions count and a passionate and engaging elevator pitch can leave a lasting impact on what could very well be your future clients or business partners.

 

Self-doubt can be your worst enemy

Second-guessing your decision is a natural response to risk and in healthy doses, can help you make wise and measured business decisions. Yet constantly self-doubt can have a crippling effect on your ability to be decisive and productive. In other words, your mental state can have a serious impact on your business and success.

Developing the right mindset is a must for any entrepreneur. There is no room for crippling self-doubt, only good judgment and insight. I highly recommend that all entrepreneurs read ‘The Winner’s Edge’ by Dr Denis Waitley, as well as the ‘The Go-Giver’ by Bob Burg and John David Mann and ‘Rich Dad, Poor Dad’ by Robert Kiyosaki and Sharon Lechter. This will help you develop the right mindset to succeed, as well as offer inspiration on your entrepreneurial journey.

 

You won’t be able to do it all on your own

With all the will in the world, building a business cannot be a solo activity. Yes, you’ll have the vision, strategy, and ideas but when it comes to their execution, you need the right team. Some entrepreneurs can struggle to give credit where credit is due. But behind every successful entrepreneur, there’s an experienced, skilled, and committed team.

I always say that you should never be the smartest person in the room. You don’t have to have in-depth knowledge of every area of your business; surrounding yourself with the right people and the right skill set will not only help your business grow but also help to expand your own knowledge and capabilities.

 

No one will ever care about your business as much as you

Whilst finding the right people is essential to success, you should always bear in mind that no one will ever care about your business as much as you do. And neither should you expect them to. At the end of the day, it’s not their business; they’re working for a wage and company benefits.

Setting reasonable expectations from your employees will help to avoid disappointment in the future, especially as you move away from being an entrepreneur and start to take on the role of a business owner.

 

You will have setbacks and failures

Developing a winner’s mindset is all well and good, but you also need to be prepared to encounter setbacks or failures on your business journey. And to tell you the truth, there may be quite a few.  At the end of the day, it’s all about how you deal with these bumps in the road.

If you’re going to be an entrepreneur, you need to be resilient. In the face of rejections, problems, and disasters, you need to be able to pick yourself up, dust yourself off and keep going. Most entrepreneurs won’t share their failures on social media, but trust me, there isn’t a successful business person out there that hasn’t overcome challenge after challenge.

 

Your work/life balance will be challenged

When you’re responsible for the success and failure of your own business, it can be difficult to switch off from work. Being an entrepreneur will challenge your work/life balance and worst of all, there’s a lot of social media content out there that actually encourages a toxic mindset towards entrepreneurship and ‘hustle culture’.

Yet re-learning to manage your work/life balance is so important. Overworking can lead to extreme stress and burnout in the long run. If that happens, you could find yourself having to take long periods of time away from your business. This, of course, could see your plans delayed and growth hindered. Remember, growing a successful business is a marathon, not a sprint.

 

You’ll struggle more if you’re not passionate

The entrepreneurial path isn’t an easy one. If you’re not truly passionate about your business and entrepreneurship in general, you’re likely to find the journey a lot more difficult. Setting up and running your own business isn’t everyone’s cup of tea, you need to decide whether it’s something you truly want to commit to.

As the old saying goes ‘Find a job your love and you’ll never work a day in your life’.  When it comes to being an entrepreneur and starting your own business, that doesn’t quite apply. You’ll still work, and work hard at that, but being passionate about your business and determined to succeed will be the key component that gets you out of bed in the morning and focused on building a strong and successful business.

 

Matt Newing is a self-made entrepreneur, investor, and philanthropist who’s always on the lookout for the latest and greatest business opportunities. If you have a business that needs to be taken to the next level, get in touch with Matt today.