When people ask what it’s like starting your own business, I often say, “being an entrepreneur is sort of like playing golf. You go out, spend all these hours, and nine times out of ten you fail. But you keep going back again.” I truly believe you need to love what you do. That doesn’t mean you’ll enjoy every second of the process. There will be times when you want to throw in the towel, have to make very tough decisions that could impact the future of your company, or sacrifice personal milestones because you’re needed in the office. The bottom line is for a business to function, and for entrepreneurs to be successful, you really have to be committed. And it’s that commitment that will see you through.
Why become an entrepreneur?
First of all, I think many people want to become entrepreneurs for the wrong reasons. I didn’t think about being an entrepreneur. I started out saying, “I want to do something”, something I felt truly committed to. I once spoke to a graduate course at a university, and the first question someone asked me was about my work-life balance. I told them straight, you really ought to quit this course, because I don’t have balance. I work very long hours, but I love what I do. It’s sort of like someone who plays golf. Being an entrepreneur is like playing golf: you go out, spend all these hours, and nine times out of ten you fail. But you keep going back again. A lot of entrepreneurs think that way. So, if you’re doing it for the image, or the flexibility, or the title, think again. You really have to be committed.
The reality of building a business
If you make it, the end result is fantastic. But there’s an odyssey that comes before that… For example, a common mistake people make is underestimating how much capital they will need. Oftentimes, entrepreneurs simply don’t have enough money to cover what they have planned and everything in between. Most things take longer than expected and therefore cost more than anticipated. Another challenge that comes early on is hiring the right people. When you’re a startup, you can’t offer high salaries or job security. You’re asking people to take a risk with you, and that makes it difficult to attract top talent.
What’s more, if you’re starting with a new idea that breaks away from the norm, people might not understand it right away, so it will also take time to educate the market. Building a truly unique company is a long journey. There’s a natural resistance to change. Think of companies like System 73 or others doing something radically different. They’re often selling to experienced professionals, people with advanced degrees who have spent decades doing things one way. Now you’re telling them, “You should be doing it differently.” That’s a tough sell.
Making decisions under pressure
As an entrepreneur, you have to make a lot of minor and major decisions that could impact the overall success of your venture. That’s a lot of pressure to have to handle, especially if you’re in it alone. The most important thing is to calm yourself down and remind yourself: I’ve been here before; I can handle this. Pressure can push you in two directions. It might go badly, or it might force you to become laser-focused on the problem. In those moments, it comes down to mental discipline, overcoming your emotions and focusing on the task at hand.
We all experience fear and stress, but the key is learning how to be productive in spite of it. When you’re under pressure, you’re likely dealing with a significant problem. And often, you’re balancing competing considerations; maybe there’s an easy solution today, but will that cost you long-term benefits? So ultimately, you’re not just making one decision. You’re making a series of decisions, each with short- and long-term consequences.
For more of my reflections and insights on being an entrepreneur and running a business, take a look at the other articles on my blog, visit my YouTube channel and follow @williamerbey on social media.
