Dark and Bright Side of Entrepreneurship
vemuda.com - If you have some experience as an entrepreneur, one thing you know for sure: it’s not easy. For all those that haven’t started a business but are thinking of doing so, don’t let the flashy lifestyle and media fool you.
If you really do like entrepreneurship and you are very passionate about your product, that’s great. If you’re committed to changing the world by solving people’s problems with your product, that’s even better.
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Being an entrepreneur will have ups and downs, it’s a never-ending roller coaster, especially in the first phases of building a business.
There are things about entrepreneurship that might motivate you to become one, and there are things that might discourage you.
The internet has fundamentally changed the world, offering the opportunity to anyone to start their career as an entrepreneur from literally anywhere on the planet.
Anyone can change the world and improve the lives of millions, but how hard is it?
I don’t want to discourage you, but I want to be 100% honest with you guys: entrepreneurship is HARD.
In the first years of building your empire, you can’t take any days off and you can’t look the other way for a second, or you will fail immediately.
When creating a business you alternate moments of excitement and energy with moments of pain, disappointment, and frustration.
Since I want you to succeed and not just survive, in this video, I’m going to talk about how to deal with some of the hardest aspects of being an entrepreneur, especially when it comes to the mindset.
In this post, I’ve researched and collected information from the most successful entrepreneurs in the world and from my personal experience.
Remember: your mindset can make you extremely rich or extremely poor. You are going to learn how to overcome barriers that are holding you back and slowing you down from growing in both your business and professional life.
This will help you to obtain that winning mindset, that plays a fundamental role, in the success of any venture.
Finally, you will learn more about the bright side of entrepreneurship and the reasons why some are willing to tolerate all the pain that comes with it. Let’s get started.
1. Stamina and energy
The first topic we are going to talk about today is probably the most important and the most overlooked aspect of long-term success.
Here’s an interesting fact: 45% of businesses fail in their first 5 years of operation. And only 25% of businesses make it to 15 years or more.
So the question is: What’s the difference between those who last and those who don’t Is it the government? Is it the economy? Or does it also have to do with the way those businesses are being managed?
The business world is changing every single day. Sometimes this change is big, sometimes it’s small, but just as we grow and evolve, so does the market and the economy.
This means that if you’re an entrepreneur, you have to constantly re-adapt yourself so you don’t get left behind.
To do this, it not only takes the willingness to change, but it also takes stamina and energy, especially in the first years of being in business.
The ability to be able to tolerate pain for long periods of time is fundamental, and that’s where the marketplace separates the boys from the men.
But how do you do that? How can you still be energetic and full of life, even when things are not going your way?
First of all, you need to stay healthy, both mentally and physically. Include a 30-minute workout in your daily routine, and never spend too much time at your desk without moving around.
Take breaks every now and then, and move. You can walk around, do some jumping jacks or some push-ups, it’s up to you. But you need to keep yourself active and ready for action.
Secondly, you need to eat healthy foods. The right meal can be the difference between a super productive day and a mediocre one, so you need to make sure you are eating right.
Also, you need a good sleeping routine: be disciplined, wake up at the same time every day, and maintain healthy habits.
In order to stay excited about your goal, keep it in mind, especially when going through tough times.
Create a very clear vision and use it every time you feel unmotivated. This is something that every successful person does, so definitely give it a try.
2. How to handle failure
As an entrepreneur, you can’t bypass failure. Trial and error is something that took many successful businesses from zero to millions.
Here’s how you can deal with disappointment and failure.
a. Understand what failure really is
Your company will go under due to minor or massive issues that will compromise your vision.
Let’s imagine this scenario. Your name is Bob, and you are currently into real estate, you are trying to find people willing to invest.
In order to close your first deals, you are doing door to door and cold calling. You are really struggling to close your first deal and everyone is rejecting you.
Now, a normal person would just stop there and make excuses, but high-performance people would not blame anyone other than themselves.
They would analyze objectively the situation to understand what went wrong every single time and act accordingly.
Failure is actually nothing more than a painful lesson, and that’s it. It’s not a monster you should escape from, it’s something that will teach you; what to do, and not do, next time you operate your business.
b. Focus on success
While failure is very important for you to learn, there are some times when you just need to focus on your success to avoid discouragement.
From now on, start taking notes of your success by analyzing what you did and why you succeeded.
So, next time you feel discouraged and unmotivated, think about all your previous and recent success and how you can repeat that.
3. Nothing will go the way you expect
Has this ever happened to you? You prepare yourself for something big and important, it’s an action plan on your next move.
It’s a strategy that will take you and your business to a whole new level, and you worked hard on it. But then, when it comes to implementing it, nothing goes according to plan.
It happens to all of us, and that’s how the business world is. It’s volatile, and very unpredictable.
To thrive, you need to constantly reinvent yourself. The ability to be open to change and uncomfortable situations is very important.
In order to make yourself even more ready to change and take important decisions quickly and with a sharp mind, you have to get comfortable being uncomfortable.
How you do that is by expanding your comfort zone. Everyone talks about this, but it seems like only some of us REALLY understand the power of this exercise.
If you try something new every day of your life, you’ll put yourself in a certain position where it is very hard to be caught completely off-guard, as you deal with new and unpredictable situations every single day.
So, now that you know how to overcome the most common barriers that every entrepreneur will face, let’s talk about the bright side of being your own boss and living life on your own terms.
These might be the reasons why you started or you are starting your journey.
So here are the reasons why you should start your own business.
Reason number 1: It’s extremely rewarding
When you work hard for something and after some time your work is rewarded with results, you get the best feeling in the world.
Imagine participating in an extremely long marathon. You are only halfway through and you are still in the back of the group.
If you want to win, you have to give it your all and overtake all the people in front of you.
In his situation, there are 2 types of people:
- Those that will say that it’s impossible and that it’s not worth the try.
- Those that will do it anyway, even when the odds are not in their favor.
Assuming you are the second type of person, imagine what it would feel like to actually overtake everyone and win the race in the last meters.
The glorious, satisfying, and rewarding feeling is exactly what you feel when you succeed in the business world. It’s actually so good that some claim to be “addicted” to success!
Reason number 2: Unlimited earning possibilities and lasting legacy
If you are in the right business, nothing can stop you from growing continuously. Actually, the only thing that might stop or slow you down is yourself.
If you are willing to do the work, you can expand yourself infinitely and change the world.
With entrepreneurship, you can become historically important, and leave a lasting legacy for generations to come.
Reason number 3: Location independence
This obviously depends on where you are with your business.
If you are still in the survival phase, this will probably not apply to you, but as soon as you are big enough, you can work from anywhere in the world, and still get important stuff done remotely.
You see a lot of ads of entrepreneurs working from different locations every week, and that’s possible.
If your business can support that kind of lifestyle, it’s probably one of the most satisfying aspects of being your own boss: you depend on no one and nothing.
Reason number 4: Time flexibility
Your work should fit into yourself, not the other way around it. Time is the most valuable thing that we have. All the minutes you spent watching this video are gone forever.
Time is not replaceable so if you don’t want to waste your life doing things that don’t matter to you, you have to take control.
When you are building a business, you should structure it to be compatible with you and your lifestyle.
Do you like working for 2 hours every day and still make a lot of money? That’s doable.
Do you like taking 3 days off every single week? That’s easy and doable.
The point is that entrepreneurs have choices when they make it, they can really change their lives and the life of others.
So, what do you think?
Is the bright side of entrepreneurship bright enough to outshine the dark one?
Are you going to start your own business or have you already started one?
Comment your thoughts below and share with us your experience and the best advice on how to overcome difficulties that come with being your own boss.
Please remember that the first step to outstanding success is changing your mind and attitude.
On our site, we have a lot of content that will help you even if you’re not an entrepreneur.
So follow now, you don’t miss out on any of our post. Always keep this in mind. Your Mindset is the foundation of all success!
Thank you for reading! And I will see you in the next one.