The unpleasant truth about what it's like to be an entrepreneur

Many people dream of quitting a boring job from 8 to 17 and becoming an entrepreneur. Who is not attracted by the idea of starting their own business and being their own boss? But entrepreneurship has pitfalls that we usually don't think about. Larry Kim, a well-known entrepreneur, shared his experience in this difficult business. Lifehacker publishes a translation of his article.

You won't be the second Steve Jobs if you drop out

Many people mistakenly think that only the shackles of higher education prevent them from creating the next successful corporation like Apple. But you don't become a millionaire by dropping out of school - ask any McDonald’s employee (not that McDonald’s is shameful).

Neither Steve Jobs nor Bill Gates dropped out of university to sit back and play computer games. Jobs continued to lecture for over a year after officially leaving university (he was later one of the sources of inspiration for the calligraphy class), and Gates was planning the future of his company long before leaving Harvard.

Such people are a rare exception. Chances are, your entrepreneurial experience will be much more successful if you complete your training first.

And while we are talking about studying: Einstein did not fail the math exam at all, he was a brilliant student and mastered mathematical analysis at the age of 15. He also married his cousin and has never (ever) worn socks in his life, so maybe it's time to stop seeing him as a role model in everything.

You have to be super motivated

Just to say that you have to be independent is to say nothing. You will have to solve all the problems yourself, do marketing and public relations, coordinate finances and communicate with clients. Yes, over time you may have your own team, but in the beginning you have to do everything alone. And this, as you can easily imagine, actually means that you will be in a state of constant stress.

Of course, if you are truly motivated, this experience will benefit you a lot.

You won't get rich right away

When your business starts to grow and generate income, that's great. But this is precisely where the danger lies: the money you receive is tempting to spend in order to reward yourself for hard work (who does not want to feel like a superhero, driving around in a brand new Tesla). However, it is much wiser to invest all the income from the business in its further development, at least at the beginning, and not just treat your business like a piggy bank.

Procrastination is a death sentence for business

During school years, procrastination is just a bad habit. Yes, before the exam you will have to stay up all night and drink liters of coffee, but in general, nothing bad will happen.

When you start your own business, you have neither a teacher nor a boss behind you. You set your own opening hours and change your suit for pajamas. Your "office" wanders between the nearest coffee shop and your couch. All this is especially dangerous for people prone to procrastination. You will constantly have to force yourself to get back to work, no matter how much you want to watch another episode of "Game of Thrones".

It's not easy to create a dream team

Even when you are 100% confident in your idea, friends and colleagues may not share your enthusiasm. Don't be surprised if they refuse to join you on your journey to the magical land of startups.

We all need to pay bills and provide for our families, and few are willing to take the risk and go into entrepreneurship. To convince potential team members that your idea is at least somewhat reliable, you must show them real results, and for this you need to develop business skills and invest in your business.

Your pride can be seriously hurt

The harsh reality is that about 80% of all entrepreneurs burn out. At the same time, your failures become public, so get ready: the question "Well, how is your business?" all relatives, friends and acquaintances will ask you.

Accept the thought that you will fail. But instead of reveling in your grief, learn from your mistakes. You may need to try several times to find your lucky ticket.

Success has never been so pleasant

Yes, being an entrepreneur is not easy, but the return on it can be enormous. We often hear how nice it is to watch your business grow, but until you experience it yourself, you won't be able to fully imagine all the joy and pleasure of entrepreneurship.