8 Surprising Things CompetitiveAdvantage Being an Entrepreneur that Nobody Talks CompetitiveAdvantage

Are you dreaming of becoming your own boss? Going into business for yourself is something lots of people consider. And it’s not hard to see why...

Leaving your job and starting a business is an exciting prospect with lots of benefits. It’s a chance to build more wealth, have more freedom, and get personal and professional fulfillment.

It sounds like a dream come true. But, often, the reality is vastly different. In fact, <a target="_blank"href="https://www.smallbizgenius.net/by-the-numbers/entrepreneur-statistics/#gref"> 22.5% of small businesses fail in the first year. Starting a business isn’t always what you would imagine. Here are 8 things about becoming a successful entrepreneur that nobody talks about.

1. It takes years of hard work

One of the leading motivators in starting a business is that people believe it will give them more free time. Although entrepreneurship does give greater freedom by having no one to answer to, the truth is, most business owners work longer hours than the average employee.

Research shows that the average entrepreneur works 50.5 hours a week, and it can be even more, especially in the first few years. This is something to consider before considering launching a new business.

2. Consistency is key

Running a business means working consistently over long periods of time, and it often takes time to start seeing results. Although it’s rewarding in the long-term, it can be easy to lose motivation as it usually takes longer to start making money than most people expect.

3. It can be isolating

Working along can be exciting. But it can also be lonely - and stressful! When you work for a business, you have to consider others in decisions. However, this also means you spend more time interacting and collaborating with others.

Being an employee means you have a network of colleagues available to give feedback, help and support. It also gives you a chance to connect with others on a personal level, which you often don’t get when working for yourself.

4. It’s important to develop leadership skills

Most business owners need to hire employees or contractors and delegate work. Even if you only have a small team to begin with, you still need good people skills to manage others.

Remember, as the business owner, you are ultimately responsible for everything. You need to manage workloads effectively, and this requires strong leadership.

5. You will miss having steady income

When you first start a business, profits are often low. Statistics show the average business doesn’t make a profit until the third year . And this is something you need to prepare for.

Plus, even if your business is established, a lot of your profit will be reinvested and you always have to pay costs, like employees and other business costs, first. Although the financial rewards can be worth it in the long-term, you need to be prepared for irregular income to begin with.

6. You can’t do everything yourself

Lots of entrepreneurs want to do everything themselves to save money. But, some tasks will need to be outsourced, especially if they are complicated, time-consuming, or require specialist skills or qualifications.

However, there are still lots of tasks you can do yourself. For example, if you’re a good writer, you can write your own web content. Or, you can create your own design work using tools like Canva , or make your own logos using software like logo creator.

7. Networking is important

Having a strong network is key to business success. It can help you build your profile, get new contacts, and it can open the door to new opportunities.

Also, it can help to find business mentors. Getting help and advice from experts in your industry can help you scale your business and solve difficult problems.

8. You will grow to be an expert

This is the most rewarding part of starting a business. After the initial struggles and self-doubt, you will become expert in all parts of running your business. The process is hard, but you gain so much knowledge along the way, and this makes it worthwhile!

If you think you have what it takes, it’s an incredible journey to embark on - and it can be well worth the risks and challenges you face!

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