Many Tough Truths About Being An Entrepreneur

December 19, 2009

Taking the plunge and becoming an entrepreneur is akin to making a giant leap into the abyss. It doesn’t seem to matter if you are the most organized person out there, have a degree in logistics and are perfectly well aware of what you want to achieve. You want to know how to make God laugh? All you need to do is say that you have “a plan,” which converts to your quest to be an entrepreneur! The unfortunate truth, as those who have been down the road before you will testify if you ask them seriously, is that you are in for some adventure. Just remember that there is no such thing as a final plan and you will have to keep amending it, even as you find some emotional and psychological strength and have to put up with developing a business during all your waking hours.

You will need to put a lot of thought into any idea that you have, before you start a business. If you think that you can just expand your hobby and make some money from it, without really thinking if you are creating a solution to a real problem, you might be in trouble. Your business must be able to solve a real problem, have a well-thought-out and different approach, or you’re likely to be crushed by the competition. What is your unique selling proposition?

Aim to always give more than you get back when you start off, as part of your creative interpretation of your business environment. Social proof dictates that people will only want to do business with an organization that they really understand and trust. Understand that customers should be treated like the gold that they are when they finally come along and you should solicit feedback as often as possible. Always over deliver when it comes to giving value.

When you start out you are going to have to take on every conceivable role within your business, unless you have a considerable amount of money to back you up. Outsourcing will only be a dreamland, and you will find that your time is really stretched thinly. There are certainly not enough hours in an entrepreneur’s day, so be prepared to work at a minimum 60 hours a week. Don’t be surprised if your business demands your attention seven days a week. Due to time constraints, you will soon find that each hour is worth more than money and you have to be careful that you do not spend too much time on operational issues, while devoting too little to onward development.

So long as you have come up with a realistic business model, stay on course and you will be able to document the allocated time, the return that you are currently getting and a common-sense projection for the future. Always be very honest and realistic, however and understand that you need to allocate a certain amount of time every week to annoying issues that will eat into your productivity.

Anchor yourself well and remember that there are always ups and downs in the business. You know what they say – if it were easy, everyone would be doing it!

Adam Toren, Co-Founder of Young Entrepreneur, specializes in maximizing the profitability of failing businesses with his own unique ‘bottom line’ method. Adam, along with his brother, have established, bought and then sold on an assortment of companies in recent years. At present, they own and operate a very successful publishing company and variety of online businesses.

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Posted by Guest Post | Filed Under **Business**, **Internet**, **Marketing**, **eBusiness**