Being an entrepreneur is tough. Running a startup is unforgiving, and you will experience a tremendous amount of uncertainty. That is why it is critical to understand as much as possible about entrepreneurship before you even think about creating your own small business. Here are 7 things you should know before committing to the path:
1. Co-Founders Can Work Wonders
Before you create a company, think about how you feel about having a co-founder. No matter how skilled you are, there is likely some part of your skill set that is lacking, for one reason or another. Co-founders can ensure that the deficiency is handled from the very start, and as an added bonus, give you company on what is traditionally a lonely journey.
2. You Will Need to Leave Your Comfort Zone
Running a startup is inherently uncomfortable. So much of being an entrepreneur requires educated guesswork, even if you do all the legwork and research you can. Even when you do succeed, you cannot sit on your achievements. You need to keep pushing and taking risks. Before you even consider becoming an entrepreneur, you need to have an idea of your self-awareness and honestly determine whether or not you can handle doing that.
3. Social Media is Unavoidable
Understandably, many people have chosen to leave social media. Being on social media can be detrimental to a person's mental and emotional well-being, especially if they spend a lot of time on it. Unfortunately, as an entrepreneur, you will need to venture deep into those waters. You need the visibility social media platforms offer if you want your startup to stand out from other competitors. If you cannot handle that kind of exposure, you need to make sure to hire someone who can.
4. Funding Should Not Be Rushed
If there is anything emblematic of the entrepreneurial journey, it is the idea of limited resources, especially capital. That has convinced many would-be startup owners to rush into rounds of investors. Naturally, that rush often resulted in investors who were a poor fit for the company, or loans with unfavorable rates. Capital is important, and fundraising is important, but do not rush the process. Be mindful of the deals you take, and remember that investors own a part of your company and thus have a say in how it is run, which can drastically affect your passion and satisfaction.
5. You Need the Right People Around You
Entrepreneurship is a unique beast. There are few career paths, if any, that are quite like it - more importantly, running a successful startup is not something you can do alone. You will need a solid team helping you to succeed. You do not want just anyone in your company. The best team is one composed of individuals with high potential and resilience. If your team is limited in one way or another, it will not matter how great your products or services are. The company will falter, and it will fail.
6. Consider Being Mentored
No matter how much you research or study, there are just some aspects of entrepreneurship that can only be learned through experience. Since you likely lack a time machine, it is instead best to get the next best thing - a mentor. A mentor can guide you