Market capitalization tells how much an organization or company is worth or the total market value of all the outstanding shares of a company, Being your own boss, CEO (whatever title you prefer to be addressed with), And investing in your own enterprise is exhilarating and motivating, But as you start on your business and begin advancing on this journey, Then, the DARKSIDE or hidden realities about being your own boss comes fully into the light for you.
These realities can't be explained, they can only be experienced as you go along doing all you can to build and make your business become successful.
Entrepreneurship comes with obstacles, difficulties and critical challenges that must be faced, And it's the decisions you make and how you manage the situations in this periods that determines if you'll achieve success or not.
From my experience, I'll describe the dark-side of becoming an entrepreneur basically as the, psychological and emotional cost that one must pay to fulfill business dreams.
Here are some realities Entrepreneurs deal with
No matter how confident and excited you are about your business or idea that you're about to start, It probably will not survive the first year, Especially if it's your first entrepreneurial experience, Then the odds are not in your favor.
Before you start on these journey, You should understand that failing sometimes is normal and ok, but it's much more necessary to be confident and still be able to work through the failing, Learning from the experiences and avoiding repeating the same mistakes next time should always be the goal.
Lots of situations will interfere with your plans and visions, But you have to keep moving regardless.
The money in business and enterprise always fascinates people working a 9-5 job, They do not realize that business owners at almost every level face lots of money problems too.
Raising capital for your business can be very tough, You may spend few years trying to set things up, Like, office infrastructures, Getting qualified staffs, building apps and so on. You may end up spending more than you generate in revenue, You may not get a paycheck for several months, cause you have to re-invest back into the business, pay bills....so on.
All you have at times like this will be your belief and hoping things become better in the future.
Another challenge to be accepted is working longer hours both day and night, no days off. Even in the weekends, no vacations( in the beginning at least) Because you'll have to be on your toes for the latest news, trends and updates in whatever industry or career you're in, Planning to be one step ahead of competition, Strategizing on how to market and satisfy clients, Manage your team, Financial stress, Adapting to new responsibilities, Dealing with unforeseen business issues and lots more.
Becoming your own boss is not just about having your own business, The question is can you keep the business running most especially at the beginning when it seems like everything is working towards killing your company. You'll have to sacrifice family time and fun to get ahead.
Being the major decision maker for your organization, means you're responsible for making and accepting the consequences of whatever major decision you will be making, Some decisions will haunt you for the rest of your life, There will be what ifs and had I known better, I would've haves !!
Decisions like hiring and firing people, Partnerships, Mergers, parting ways with partners, Changing company direction can have a huge impact on your companies vision, But decisions must be made, Most especially the tough decisions at some point in time.
You should know that, No matter how carefully you plan, And the steps you take for your business to go in the right direction, Unpredictable issues and situations beyond your control sometimes can happen. without any notice or preparedness on your own part.
A real business will not be built in a couple of months, It takes years and requires work, effort and perseverance to establish a business that will last. Adequate management will be needed for the business to grow and reach a certain level where it can run on autopilot, but the work must be done.
It's essential to maintain an attitude focused on working smart even when the profits are not coming in at first, Promoting your business, Doing your research and generating ideas are things that can't be ignored.
We live in a changing society, As the CEO of your company it's in your best interest to adapt your company to new realities. your business can't be rigid, Always be Innovating.