5 Hard Truths You Have to Face When Starting a Business
There are finite truths that come with being an entrepreneur. These are 5 that every entrepreneur is bound to realize when they start a business.
PHOTO CREDIT: Getty Images
Entrepreneurs, not ones for the following the status quo, want to have control over their futures; creating, shaping and delivering products on their terms. They're equal parts dreamer and pragmatist, balancing their long term vision with day-to-day operations.
Each person's entrepreneurial journey is both inherently unique and inherently similar to others. You as one will have to deal with questions around personal development, becoming a better leader and building your business. As you encounter other entrepreneurs and business leaders you'll realize you share experiences. Below you'll see five realizations that happen to all business owners at some point.
1. You can't do it alone
You can do everything but you can't do everything well. Letting go of control of certain aspects of your business is pivotal to your business growth. Whether it's by way of cofounders, employees or contractors, eventually you will need some help. It's hard to let go, but as you grow things like an accountant, basic legal advice and administrative help will free up your schedule to work on what you're best at.
2. The buck stops with you
You are accountable for everything in your business. Blaming employees, market conditions or clients won't help you overcome any adversity in your business. This is a lesson leaders need to learn quickly. Inc. contributor, Gary Vaynerchuk, has touched on this at length pointing out that founders need to take complete responsibility for everything in their business.
3. You never get too high and never get too low
Entrepreneurship can be an emotional rollercoaster if you let it be. You will undoubtedly have major wins and major setbacks along the way--this I can guarantee. The key is remaining calm and even keel as you ride the waves between wins and losses.
4.Cashflow is king
You have to have a handle on your cashflow. Cash is the lifeblood of your business, and ensuring you have a steady flow in the business' bank account is your highest priority. As an entrepreneur, you need to know your numbers in and out. What does it cost to acquire a customer? What does it cost you per hour to run your business at the current rate?
5.The lights will never be all green
Entrepreneurs realize at an early stage that the lights will never all be green on anything. There will be obstacles and reasons not to do something with every endeavor. You know there is no red carpet rolled out for you to succeed, you'll have to embrace uncertainty and make calculated risk your friend.