You can be on Entrepreneur’s cover!

11 Truths About Being an Entrepreneur Starting and building your own business is not easy. Nothing worth the effort ever is.

By Stephen Key

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock.com

I read a column in the Huffington Post recently that inspired me to tell it like it is. The column broke down some of the myths that continue to be perpetuated about entrepreneurship, like how to "get rich quick." I know I'm just one more voice adding to the fray, but I felt compelled to share.

I've been an entrepreneur for more than 30 years now. I wouldn't have it any other way. This is what I know.

1. Success can be defined in many different ways.

Don't make the mistake of focusing exclusively on how much money you make. I think money allows us to do things -- nothing more, nothing less. You can use money to help others. It gives us the opportunity to be generous and to do the right thing.

Related: Are You an Entrepreneur? 4 Questions Will Help You Find Out.

2. Becoming successful will take longer than you think it should.

And I mean much longer. There's no way of quickly becoming successful. Don't trust anyone who says otherwise. Those who advertise how rapid their success has been are conveniently leaving out the years they spent hustling prior. Are you in this for the long haul? If not, you might as well get out now. This profession takes dedication.

I recently had the pleasure of listening to Bob Parsons, founder of GoDaddy, give a speech about his career as an entrepreneur. The advice he stressed above all else was, "Hang in there." His point was that you have to stick with something long enough to catch a few lucky breaks and eventually become successful.

3. There's more than one way to achieve success.

So learn as much as you can from others, especially those who are living the kind of life you want. Ask questions, the simple ones too. Draw your own conclusions from what you learn. When you create your own road map, be willing to change it. Flexibility will serve you well. Entrepreneurs are always in motion! We're dynamic creatures. Evolve or die.

4. You must be willing to make sacrifices.

Time is one of them. It just is. So make sure you enjoy what you do. Don't let your dedication destroy other parts of your life.

5. Treat everyone with respect.

We're all interconnected. Industries are smaller than they seem. You're going to meet the same people climbing up the ladder when you're on your way down.

6. If someone treats you poorly from the beginning, don't expect your relationship to improve.

Unfortunately, in my experience, it doesn't.

Related: 4 Practices to Triumph Any Trial

7. Try to be patient.

Lousy situations result when you rush. I think time is one of our greatest assets. If you give yourself enough time to think something through, you'll discover more possibilities.

8. Don't try to change difficult people.

Focus instead on changing the way you deal with them. That's the only thing under your control.

9. Have a positive attitude.

People want to work with people they like. The only way you'll be able to move mountains is if you believe you can.

10. Tell the truth, even when it's painful.

People might not like what you have to say, but getting real is what builds long-term relationships.

11. Admit when you're wrong and move on.

When people fail to take accountability for their actions, resentment festers.

If I've learned anything, it's that life is too short not to enjoy yourself. Become an entrepreneur! Aim high! But more than that, focus on creating a business that has a great culture, does right by its employees and that people actually want to work for. That's the best feeling in the world as far as I'm concerned.

If something sounds too good to be true, it probably is.

Related: What Do Sara Blakely and Kevin Plank Have in Common?

Stephen Key

Co-Founder of inventRight; Author of One Simple Idea Series

Stephen Key is an inventor, IP strategist, author, speaker and co-founder of inventRight, LLC, a Glenbrook, Nevada-based company that helps inventors design, patent and license their ideas for new products.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Grab Microsoft Project Professional 2021 for $20 During This Flash Sale

This small investment is well worth the time it will save your team in organizing and monitoring project work.

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Data & Recovery

This File Backup Tool Subscription Is $25 for Life for One Week Only

AOEMI Backupper Professional is designed to protect, store, and transfer user's files for them.

Business News

Microsoft's New AI Can Make Photographs Sing and Talk — and It Already Has the Mona Lisa Lip-Syncing

The VASA-1 AI model was not trained on the Mona Lisa but could animate it anyway.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.