Here's What Being an Entrepreneur Is Really Like — From Someone Who Did It Starting your own business isn't easy, but it's worth it. It's a rollercoaster of rewards, challenges and invaluable learning.
By Tonia Ryan Edited by Kara McIntyre
Key Takeaways
- Starting a business means wearing many hats and steady growth.
- Time management and networking are essential, while passion and a strong sense of purpose propel you past rejection and failure.
- Financial savvy and continuous learning are fundamental for long-term success, and while it's tough, entrepreneurship offers unparalleled satisfaction.
Opinions expressed by Entrepreneur contributors are their own.
Becoming an entrepreneur is one of the most exciting decisions you can make. But is it hard? Well, yes. It's not a stroll in the park, but it's also not impossible and can be incredibly amazing. Starting your own business is rewarding, challenging and everything in between. Here's the honest scoop on what it's like, from someone who's been there over and over again.
1. You'll wear many hats
When you're just starting out and unless you have a huge budget, you are the CEO, the marketing team, the accountant and the janitor. Balancing all these responsibilities can be overwhelming, but it's also an incredible opportunity to learn. It forces you out of your comfort zone and gives you the chance to truly understand the inner workings of a business. Look at it as an accelerated MBA, except the stakes are higher (and there's no graduation ceremony).
2. Time management will be your new best friend
When you're working for yourself, the lines between work and personal life blur, big time. Suddenly, you're answering emails at 10 PM and brainstorming ideas while cooking dinner. The key is to prioritize and set boundaries. Learn to schedule your day like your life depends on it. Trust me, a little structure goes a long way in keeping the chaos manageable. I finally have learned how to manage my time, especially if you have multiple businesses. This is crucial to become successful.
3. You'll face rejection
Here's the thing about entrepreneurship — not everyone is going to believe in your vision. Investors may say no. Customers might not immediately flock to your product. This stings, but it's also a chance to develop some thick skin. Each no you hear is one step closer to a yes. Use rejection as fuel to refine your offering and improve your pitch.
4. Your passion will be tested
Loving what you do is important, but passion is not the whole story. There will be moments when the going gets tough and motivation wanes. What keeps most entrepreneurs moving is their why — the deeper reason they started their business. Stay connected to that purpose, and you'll push through even the toughest days.
5. You'll have to network (a lot)
Networking is crucial to success in any industry, but it's especially important for entrepreneurs. Knowing the right people can open doors and provide valuable insights and advice. Attend networking events, join online communities and don't be afraid to reach out to successful business owners for mentorship. Building a strong network can make all the difference in your entrepreneurial journey.
6. Failure is part of the process
As an entrepreneur, you will inevitably experience failure. But here's the thing — it's not the end of the world. In fact, it's often just a stepping stone on the path to success. Embrace failure as an opportunity to learn.
7. Money management is crucial
Starting a business often means living on a tight budget. Maybe you'll have to skip some dinners out or hold off on that big vacation — and that's fine. Being mindful of where every dollar goes is essential, especially in the early stages. If you can master your finances now, you're setting the stage for long-term success.
8. Success doesn't happen overnight
Don't believe the hype of overnight success. Those stories usually leave out years of hard work, failures and pivots. Building a business is a marathon, not a sprint. Celebrate the small wins along the way, because they're what keep you going. Each step forward is progress, even if it's not as glamorous as viral internet fame.
9. It's the hardest job you'll ever love
Here's the truth. Starting your own business is hard. It's exhausting. Sometimes, it's lonely. But it's also thrilling. Few things compare to the sense of accomplishment you feel when you see your idea come to life and know you're building something that's entirely your own. The hard work and sacrifices will be worth it when you're doing what you love every day. So keep pushing, stay focused and never lose sight of why you started this journey in the first place. Your passion will see you through the toughest of times and lead you to success. Let rejection only fuel your determination to refine your offering and improve your pitch. The road to success is not easy, but it's worth it in the end.
10. You must keep learning and evolving to succeed
Finally, remember that starting a business is an ongoing process. You'll never stop learning and growing as an entrepreneur. Stay open to new ideas and opportunities, continuously seek out knowledge and resources to improve your skills, and be willing to adapt and evolve with the ever-changing market and industry. Embracing growth and constantly striving for improvement will help you stay ahead of the game and ensure long-term success for your business.
Related: 10 Ways Continuous Learning Can Take You From a Good Leader to a Great One
Final thoughts
I have even thought about giving up at times, but I somehow still keep going, and I am so happy that I've stuck with it. If you're up for the challenge, becoming an entrepreneur can be the most rewarding thing you'll ever do. It's not always easy, but the sense of accomplishment, independence and possibility makes it worthwhile. Are you ready to take the leap? Because, trust me, there's nothing quite like it.
