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Entrepreneurship is often glamorized as an exciting and independent journey, where success is only a brilliant idea away. However, the reality is much more complex and demanding. many aspiring entrepreneurs start their journey without understanding the harsh truths that await them. These aren't the lessons you usually hear in business school, but they're essential for anyone looking to build a successful business.
Based on my experience, here are five things you should know before becoming an entrepreneur.
Related: 10 things I wish I knew before becoming an entrepreneur
1. There is no such thing as security
The road to entrepreneurship is full of unknowns. You cannot predict when the next challenge will arise or when you will need to adapt. This requires a mindset that embraces fear, INSECURITY and the unknown.
In my experience as a Navy SEAL, one of the main aspects of training was not knowing the schedule. For the first two years, we never knew when we would run 20 miles or march for 80. We never knew when we would sleep or be asked to perform a grueling task. We just knew we had to be ready. Entrepreneurship is much the same – you have to be prepared to face challenges without knowing when they will appear. This uncertainty is where creativity, resilience and ELIGIBILITY thrive, and that's what ultimately separates successful entrepreneurs from those who give up when the going gets tough.
2. There is no such thing as work-life balance
The idea of achieving a perfect balance between work and personal life is often unrealistic, especially in the early stages of building a business. If you are concerned about health care benefits, work-life balance or starting a family as a young entrepreneur, you may struggle to compete with those who don't have these concerns. Early entrepreneurship requires relentless dedication, long hours and the ability to sacrifice personal time.
Consider Elon Musk, who famously worked up to 100 hours a week during the early days of building Tesla and SpaceX. He made it clear that in order to succeed, he had to make sacrifices. This is a harsh reality that many are not prepared to face. If you want to be the best, you have to be willing to put in the effort, often at the expense of other aspects of your life.
3. Execution on ideas
Having a great idea is just the beginning; the ability to return it idea in action is what really matters. Many people dream of starting a business, but few put those dreams into an actionable plan. Successful entrepreneurs turn ideas into detailed execution strategies, set deadlines and track their performance.
Jeff Bezos, the founder of Amazon, often talks about the importance of action and execution. He states, “Ideas are easy. Execution is everything.” Amazon started as a simple idea, but was built through execution and constant iteration, not just dreaming. The key is to take that inner voice, those big ideas, and transform them into action plans with clear milestones. Without setting deadlines or performance indicatorseven the best ideas will remain just that – ideas.
Related: 5 truths about entrepreneurship You're better off knowing from the start
4. Resistance is non-negotiable
Entrepreneurship is a long game and often things don't go according to plan. You will face failures, setbacks and moments where quitting seems easier. Resilience, the ability to bounce back and move on, is essential.
Steve Jobs was famously fired from his company, Apple, in 1985. Instead of giving up, he continued to innovate, founding NeXT and Pixar and eventually returning to lead Apple to unprecedented success. His story is a testament to his endurance and strength persistence. If you are not willing to go through the tough times and survive the failures, entrepreneurship may not be the right path for you.
5. Understand the importance of networks and relationships
Building a business is not just about selling a product or service; it's also about building relationships. Networking it opens doors, provides resources and brings knowledge that can move a business forward. Relationships with mentors, colleagues and even competitors can play a crucial role in overcoming business challenges.
Mark Cuban, the billionaire entrepreneur, emphasizes the importance of networking. He often cites that many of his early business successes were a result of the relationships he had built over the years. Networking is not about a one-time meeting; it's about real creation, long term relationships. Building and maintaining a solid network will give you access to advice, opportunities and resources that you wouldn't find on your own.
Related: 8 things you need to know before starting a business
The entrepreneurial journey is not for the faint of heart. It is a challenging path filled with uncertainties, sacrifices and obstacles. However, with the right mindset, a focus on execution, consistency and a strong network, success is achievable. Embrace these lessons as you begin your studies entrepreneurial journeyrealizing that the road is as unpredictable as it is rewarding. Remember, it's not about knowing everything from the start, it's about being ready to adapt, learn and grow along the way.