The realities of being an entrepreneur

Being an entrepreneur can be very hard and very stressful but at the end of the day it can be a very rewarding experience.

I chose to highlight an article by J Baptiste that hits some of the realities we as entrepreneurs would face.

Your First Iteration of an Idea Will Be Wrong

The first iteration or implementation of your idea will often be wrong. That's not because you're not smart, not doing the right things, or some other reason to come down hard on yourself. As it turns out, this is actually a good sign. No idea survives its first interactions with its customers and requires you to synthesize feedback to adapt to the customer. You could be prideful, not listen to what your customers are telling you, and keep things the way they were. In the end, that just leaves you with no customers and a product you may not even use yourself. It's okay if things change up a bit when it comes to your idea and its implementation.

Your Friends And Family Won't Understand What You Do

"You're an entrepreneur, so that means you're un-employed?" or "Oh that's nice." are some of the many reactions you will get from close friends, family members, and others over the course of starting your company. Even if you achieve milestones that are worthy of praise (customers, fundraising, new traffic levels, press,etc.) and denote success in the entrepreneurial world, people still won't understand what you do. Unless you build one of the few consumer success stories that come around every few years, things probably won't change here. The b2b space is even more difficult to explain as most people aren't your customer, especially if it's a niche workflow. This is okay and sometimes even a relief to know there is more outside in the world than just techies and entrepreneurs. Just because they don't understand it, doesn't mean you're doing something wrong or unacceptable. I doubt Larry Ellison can have most of his family understand Oracle (that database company that stores information), but things turned out pretty well for him at the end of the day.

You Will Make Less Than Normal Wages For A While

If you got into entrepreneurship first and foremost for the money, then you are in the wrong business. Sure you may one day sell your company, but that day is probably far far away. Even then, there are usually earn out clauses, vesting still in tact, and a whole lot more. Even if you raise a good chunk of cash, your money is better spent on hiring the best talent than paying yourself a higher wage. There's nothing wrong wanting to make money, but in the beginning it's going to be rough. You will make less than most of your friends, especially the ones doing the "normal" paths of things like finance. It's a litmus test in its finest form though. If you truly love what you're doing, the capacity to have a large bank account takes a back burner to completing your mission. Sure you need some basic creature comforts, but luxury items almost seem silly as you will not have the time to truly enjoy them.

Everything Takes Twice As Long...If It Even Happens

Multiply everything by two, including the things inside of your control. When things take longer, you sometimes think that you're doing it wrong or no one really cares. In reality, everyone else has multiple deals and responsibilities on the table. By factoring this into the expectations of your startup, it makes a lot easier to prepare for launching products, closing deals, and more. Also, be persistent and get the other party what they need as soon as possible. On the flipside, most deals just never work out. It may be an acquisition all the way down to a simple business development deal. There are always many moving parts and excitement that can just fade. That's okay though. If you're building your company upon one deal or a silver bullet (more on that below), then you need to re-evaluate things. Don't be depressed when a deal falls through as that is just the nature of the beast.

Customers Will Frustrate You

Having customers is a great thing, but dealing with support is a whole other ball game. If you're in the consumer world, expect to deal with customers that don't notice the obvious even with your fancy pants UI/UX in place. You will also get an influx of feedback that is often contradictory. One customer wants it in red, another wants it in blue, and a third wants it combined to become purple. The key to dealing with customers is to respond to everyone, but have a strong rule of authority. If you succumb to customers frustrating you and do everything you say, you quickly end up in a far worse position.

You Can't Do It All Yourself

Some entrepreneurs have a superhero complex that they feel they can do everything themselves or with just one co-founder. They think that it's possible to scale the company with just two to three people. This just results in being overworked and unfocused. Know when to let go of your pride and bring in people that are often smarter than you are. By bringing in others to work with you, there's also an ability for each team member to be laser focused on what they're best at.

There Is No Such Thing As An Overnight Success

In some cases you may be able to find out that your idea just won't work or that you are one of the lucky few that get acquired early on. Other than that, be prepared to work on your startup for many many years. The press often makes it seem as if success happened overnight, but the entrepreneurs themselves spent a lot of time with the company over the course of many years. Startups aren't a 5k, but an all out iron man competition.

http://onstartups.com/tabid/3339/bid/17741/The-11-Harsh-Realities-Of-Being-An-Entrepreneur.aspx