Things to Consider Before Starting a Business + Podcast Episode #2

Things to Consider Before Starting a Business

“Starting a business is the shortcut to success.” Nope.

So you think you want to become an entrepreneur huh?  You think you want the private jets and Rolls Royce limos?  News flash, everyone does, but the real question is: do you have what it takes to get there?  Before you start your journey, there are a couple thing you should consider before starting a business.

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Preface:

I don’t want anyone to think that they can’t be a successful entrepreneur.  Just about anyone has what it takes to start a business.  The point I’m trying to convey is that it may not be worth it for you to start a business if you can’t accept a couple very simple facts about being an entrepreneur.

I LOVE My Job

Before we get into the meat and potatoes, I want to say that I do love my job.  Regardless of how difficult it may be some days, I still enjoy what I do.  I get to meet new, successful, energetic people on a daily basis.  I get to travel to places I’ve never been to.  I enjoy the luxury of a new challenge every single day, instead of repeating the same task.  Being an entrepreneur is AWESOME, but the lifestyle isn’t for everyone.

Be Prepared to work your ASS off…

Gary Vaynerchuk is famous for drilling the value of hard work into his followers’ heads.  I couldn’t agree with Gary more.  Before you start a business, you need to understand that you will work 60+ hour weeks for the foreseeable future.  Well, at least if you want to be successful.

The problem/upside of being a founder is you are responsible for all operations of your fledgling company.  Answering emails, taking phone calls, interfacing with clients, marketing your company, all of it.  YOU are the only one that can accomplish these tasks and it’s all up to you to carry the burden.

That means there are days you will spend 12+ hours doing menial tasks that need to get done in order to keep your business running.  You will miss social events with your family and friends.  You may have to give up some of your fondest hobbies and actives.  Even while you’re relaxing you’ll be answering emails on your phone, creating/posting content, and messaging clients via social media.  The world of business doesn’t sleep, and you might not sleep either.

If you aren’t prepared to work above and beyond what a normal 9-5 employee does, then you shouldn’t consider starting a business.  It’s as simple as that.

Starting a Business

Ya gotta risk it to make a biscuit!

Here’s the deal.  Starting a business from scratch is risky as all get out, but for more reasons than you might think.  One deal, one purchase, or one mistake could flip your business from being in the black to being in the red.

What you may not think about is the time and money that you could waste if you start your business.  Instead of starting a business you could get a degree from a university, go to a trade school, join the military, or go straight into the workforce.  All of these options guarantee an income and are fairly safe ways to take your life.

Consider how much you’re willing to risk before you move forward.  If you’re not willing to take risks or you’re easily stressed out by high risk situations, being an entrepreneur is probably not your ideal career choice.  But, remember that the higher the risk, the higher the reward could be.

Stress is a part of an entrepreneur’s life

I mentioned it above, but handling stress is a large part of being an entrepreneur.  When things are going poorly (and at some points they will) you will feel like the whole world is on your shoulders crushing you.

Failure is one of the hardest things to deal with as a human, and being an entrepreneur is wrought with failures.  Failing time after time will eat away at your psyche and if you can’t keep your mental state in check, you will break down.  Remember, the combination of long hours and the inherent risk of business can result in a pressure cooker.

I can’t stress (pun not intended) this enough, if you are not capable of keeping yourself in check, or you have high anxiety, starting a business is probably not the best idea.

Pursue your business… at your own risk

This post turned out more negative than I’d like, but I want to close by repeating that most people have what it takes to start a business.  My goal is to warn those would-be entrepreneurs out there that it isn’t as easy as it looks, and your life WILL change when you start a business.

If you are: willing to work your ass off, able to take big risks, and good under pressure you are more than capable of taking a shot at being an entrepreneur.  If you’re not, maybe you’ll develop those skills while you’re building your business OR you could wait until you’re in a better situation to increase your chances of success.  Best of luck to you either way!

If you enjoyed this post, check out my previous one!  It contains my first podcast and a list of my goals as an entrepreneur.  If you want to follow my journey, please follow CollegeInvestr on FacebookTwitter, and Instagram or subscribe to our email list!

Best wishes,

David Coleman                                                                                                                                                         CollegeInvestr Founder

CollegeInvestr

About David Coleman 17 Articles
David is the founder of CollegeInvestr.com. His goal is to bring personal finance education to the millennial population. His passion for financial literacy, coupled with a background in investing and tax, gives him a unique insight into the world of millennial finance. He wants to help young adults pay off student loan debt and increase wealth without giving up their lifestyles.

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