We’ve all seen it before with our very own eyes; family, friends, and acquaintances opening their businesses and running it successfully. To an outsider, it all seems like easy work.
You have probably had people tell you ‘Si you open your own biashara.’ This is often said to fresh graduates seeking jobs and people in between jobs.
Contrary to popular belief, starting and running an enterprise is hard, messy and nothing close to what you believe is ‘simplicity’. Telling people that you run a business is a huge flex.
However, it’s not a ticket to instant luxury and endless vacation days. Facts and history can back this up.
In this post, we shall talk about some of the harsh realities business entrepreneurs are faced with when they get their feet to test the waters. This post is intended to make you aware of the realities rather than discourage you.
1. Success does not happen overnight
You’ve heard the endless rags-to-riches tales people have had in Kenya. Perhaps you start creating a fantasy that you may just be the next character in line.
Truth be told, the majority of startups you hear struggle and stumble on several occasions before becoming the giants you read on blogs or see on TV. There are often years of unseen tearful and sweaty hours poured to curate the best-fitting business model.
This is made possible by the entrepreneur’s strong vision and relentless determination to achieve it. True success is achieved by grit and persistence.
Rather than banking on immediate success, I would suggest that you hold your horses, and gear up for a marathon and not a sprint. It will be a bumpy ride, and you will need to get your mindset right to even see the finish line.
2. Struggles to maintain a work-life balance
Forget about the rich business owners you see touring the world in yachts and planes, sleeping in 5-star hotels and being chauffeured inside expensive rides. Being your own boss does not guarantee this lifestyle.
In the early stages of starting a business, it can consume every waking hour. Forget your 9-5 job; it becomes a 24/7 concern.
If you’re truly passionate about the business, you will find that your weekends, evenings and sometimes holidays will be spent troubleshooting, strategizing and improving your business.
Simply put, there is little to no room for sleep. This does not necessarily mean that you will face burnout. But be prepared for an imbalance in your life.
While the goal is to strike a matching work-life balance, strive to create boundaries and schedule breaks even when it feels utterly impossible to do so.
Do not neglect self-care in pursuit of success thinking that you will sleep when you’re rich or take a break once things settle down. The reality is that they’ll keep on coming.
3. No comfort in business
As you leave a job to kickstart your entrepreneurial journey, naturally you will be brimming with enthusiasm and conviction about your idea.
Hate to break it to you but, leaving a 9-5 to set up your own shop is akin to literally stepping out of your comfort zone. You will now need to master your business niche and pitch it to investors or customers with confidence.
There will always be new hurdles along the way, but what matters is whether you have the skills or resolve to guide the ship to calmer waters. Be it crisis management, negotiation, networking excetra, you need to master your emotions, fears and ego.
Not everyone will understand or share your vision. Some naysayers will even hold you back from pursuing your dream.
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In business, it’s very important to tell the difference between constructive criticism and absolute negativity. Your dream will be tested severally and if your ego can’t handle it, the ship will sink.
In such critical times, remember why you started in the first place and stay true to the course. Remain adaptable and open to growth by leaning on mentors and supportive communities.
4. Money Management Skills
This is non-negotiable when starting a business. When money approaches you, there is a certain buzz that it comes with, more like it’s calling you to spend it all.
For startups and retail businesses, entrepreneurs need to find effective measures to manage finances. Despite it being very tempting to venture into other ‘fun’ aspects of your business, learning financial management is paramount.
It does not matter if you hire the best accountants and inventory managers, you must oversee your business’s financial health.
5. Failure is inevitable
As an entrepreneur, your passion to achieve set targets might spark a big flame. But what if this dream crashes and burns to the ground?
The market doesn’t care how passionate you are despite it being a powerful motivator. Business is not a money printing scheme. If it was everyone would be printing millions.
We’re all familiar with the ubiquitous mantra “Do what you love and money will follow you.” In business, failure is not an exception, it’s part of the process. Most entrepreneurs have a graveyard of mistakes while starting out.
What really matters is embracing these failures as they serve as the best teachers. Accepting failure is not being mediocre, it is about evaluating each setback as a lesson in disguise.
The real test for an entrepreneur is not avoiding failure, but the ability to bounce back and charge forward with new insights. Constantly turn your neck to evaluate the market, listen to feedback and be willing to pivot where necessary.