Running your own business may seem like an exciting adventure, but it could also be the answer to realising your dreams of becoming a successful, wealthy businesswoman – it’s not always as easy as some entrepreneurs make it seem!
According to the 2016/17 Global Entrepreneurship Monitor report, SMEs in South Africa account for approximately 36% of South Africa’s gross domestic product and the National Development Plan cites that SMEs are expected to provide a staggering 90% of new jobs by 2030. Making well thought-out decisions are important for your future and Lester Philander, an award-winning entrepreneur, radio host, author and motivational speaker, shares a few considerations if you’re thinking of becoming an entrepreneur:
- It’s tougher than you might think!
The biggest misconception about entrepreneurship is that it’s a quick-fix solution to financial struggles. If you’re starting on the back foot with debt to your name or little to no cash in the bank, the cost of starting a business will more than likely take you into deeper financial strain. Ensure your personal finances are tied up and well managed, and that you have a business plan that’s been looked at by an expert, business advisor or even someone close to you.
1.You probably won’t be profitable for the first few years
Owning a business isn’t easier than working a regular job. For one thing, there’s no guarantee that you’ll be taking home much of a salary at the end of every month, especially in the beginning. In fact, many entrepreneurs dip into their personal savings to make ends meet at first.
2. Work = life
Entrepreneurs cannot take for granted the amount of free time they will or won’t have. Striking a work-life balance is difficult in the beginning, especially when the success of the business and its employees is your responsibility. However, implementing automated systems and hiring dedicated staff to take care of some business elements can give an entrepreneur the opportunity to strike a balance and dedicate more time to loved ones and hobbies.
3. There will be days when you want to quit
Over and above the usual hardships start-up businesses face, you need to also consider the tough economy. Many entrepreneurs reach a point where calling it quits seems like the only option. Taking the risks and making mistakes becomes the gateway to building your entrepreneurial style and developing character.
4. But entrepreneurship isn’t all doom and gloom
Being an entrepreneur takes immense mental, emotional and spiritual strength, especially in the starting phase. Not everyone feels as if they have the strength to persevere, but this doesn’t mean they can’t attain their full potential with the right training, mentorship and tolerance level. It’s tough out there, which is why it’s so important to make sure you’re passionate about what you’re doing – and that you’re doing it for the right reasons.
Source: Lester Philander. Image: Pixabay