From the outside, becoming an entrepreneur can seem so simple: Take a good idea, create a business around it and rake in profit. Reality isn’t as kind, however. Projects are constantly evolving, requiring regular hard work and deep thought to stay ahead, and not everything works out the way you might imagine. This means that anyone looking to become an entrepreneur needs to be well informed about what they’re getting into before jumping into an industry.
To that end, we asked 14 entrepreneurs from YEC to share the key considerations they believe people need to take into account before taking the plunge and becoming a business owner. Here’s what they said:
1. Uncertainty and Massive Risk
Most folks are aware of the risks of starting up their own business, especially with such a high percentage of businesses failing. Yet the concept of uncertainty is not discussed as often. As an entrepreneur, for the first 12 months (if you’re lucky), you may not know where or when your next paycheck is coming. It’s important to secure financial stability in some form.
2. Passion Over Currency
You’ve got to be really passionate on whatever industry or business you get into. Because if you’re not, you will end up quitting. Working to achieve certain amount of money is good and all, but your passion needs to outweigh it. Entrepreneurship is not for the weak minded. You will face adversities, struggle and failure. Now if you’re passionate and enjoy what you do, you will succeed eventually. – Fritz Colcol, ABN Circle
3. Who Are You?
An entrepreneur recently asked me, when should I take the plunge? My response: Well, who are you? Are you the boss? The leader? The don’t-take-no-for-an-answer, I’ll-do-whatever-it-takes, unequivocal dictator? If that feeling is in your blood, then go start a company now. If that idea doesn’t fire you up, you’ll always fight your play-it-safe identity. Which one resonates more with you?
4. Know What You Want
All entrepreneurs work extremely hard. My day starts at 4 a.m. because I don’t want to compromise and lose focus on my family and my health. After a full day of work, I still want to make time for the kids, read and put them to bed before getting back on emails. There are a lot of days when you question your choices so without a strong reason to do it, it is easy to give up!
– Amishi Takalkar, NAILBITER
You need to be willing to persist, even though it might take a long time before you start seeing a profit. Making a new business profitable takes time, money and lots of endurance.
6. Downside, Upside and Fixed Costs
Before taking the plunge, you will want to consider the downside of potentially not making money right away. The upside is easy to consider, as that is what’s speaking to you in the first place. You also want to weigh your fixed expenses and your obligations that will need to be met so you can calculate how much you need to generate to get by.
7. Your Parenting Skills
Becoming an entrepreneur is something like becoming a parent. When you create something that will require a lot of investment and you can’t quit on it even in bad times. If you want your business baby to grow up into a valuable, contributing member of society, then you’ll have to use all your resources to give it the best means to succeed. And of course, a good partner can make all the difference.
8. Tolerance for Failure and Change
Entrepreneurs often have to pivot or know when something isn’t working in order to make that change or give up on an idea. You need to consider if you have the ability to do that as well as handle the possibility for failure and keep going. It’s important to be resilient and not let barriers get to you. If you can learn from failure, then you have the fortitude to be an entrepreneur.
9. How Soon You Expect to Make Money
It’s important to have a clear business plan for yourself on the action steps that you need to take to start making money and grow your business. Create cash-flow projections, marketing plans and everything you would present to an investor. Many entrepreneurs think that if they don’t have investors, they don’t need a business plan. Don’t fall into this trap. You’re an investor too.
10. Setting Your Pride Aside
Don’t be swept away by the sexy titles like “Founder” or other titles that start with the letter “C.” Being an entrepreneur means being the janitor, the outside salesperson, the tax accountant, the roofer and (sometimes!) the exterminator. Your hands will get dirty and you will do unsexy work that’s far outside your comfort zone. Consider carefully if you’re up for the task.
11. How Much Time It Takes
It doesn’t matter what business you want to start, it’s going to take time. Probably a lot more time than your worst estimate. Getting clients doesn’t come easy even with a well-laid-out marketing plan (hopefully you have one). So be prepared to dig in, to follow through, to work at it hard and then even harder. Don’t get discouraged; perseverance is key!
12. Support Levels
Those entrepreneurs I know as well as myself all have asked ourselves if everyone close to us is supportive and on-board. You need to have them there to help and support you or it won’t work. They don’t have to work in the business per se, but they must be willing to ride out the ups and downs and take on extra to make it happen.
13. What You Are Willing to Risk
If you aren’t willing to make major sacrifices — including financial security, seeing friends, free nights and weekends, low stress — then being an entrepreneur is not for you. However, one can’t fully understand the extent of these sacrifices until they start and experience the first signs of suffering, but you’ll quickly understand, and then the question becomes: “How badly do you want this?”
14. Product and Market Fit
Before making any investment of your resources into a product or service, you have to objectively ask yourself: “Does this product or service solve a genuine problem for an existing segment of a reachable marketplace?” With a sober weighing of the product and market fit question, you’re more likely to select the more fruitful diving spots in the entrepreneurial pool.
Do You Seize and Use Blogging Opportunities Aggressively?
Look at the featured image for this post, guys. I love guest posting. Zac asked me to guest post here way back in 2015 right after I left the jungles of Costa Rica. I felt humbled but a little scared to seize the opportunity to guest post on Blogging Tips. Did I think I was good enough? Not quite. I also feared being criticized and failing because I would meet and greet a new, large blogging audience. Fast forward 4 years. After publishing posts on and off, I near 1000 guest posts on this blog alone. That, my friends, is seizing and using blogging opportunities aggressively. Zac said I could guest post on this blog whenever I wanted to guest post on the blog. I took his invite seriously. About 1000 guest posts later, I experienced increasing blogging success because I do not delay, hesitate or waffle when it comes to seizing and using blogging opportunities, aggressively, swiftly and with a single-minded focus.
I quickly seize blogging opportunities to promote my 100 plus eBooks daily – like this fun blogging tips eBook – because opportunities seized lead to big time blogging success. Opportunities you seize and use quickly lead to more opportunities which feed more opportunities as you swiftly become a more successful, prospering, fun-loving blogger. But most bloggers rarely seize and use blogging opportunities. Do you fear grabbing opportunities? What could go wrong? Why do you fear using opportunities for growth? True; sometimes you simply have no resonance with opportunities. Someone may try to convince me to freelance write for them but even a large financial promise cannot goad me toward freelance writing again. Bad match. However, I grab and use most opportunities that flow my way because gobbling up opportunities enters you into the spirit of opulence.
What do I mean? The spirit of opulence simply means if you think, feel and act abundantly, you seize most blogging opportunities immediately, using these opportunities to enter into a rich, wealthy, fun, freeing way of life. Example; most people who struggle financially feel so filled with fear that they stammer, delay and hesitate any time a blessed blogging opportunity knocks on their door. If you turn down opportunities for growth, you go broke. Plain and simple. Meanwhile, I publish 10 to 12 posts daily – or more – because I gobble up opportunities left and right and live a pretty neat life by adopting this frame of mind. I appear to be all over my niche because I seize blogging opportunities quickly, aggressively and clearly. I do not play around. I do not fear seizing opportunities for blogging growth because we all have to seize opportunities fast and use these blessings to gain the skills and exposure for becoming a successful blogger.
Every blogger who appears to be everywhere grabbed opportunities quickly. Do you notice some bloggers in 10, 20 or seemingly 50 places, at once? Said bloggers wrote and published 200, 300 or 500 guest posts over 6 months to gain such massive exposure. Doesn’t it feel good to help people? Don’t you feel fulfilled by being of benefit to your fellow blogger? Tap into that feeling, seize and use opportunities for growth and you will slowly but steadily experience greater blogging success. Blogging is not for meek, scared folks. Be clear. Be direct. Gobble up opportunities like a blogging beast to accelerate your growth and success to exponential levels.
Hey; if you don’t seize opportunities, I’ll be there to gobble ’em up 😉
How Most People Think Blogging Is and How it REALLY Is
I love my gig. Right now, I blog from beautiful NYC. Quick 9 day trip to Manhattan. Can you imagine how fun and freeing this life is? Circling the globe, seeing places like Fiji, Bali and Thailand, experiencing these spots for years at a time? Amazing journey indeed. I feel appreciative of this fun, freeing life. I also know how most people think my life goes; write a few words, tap a publish button, make money, soar off to Fiji for 4 months. Most human beings cling to a terribly flawed aspect of their personality; ego. Ego sees free people and assumes, to preserve itself, how freedom must be an easy, comfortable journey for other people to take, because ego KNOWS freedom has not been an easy, comfortable objective, for ego.
Most human beings vibe from a dominant energy of fear so most human beings see illusions, appearances, NOT reality, a magic trick, something not REALLY happening. Most humans see me living in Thailand for months and see the illusion of me spending 2 hours to publish a post, seeing me making money, then, flying to Thailand. What fear-filled folks cannot see is the truth of this: me blogging for 5,000 hours – or more – through ups and downs, highs and lows, love and fear, peace and terror, and an even wider range of emotions….to live a life of blogging in Thailand for months at a time. The truth, the reality, of how blogging really is: blog for thousands of hours, make little or no money, then, after blogging for thousands of hours from a generous, calm, trusting, abundant vibe, feeling deep fears here and there along the way, the money flows in freely and you get to circle the globe whenever you want to circle the globe.
Take a look at this picture of me in Lyttelton, New Zealand:
Most people see an illusion: “Ryan is SO lucky! He gets to spend 2 months in New Zealand! I wish I had his life!”
The few human beings on earth who see the truth see this: “That guy lives an amazing life, being in New Zealand for 2 months, because he blogged for 10,000 hours, often times, when things did not appear to be coming together, outlook, appearing bleak.”
Truth seers are rare birds, folks. Why do you think I spend 3 or more hours daily meditating, doing yoga and exercising? I stabilize my vibe, uncover and purge illusory-producing fears and see the truth, more often than not. You need to see the truth to taste freeing, sweet blogging success. Can you taste my life? Imagine how it’d feel to live in NYC for a week? Imagine how it’d feel to live in Bali for 6 months? Fun, eh? Freeing, right? Of course you’d feel free, circling the globe, changing time zones like people change their minds. But to live this fun, freeing life, you have to live the truth of blogging for hundreds to thousands of generous, trusting hours, before you live the life, and, before you experience this level of fun and freedom. Most humans mean well but totally get caught up in the illusion, not seeing the truth because they fill their minds with fears, creating the insanity of luck and the delusion of envy, and the crazy, mentally ill, concept that you can live an amazingly fun, freeing life with a few hours, a few weeks or a few months of lazy blogging effort.
Do you want to step up to the blogging big time? Step away from most people. See the truth. This blogging gig takes serious effort and serious time. Most people live in delusion, in an illusion of fear. You know better. You know how blogging REALLY is. Sure blogging feels scary in moments but the ride feels largely fun and freeing when you follow your fun, generously help people and trust in yourself, and, trust in the blogging process. I know you’re up it!
I have this funny skill where I write entire eBooks based on silly analogies. Do you crave increased blogging success? I can help you with these colorful fruit bat analogies. Buy my eBook here:
Smash the Twitter and Facebook buttons to share this post, guys. Let’s spread the word to help more bloggers know the truth about blogging.
Face Newbie Blogger Fears Early to Accelerate Your Success
Do you genuinely want to hit the ground running with your blog? Face newbie blogger fears early. Do not mess around. Do not play around. Never be anchored down by doubt. Face fears, feel fears and you will feel so good, and free, and ready to succeed through your new blog because fear cannot hold you back if you face it, feel it, release it and proceed.
Life as a solopreneur feels fun, freeing and highly challenging because you do not possess the resources of more established entrepreneurs or people working for a company. The #1 tool in your new blogger arsenal is a willingness to face, feel and release deep fears related to being a newbie. Do this; be golden. Fun, freedom and expansive success awaits you because your generosity, creativity and willingness to connect just accelerates your blogging success…yes…even as a new blogger. How cool, right? No new blogger needs to struggle, fail and quit before giving themselves a chance, because fear is the only thing standing between you and what you need to do, to succeed. For example, I routinely tell new bloggers to buy courses or eBooks for due diligence material. More importantly, I tell them NOT to rely solely on questions and answers through Quora for their due diligence campaign because free platforms pale in comparison to trusted, premium resources from the top bloggers, in terms of research materials.
What can you do to accelerate your new blogger success fast? Nudge into the fear of spending money on training resources, feel the fear, release the fear and buy the course and/or eBook. Doing this, you begin taking the course and/or reading the eBook, putting your new knowledge into action, succeeding more quickly. Meanwhile, most new bloggers who refuse to face their fears keep asking questions on Quora, relying on strangers, possibly skilled but usually unskilled bloggers to supply them with non-vetted answers for critical blogging research. How in the heck can you rely on this most crucial of information if you have no idea who offers the answers? Can you see why this method is totally unreliable, for getting your blogging research? A few skilled bloggers offer some keen insight but step out of the fear-vibe into the abundant, successful vibe by investing money in a top blogging education.
If you can either pay for a Harvard education or ask some stranger on the street for their free advice, what seems to be the more intelligent decision? Invest money in expert advice? Or save money to get advice from some stranger on the street who may or may not know what they are talking about? Can you see why so many new bloggers struggle, fearing to invest money in the best blogging advice, choosing to get free, unreliable blogging advice from the general blogging public?
Pay up to play up. Invest money in your blogging education to move higher in blogging circles. Be a fear-diver; keep nudging into fears to better understand how to succeed, feeling and releasing these confining, restricting forms of bondage. Face newbie blogger fears early and often to remove the shackles that hold you down. Doesn’t it feel better to dive into fears routinely so you can accelerate your blogging success, even as a newbie?
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