This article is mainly focused on the 5 Dark Sides Of Entrepreneurship. It is a collection of the most common and the most important topics regarding entrepreneurship.
If you want to be an entrepreneur, then you need to make sure that you take some serious time and do your research before choosing this route. Entrepreneurship has many dark sides that are not talked about in public because entrepreneurs like to focus on the positive aspects of their job, but it’s important that you understand these darker aspects of entrepreneurship before deciding whether or not this career path will work for you and your family.
Here are 5 dark sides of entrepreneurship that you should know
You Must Put in Extra Effort
The first and most important aspect is connected to hard labor. Yes, if you want to establish your own business, you will have to dedicate and work around the clock. Work cannot be substituted.
Read this book to be successful and think like rich people : Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
If you had previously put in 70% effort in your employment, you must now put in 100% effort in your own business. When individuals start their businesses, they are delighted at first, but they quickly discover that it takes a lot of sacrifice and labor.
“Only the paranoid survive.”Andy Grove, former CEO of Intel
In layman’s terms, this implies you may have to work more than 12 hours every day. If you are unwilling to work at least 100 hours a week to develop your firm, it is better for you to return to your previous job and enjoy working for someone else.
You Must Expect Failures
According to the United States Bureau of Labor Statistics, over 20% of new enterprises fail during the first two years, and 45% fail within the first five years. In India, 90 percent of startups fail within the first five years.
That is why you must learn to accept failures. There are many successful individuals, but if you look at their background, you will notice that they have failed on several occasions.
“I have not failed. I’ve just found 10,000 ways that won’t work.”
As a result, we may conclude that there is a substantial likelihood that a new entrepreneur will fail for a variety of reasons. Even if they do survive, they must constantly adapt. Because of the huge risk, many individuals do not want to start and would prefer to work for someone else for the next thirty years.
Late Nights Will Be a Common Occurrence
I used to work at an advertising firm and spent many late hours there. I used to appreciate it because I wanted to work and work.
I am now a digital entrepreneur that works from home. Today, though, I spend the entire day and night learning and working. I’m having a great time with it. However, if you are not used to such a regimen, you should be aware of it ahead of time.
Starting a business necessitates complete devotion and love for your venture. You may have to work late hours on several times to establish your firm.
Uncertainty Is A Frequently Occurring Situation
An entrepreneur’s existence is fraught with uncertainty. Nobody can tell anything about the troubles or difficulties that one may experience.
For example, there was a time when we considered establishing a rubber plantation in the rural regions. And, in fact, we accomplished it. However,
“It’s fine to celebrate success but it is more important to heed the lessons of failure.”Bill Gates
we later learned that wild elephants had damaged the rubber plants.
Although we were aware of the presence of wild elephants, no one anticipated such calamity. Elephants and rhinos are unusual in that if they like a location, they will return there frequently.
And, as a result of this incident, we must abandon the concept of a plantation. As a result, there are several unknowns, and only God knows what will occur next.
Be Prepared to Deal With Pressure
Pressure is something that every new business will have to deal with. To begin with, most of your family members will be opposed to your decision when you go on your adventure.
Most Indian parents desire their child to be an engineer, doctor, government servant, or teacher.
If you ask such parents if they favor starting a business, the majority of them will say no. In our society, it has always been frowned upon to talk business.
Even if you decide to establish a business, you will encounter a lot of pressure from family and friends. And, if there are any losses, they will instantly target their recommendation to seek a full-time job.
The word Entrepreneurship has become very popular in recent years, with even celebrities launching their own business ventures and becoming entrepreneurs overnight. The vast majority of people have heard the word Entrepreneurship, and they have likely heard that it’s an opportunity to change your life and make a lot of money in the process. While this statement is true, it’s also important to know about the 5 dark sides of entrepreneurship that you might face as well.