Grab: a technology firm that through its app, offers a wide range of ride-hailing and logistics services in Southeast Asia.
Uber Technologies Incorporated: an online transportation network company headquartered in San Francisco, with operations spanning across 528 cities worldwide.
These entrepreneurs, having clearly attained success, portray entrepreneurship as being glamorous and ritzy. However, they both fail to convey the countless failures and setbacks one faces along the path to prosperity.
For those of you who are driven and eager to take the huge leap of faith towards being your own boss, do take some time to ponder on some of these points.
#1: Running My Own Business is Easy
There was a time when one could find several bubble tea shops around Singapore, but many closed down just as quickly as they popped up. This was due to the declining popularity of drinking bubble tea. Herein lies one of the main reasons why Singapore sees thousands of companies winding up as well as thousands more setting up annually; it just seems like a simple way to earn money. Sure, it is easy for anyone to register a company, but to reach a level where you actually earn profits, and earn enough to provide for yourself is another issue altogether.
Yes, because that's reassuring, Finn. (Source: GIPHY)
Continue to stay inspired by success stories but also realize that they too have gone through several obstacles and challenges – big and small – before becoming successful.
#2: Do Not Confuse Passion for Capability
While it is important to be passionate about your idea, passion alone isn’t suffice without actual capability. For example, you may really like the prospects seen in the tech industry, but have no knowledge on how to code.
Remember, passion does not realize a million-dollar app like Uber.
Software developers and programmers do. You should not only be passionate about your business, but also willing and able to master the necessary skills required to run and make it successful.
#3: The Meagre Salary Payoffs
One of the biggest obstacles that deter many from stepping into entrepreneurship is the measly salary that they get each month. Many are unable to stomach bringing home $300 per month when regular desk jobs offer monthly salaries that average $3000.
Genuinely ask yourself: ‘can I accept such a drastic pay cut for a future that isn’t even certain?’
#4: The Long Nights & Irregular Hours
Unfortunately, this is unavoidable in any start-up during its infancy stage. Are you willing to sacrifice time that could be spent with your family and friends to run your own business? Would you press on, or give in, when your loved ones complain that you spend far too much time on work that pays you far too little?
Getting calls about problems and mishaps that require your attention can occur at any time of the day, and any day of the week. This means that you need to be prepared to drop everything and devote all your attention to your business. Are you ready for that?
#5: Stress Is Your Greatest Enemy
Being able to live with constant stress is essential for entrepreneurs and business owners. Nothing affects you like the plight of your own business; a feeling only founders can comprehend. When things go awry, there will be countless sleepless nights as you worry constantly about paying your overheads, employees, and even yourself.
The Bachelor's probably not going through the same type of stress, but close enough. (Source: GIPHY)
The stress level reaches an all-time high if you work on your business day in, day out. Being on the daily grind continuously for twelve hours and then having to face disappointing results is enough to make anyone throw in the towel. Even after such a hectic day, the work continues well into the night, where you would need to spend hours planning and executing strategies, and settling your accounts. To endure such an intense cycle, one must have a strong sense of mental grit and resilience.
Such a lifestyle is not cut out for everybody so if you can’t deal with the heat, leave before you get burnt.
#6: Not Gutsy Enough
One innate feature that is common to successful entrepreneurs is the huge risk appetite that they possess; just do it. Fear is the biggest hurdle that prevents people from realizing their dreams. You may have the perfect business plan, but if you do not have the tenacity to carry it out – to risk it all at that point in time – your idea becomes worthless.
Any time is the best time for entrepreneurship. Excuses are merely created by people who are unmotivated to execute their own plan of action. If you strongly believe in something, the time to do it is always right. Once you decide to commit to it, nothing will stand in your way and things will naturally align to give you what you truly want.