Here’s What They Don’t Tell You Before Launching Your Startup
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Startup life can be fulfilling yet draining at the same time, and working on making your dream a reality comes with challenges you don’t necessarily read about in success stories. Here’s the truth to prepare you for the hardships that may come your way as a startup founder:
Welcome To Team No Sleep
There are many things to do as a founder, especially in the beginning stages of developing your business. Being tired will probably become a way of life, so get used to it. Grinding will become your motto, but the good news is you’ll grow to love it when you start to see the fruits of your labor. Side note: don’t go too far, you need rest to be able to put your best foot forward for your company.
Rejection Will Come Often
Be ready for investors, venture capital firms, and a host of others to say “no.” Although your idea is great and game-changing, some people just won’t understand or believe in your vision. Never mind the haters, just be prepared to have a thick skin, and keep your head held high.
Sacrificing Your Personal Life
Long gone are the days of spending your Friday nights at dinner with friends and family. Instead, weekends will be reserved for catching up on responding to massive amounts of emails and meeting overdue deadlines. However, your sacrifices will pay off in the long run when your startup blooms and generates income.
It May Take Longer Than You Think
Some entrepreneurs grossly underestimate the time it will take to launch their business or release their product. Be prepared to push your timeline back months or maybe even years but, do not grow weary. Many — now successful business owners — faced the same obstacles and kept on pushing towards their goals. If it is taking longer than you expected, that doesn’t mean it won’t happen.
You’ll Spend Your Own Money
Of course, your business plan calls for investors, but the truth is, you will most likely come out of your own pocket to finance certain aspects of your startup. It might be a good idea to make sure your personal finances are in order before jumping headfirst into the startup life. You may even have to forego giving yourself a salary in the first few months of your business.
You Will Do Things You Are Not Interested In
Learning about taxes and legal jargon probably doesn’t interest you as a founder, but it is necessary for the development and success of your startup. You may find yourself spending time researching business entities instead of fine-tuning your idea, which may be boring but necessary.
Learning New Skills
Many first-time startup founders, began as a one-man/women show where they wear many hats. Having a team costs money that you may not have in the initial stages. Therefore you might have to learn new skills like editing videos or web development. Be prepared to become a student of Youtube university and learn new skills to get your startup off the ground.