Entrepreneurship · Entrepreneurs

What are the worst realities of being an entrepreneur?

Merry Ferrer Owner at Meysine's Merchandise

September 17th, 2016

After the movie The Social Network and also Steve Jobs it seems that being an entrepreneur is a life full of glamour and success. From your perspective and what you have experienced, what are the worst realities that you face when you are an actual entrepreneur?
65% of startups fail due to co-founder conflict, according to Harvard professor Noam Wasserman. To help you avoid conflict, we’ll give you the tools you need to determine the right equity split, including the framework to measure contributions, case studies and more.

Chuck Bartok Marketing and Sales Manager at MD Building Systems of Florida, Inc

September 17th, 2016

The only scary realities we knew were the fact that RISK was a factor.
Lost the farm a coupe times.
Climbed "back in saddle" much wiser.
The more experience gathered the less Risk impacted thought process, to the point it mattered naught.
if you have trepidation it seems to follow.
And to counter a misconception, it is usually the unprepared entrepreneur that fails, not the enterprise.
How many of surround yourself with solid Mastermind Alliance?
Some of my groups have been together for more than 5 decades and are totally candid.


Anonymous

September 17th, 2016

1) Thank you for not posting a "what is marketing?" type of question. 2)Everyone thinks you're crazy and that we think ourselves above a desk job and reflectively above them as they have desk jobs. 3) Fear of failure is constantly saying hello like Kramer from Seinfeld as he barges in only to talk yourself away from it. 4) Proving and explaining very simple spelled out concepts to people that can't understand them makes you doubt if you actually got it right, only to come to the realization after you check your findings over and over that the person you tried explaining things to had to hire someone to assemble their toaster. 

Ken Berkun Entrepreneur

September 17th, 2016

That you are probably going to fail.  90% 99% whatever the exact number, the vast majority of enterprises fail.  You have to live with that knowledge and both believe it and not believe it at the same time.

Donavon Urfalian A.I. Engineer / Entrepreneur / Founder & CEO @ Umazed / Kodo Startups

September 18th, 2016

Hi Merry. You asked a great question. We don't know what is true and what was made up in these two iconic movies of Mark and Steve. The word "entrepreneur" is French for "undertaking an activity" yet we can't get people to even agree what this word means as people want it to mean whatever they want it to mean. Most so-called entrepreneurs are fake, they have a romanticized notion of it, and they fool themselves into thinking that they are hard workers, and they make up a fake problem and come up with an artificial solution to an imagined problem and create something people don't want. So the real reason that the failure rate is so high is because you can't create a market for a fake solution to an imagined problem that doesn't want to exist. If someone isn't a workaholic, and they don't solve a real problem that they really have, and they aren't passionate, and it is not a labor of love, then they will give up because it will become work, and the work is way too hard to do if you don't love doing it, which makes it not work. The truth is that it is horrible, endless work, sleepless nights, loneliness because of the hours you put into it. Tesela and the Wright brothers are good examples of how long it took and how hard it is to solve real problems. It is hard from beginning to end, to be honest with oneself, and assess if a person even has the talent and skills to solve the problem they are trying to solve, to finding a team and getting them to understand and believe in it, execution, funding problems, going up against big companies that are ruthless, and on and on. If a person doesn't have ambition, discipline, and purpose, they will all fail. There is saying that nobody has sympathy for a billionaire, so that the few that make it to the top, can't openly say how hard it was and is because people look at the net worth of a successful person, but never know all the things they gave up to get to where they are today.

Dr. Conway Licensed Clinical Psychologist; Owner of HELP Behavioral Health Services. In-home/In-facility/In-office/Video Visits

September 17th, 2016

Where to market after your company has decided on a marketing budget for the year.  The fear and worry about spending too much and not covering the bases, or not doing enough marketing to publicize your business. 
Also, dealing with employees and dealing with the EDD. 

Michael Meinberg Teacher (iOS Development) at The Mobile Makers Academy (A Hack Reactor School)

September 18th, 2016

Vishal is exactly right, or more to the point:  Having more expenses then you do income, and the stress that comes with that. 

Christine Danning

September 17th, 2016

Besides income, I've learned it's age bias. Those of us who are over 50, who have been self-employed/(entrepreneurs) for more years than ever being "employees" (+30 yrs and counting), find it hard to break away from that and go back into being employees even for just a few years because we are looked at as "too old" instead of being valued for the experience we can bring to new businesses and start-ups. Many only want to work a few more years, supplement retirements/social security, etc. because we have also learned that being one's own boss or the boss is not always an easy path but experienced team players will make that much easier than having to train someone. We aren't all still looking for the 6 figures, been there, done that and I would rather not be corporate owned but corporate valued.

Before you look at those fresh new faces with new degrees who are willing to work their way up, maybe take a look at an older option who can bring much more to the table, help that business grow and get established faster maybe, more effectively maybe, who knows, but there really is no substitute for experience.

Lawrence Miller Leadership & Transformational Change Management

September 17th, 2016

The worst reality is the tension between constantly fearing that you are missing an opportunity and not moving fast enough versus the fear that you are taking too much risk and you are likely to end up bankrupt. And, there are always those around you who are certain that you have made a terrible mistake.

Alfred Luckerbauer BitCoinTrainer & BitCoinInvestor

September 17th, 2016

How to keep up with new technologies and make a decision for GO  or  NO  ?

What do you think about BitCoin ?  


nulldc%2Bbitcoin%2Batm.jpg

Davida Shensky We help small to medium size companies put together a strategy for success and hold you accountable to follow through

September 18th, 2016

there are many factors that go into building and growing a business that were not touched on in those movies---a movie is made to entertain you---if it would have focused in on the trial and errors of building a model home computer, the hours spent at a computer writing code, or the hours spent negotiating to get funding would you have watched the movie,--the movie focused on the rewards of financial freedom but didn't show the hard work or years of building the companies--the cost of a startup company where more money goes out than comes in---that it can take up to 5 years before a company is profitable.

technology drives how we do business today---without Steve building the first personal computer or Bill writing the codes for software to run a computer there would be no FB---what FB was when it first started and what it is today is  very different.  When FB was originally conceived it was just a platform for college kids to connect with each other--today it's a -platform used by entrepreneurs to connect and grow a small business around the world.

When Steve built the personal computer and later developed iPhone, iTunes, iPad, it changed how business is done today and allowed more people to telecommute, created whole new industries and jobs like wed designer---App Developer and the list goes on