As an entrepreneur, I've had my ass handed to me several times during my 5-year stint running my own business. I can see why people DON'T want to do it. Honestly, it's not worth the risk, pain, time and effort for most people and to still fight against a 90% failure rate to succeed.
It's no secret that MOST businesses can and will fail; there is no saving a poorly run business or one that doesn't have a good product-market fit. It's a hard road with tough lessons, and it's one of those things that requires dedication and fortitude and a somewhat illogical frame of mind.
You have to look at all the odds and say, well, there's a 5% chance, so that I will take it. If investing is about risk, entrepreneurship is the ultimate risk-reward. If you get it right, naturally, you are rewarded with multiples of your investment; it could be 1000x it could be 1 million x.
Each year I remain in business, people tend to think I've figured things out when in truth I don't know shit, and I am making up everything as I go along. The truth is I don't know what I am doing; all I am doing is servicing my customers and making sure I have enough money to improve my service and products.
I don't think much further than that.
I am not saying my way is great, It's just all I know, and I am happy to learn, and I do learn.
To be an entrepreneur without any support is a humbling experience, and you have to put your needs and ego aside if you're going to get anywhere. It really is a journey of sacrifice. I personally wouldn't recommend it for everyone, I think it's shit, but I am attracted to the challenge, a glutton of punishment.
As I look outside myself for advice, I can see why so many young entrepreneurs fail.
- They focus so much on their idea, they never actually implement anything.
- They focus so much on the product of entrepreneurship, which can be a success and want that rather than wanting a business that works
- They focus on external validation and clout rather than looking at your balance sheet as a way to gauge success
- They focus on the end goal and not on the day to day grind
People are in love with success, but they are not involved with the journey to attain it. Many see success but never saw the strife involve or the amount of money backing these comapnies.
Ideas are worth zero, and so are many companies
I am often amazed at how people fall involve with ideas, ideas of starting a business, ideas of a successful business, ideas on how the business runs without EVER having run one.
- I see it in retail investors sentiment.
- I see it in professional capital allocators too.
Running a business is more than just ideas and narratives, but it seems in today's world, where curated narratives can be created with enough money, we've seen people fall victim to these narratives.
These ideatrepreneur, contrepreneur and wantrepreneurs may grab many of the headlines and make you feel shitty because your business isn't where you feel it should be, but all that glitters isn't gold.
Stick on your path, keep your customers happy and the rest should sort itself out.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
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