Most business owners start their ventures because they’re passionate about their craft or concept. That passion fuels their desire to risk it all and launch their business. And while passion plays a role in entrepreneurship, the reality is your passion alone won’t create a successful business. In fact, successful entrepreneurs typically end up doing less of their craft and realize the importance of falling in love with running a business.
So here’s the 4 realities of entrepreneurship all business owners must embrace:
You’ll do less of your craft
Starting a business because you love X, doesn’t mean you’ll get to do more of X. Successful business owners spend as much, if not more time working ON their business than IN it. From marketing to accounting, as a business owner you’ll wear many hats. And your main job is to run the business.
You’ll pay more attention to numbers
Paying attention to data must become part of your life as an entrepreneur. Yes, doing your “thing” is more fun than looking at your books, but you have to know your numbers. Profit, cash flow, margins, etc. will make or break your business. Prioritizing time to regularly review your numbers is non-negotiable.
Oh and passion won’t pay your bills, but knowing your numbers will. When you know the details of your business you can make decisions that will move your business forward.
You have to stay up-to-date on your industry
Knowing your industry, market and trends is essential to your success. The worst thing you can do is exist in an isolated world where you think your business is all that matters. Always keep an eye on what others are doing, what your customers are saying and what’s happening in your industry. Read articles, do research and talk to customers.
You must be best friends with goal setting
If you want to make money or an impact, you have to set goals. Goals motivate us to take action and keep us accountable. Whether it’s sales, retention or brand awareness goals make sure you are aiming at something.
All of these realities aren’t necessarily fun, but keeping them in the front of your mind and making an action plan to address them will lead to success. Don’t get caught in the follow your passion hype. While passion might give you the spark you need to launch, it likely won’t be enough to weather the realities of entrepreneurship. Plus the truth is “nothing can extinguish the flame of passion faster than having to earn a living from that passion.”
If you are getting into business to do X, remember you will do much less of X than you expected as you grow and scale. If you aren’t looking to scale, doing your X will come along with a lot of work that’s absolutely necessary to keep you afloat.
We’re here to help
If you need support in shifting your mindset or dealing with burnout, be sure to reach out to one of our business coaches. We are here to help you navigate the rollercoaster that is the entrepreneur life!