We hear the word entrepreneur or entrepreneurship bounced around a lot these days, thanks to some self-made millionaires who swear they came from nothing. A pure rags to riches story. While there is no denying that these stories are true, there seems to have been an increase in people describing themselves as an entrepreneur. But are they really? Is there this perception that an entrepreneur has it all? The lifestyle, the successful business and all the perks that run with it?
Or are there some untold truths that would actually categorise the true entrepreneurs that are destined for success and the ones that will fail at the first hurdle? I wanted to explore exactly what it takes to be an entrepreneur and tackle some of the untold truths of entrepreneurship. We may have more of these types of businesspeople around these days, perhaps myself included, but the ones who truly shine are the ones that understand the role entirely.
They have a lot of interests that make them money
There is no denying that an entrepreneur will have a few different income streams that they rely on. Each idea or venture will likely not make enough, but combined interests can prove very lucrative. Whether it is investing in a stocks trading platform, buying property or launching a new business, they will likely have a few things going on at the same time. Multiple income streams are often not spoken about as it is assumed there is only one focus.
Is it all in the idea or is there more to it?
Many entrepreneurs believe that the power of success is in the idea. But there is a little more to it than that. Sure, an idea is extremely important to any business start-up. It is the very foundation it is built upon. But, an idea takes execution, vision and ambition to turn it from that lightbulb moment into something physical.
Can you really work your own hours?
This is something I think many of us have heard before from someone. Being an entrepreneur enables you to “work your own hours to suit your life,” wouldn’t that be the ideal scenario? But what we have highlighted throughout this article is that taking an idea and turning it into a business takes a lot of time and effort, which generally means that your own hours translates into every spare hour you have. Of course, once everything is up and running and your business is successful, you have the privilege of picking and choosing your hours. But if you want to make something a success, then you are bound to dedicate as much time as possible to it.
You can make it on your own
There is no hiding from the fact that many entrepreneurs are successful in their own right. Starting something from nothing and often turning them into big brands or corporations. However, while you can make it on your own, In many cases there is some support network lurking in the background. It might be a devoted wife or husband, a family helping you to reach your dreams, a business partner, or once established, staff, running the front line of your vision. Of course, you can make it on your own, but there may always be someone who is cheering you on from the sideline.
Let’s hope this has made you aware of some of the not so often truths when it comes to entrepreneurship and making money.