The realities of entrepreneurship- What they don’t teach in school.

Entrepreneurship has become a very ‘sexy’ term in the past few years. The glamour of setting up your own business is enhanced through programmes like the Apprentice and Dragons Den. Because of the shift in the structure of the economy we now see that for some people it has become the only option to gain employment.
It is fantastic we live in a society that is willing to take risks and run with an idea. I in fact encourage this with young people in schools who I work with. If you have a dream try to make it happen!
However we must not lose sight of the fact what may seem rose tinted on the outside is actually a whole different reality on the inside.

For some, starting their own business has, to put it bluntly, had a massively negative effect on their lives. Lack of sleep, stress, money issues, health issues etc etc. You are ultimately in charge of your own destiny and if you cannot step up to the mark then you can only blame yourself. That is the reality.
Unless you have the privilege of having lots of money behind you when starting a venture to support you, then you will probably be working for absolutely nothing, if you’re lucky less than minimum wage, as you pour all your resources into building up your new baby.

I found when starting out I could work easily 15+ hour days. Sacrifice was a big thing. Doing menial tasks which I would have loved to pay someone else to do but couldn’t afford to.
Missing out on birthdays, social life, and family time. Business can be all consuming and that is the reality. You want and need to make it perfect. It has to work for the sake of you and/or your family’s future, that takes sacrifice.

Nobody told me how difficult it would be to try and buy a house if you were ‘self-employed’. We are encouraged to set up new business, we are the life blood of the economy, yet try and get a mortgage (even with a good track record) and you are really made to jump through hoops.

As important as it is to motivate our young people, it is also important to show them what the flip side of being an ‘entrepreneur’ is. Not to discourage them, but so they can make informed decisions for what future path they may want to take.

If young people in schools are given opportunities to listen to the stories of entrepreneurs and their respective journeys (be it the good, the bad or ugly), in addition to engaging in activities which give them a taste of the realities of running a business, then this can only be a positive thing.

Taking the entrepreneurial path, makes you, in my opinion, much more of a rounded, formidable, resourceful, knowledgeable and resilient person. It is that resilience to keep going and to keep getting back up when you fall which is a critical trait to have.

I wouldn’t for one second change my entrepreneurial journey with all its ups and downs. Failing is such a great teacher and to be a real entrepreneur this is what you need to do and learn from well – the rewards can, in the end, be priceless.

By Phil

@philytotheb

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