The word entrepreneur is actually Latin for risk-taking. Okay, that’s not actually true but it may as well be a synonym it’s that closely linked. You’re starting your own business and that means you’ll have to take a plethora of risks on a daily basis, from risking your career to the money tucked away in your savings, and even your sanity. It’s all up in the air when you become an entrepreneur.
Of course, it’s a risk worth taking if you despise your boss, hating not being in control, know you’re worth more than your current salary or just want that feeling of being alive instead of just existing. The point is: you have to be prepared to take risks if you want to be a success story.
So, without further ado, here are some of the risks you must be willing to shoulder at some stage or another:
1. Bye-Bye Steady Income
In order to have any chance of being successful, you have to wave goodbye to your current job and, more often than not, the career you’ve been working in for however long. It’s a risky plunge, especially as there are no guarantees of a steady income for the first few months (read: years).
2. Savings Will Go
All those dollar bills you’ve been putting away over the years will have to come into play and without any guarantee they’ll be worth the investment. This is because no investor will give you money unless you’ve got some skin in the game as well. Not only that but stumping up your own cash is the only way to get the ball rolling.
3. Losing It All
In business, there is only one marker and that’s the money you’re making. If you’re not making any, then you’re chances of surviving will look bleak, never mind thriving. You may even have to start looking at bankruptcy attorneys. It’s the game you are entering. It’s risking everything in the hopes of living a life that you want, but that fear is what drives so many to be successful.
4. Trusting Someone Else
When you start out, you probably won’t have anyone working with you. But, fingers crossed, you will grow and employ a tight-knit group of people. In order for them to do their job and make you proud, you’re going to have to put an awful lot of trust in them and hope they can deliver what they promised in the interview. It’s a risk, but one you have to take.
5. Your Personal Life
Being an entrepreneur doesn’t come with a going home time. Not to begin with. Instead, you’re forced to wake up early, go to bed late and sacrifice your weekends to make sure the ship sails straight. Then there is the endless worry. You’ll lose sleep, you’ll get stressed and you’ll miss out on the things others are doing. That’s a risk right there. But the rewards will be huge as a result.
That’s the point of this. Of all the risks you’ll have to take, the rewards will surpass them. If you get it right, the rewards will surpass the risks.