Entrepreneurship is hard. REALLY hard. But with countless tales of how entrepreneurs made it big with almost nothing, it’s easy for a budding founder to jump into the startup world full of unbridled enthusiasm.
Luckily, Startup Misconceptions is here to clear up the myths, delusions, and fancies surrounding entrepreneurship, with useful advice from experts. So, sorry if we rain on your parade, but we believe a successful entrepreneur is a prepared entrepreneur. You’ll thank us later.
In this installment, we discredit the myth that life is easy when business is booming. Although celebrating the success of a flourishing company is always good, it’s best not to get too comfortable as reaching milestones should not be an end in itself.
Myth 1: It's time to take a break.
Reality: Not if you’re striving for steady growth. If your startup has successfully forged through its adolescent years, and is accumulating both revenue and customers, you should be prepared to face an even greater number of hurdles. As John Rampton, founder of Adogy, has stated in an article titled "Seven Life Lessons From My Entrepreneurship Journey”:
Even if your startup does manage to brave the odds and survive, it still has to maneuver through numerous bottlenecks that impede its growth. Such bottlenecks just keep on coming and you need to meet each one of them head-on if you don’t want them to interrupt your startup’s growth journey.”
Rampton continues, stating that even if your business skyrockets, you should be persistent in expanding your company in order to avoid stagnancy.
Growth is very important for startups, because if it ever stops growing, it will die. Startups cannot afford growth stagnancy in their life cycle; their very nature means that they cannot survive without uninterrupted growth.”
Myth 2: The hard work is over.
Reality: Definitely not. As an entrepreneur, the hard work is never really over. No matter how much success you encounter, you will constantly battle adversity, deal with the unexpected, and manage risk, all for the sake of advancement. In an article titled “How To Take Smart Risks As An Entrepreneur”, Kobi Shafrir explains,
As an entrepreneur, you’ve got to hustle constantly. Always be on the go, looking for newer and better ways to improve what you’re doing. “
The startup phase is all about survival, developing an idea and transforming it into a bona fide business venture. So before you schedule your next vacation in light of your company’s progress, remember that as an entrepreneur, even when you’re successful, you must consistently strive for expansion and development. In the words of Ikea founder Ingvar Kamprad,
The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.”