Ah, the life of an entrepreneur. Come up with a business idea, write your business plan, line up a bunch of venture funding, and retire to a private island a few short years later when you go public.
If you’re heading off to business school right now, reading this on your iPhone, dreaming of buying your own island – sorry for the ice bath of reality I’m about to dump on you.
5 Things They Don’t Teach you in Business School About Being an Entrepreneur
1. You’re more likely to make a living than make the Forbes 500
Most entrepreneurs end up making a living, and some make a really nice living doing what they love. Very few end up buying their own island, they’re too busy saving for their kids college and making the mortgage payments.
2. There is no money line to get in
There are a lot of you’s out there competing over very scarce resources. But don’t think you’ll just get in line and pick up your check. You’ll definitely need to be the cream of the crop to attract venture funding. More realistically, look for alternative sources of funds.
3. It’s more about you than your plan
Business success has more to do with you than anything else. The best plans mean nothing in the hands of the wrong person.
4. You’re in sales, whether you think so or not
Every business on the planet is selling something. You’re either selling a product, idea, or yourself…learn sales fundamentals, and apply them to everything you’re doing.
5. You’re going to fail
Yep, you will fail. You will probably fail multiple times. If that concerns you, pick another path for your life. If it doesn’t concern you that you will be an utter failure at some point, good – with every failure you get one step closer to success, cliché but true.
Being an entrepreneur can be the most satisfying thing you’ll do with your life. Understand there’s a lot more to it than supply/demand curves, business plans, target markets, or financial projections.
Most of it won’t be taught in Business 101, it’ll just be up to you – but that’s part of being an entrepreneur.
I’ll let you get back to summer vacation now…
Photo credit: losmininos
For exclusive Small Biz Bee content and offers, sign up for our free newsletter: