Before embarking on entrepreneurship, everyone should carefully consider all aspects of business life to determine whether it is the right and suitable decision for them.
Illustrative photo: Andre Hunter
Entrepreneurs are undeniably stars. They create wonderful success stories and share experience and secrets for overcoming difficulties and challenges. Their messages easily inspire others to want to quit their jobs immediately, launch a business and earn millions of dollars.
However, the reality is that 3 out of every 4 startups fail, according to CB Insights' in-depth report on startup failure. Why? Because founding a company is harder than many think. Behind entrepreneurs' successful, polished image lie many hidden factors that negatively affect their relationships, quality of life, and even health.
In an article on Forbes, Milan Reinartz, founder of Postr Media and one of Forbes's 30 successful people under 30 in Asia (Forbes 30 Under 30 Asia), shared the following 5 truths he wishes he had known when starting his company.
1. You Are Only as Good as Those around You
There is a common belief that an organization's founder is its smartest person and can single-handedly steer the collective ship to success. This is completely mistaken. If a startup wants to grow strong, its founder must find the right people to stand alongside them, because you cannot always be the smartest person.
It sounds easy, but this is truly a difficult challenge for a startup founder. Having a strong team requires humility: founders must accept that their skills are limited and recognize when they need other people's abilities.
When I launched my company at 25, I quickly realized I needed a strong management team and guidance from experts. Besides hiring a management team of experienced professionals, I sought advice from specialists with more than 20 years of experience in advertising technology, telecommunications and business. This approach proved effective as my company grew rapidly, and many advisers later became investors or even board members.
2. Practicality is more useful than perfectionism
Startup founders are often perfectionists. We start businesses because we want to solve problems we see in the world. We are driven by widely discussed business-success stories. And we feel as though building an ideal company will happen quickly, exactly as planned.
Idealization is not a realistic goal, because many of our plans, however perfect, are highly likely to encounter problems somewhere during implementation. A project you have poured your heart into, investing 100 hours a week, suddenly becomes unfeasible. A friend who joins your company and is expected to help you greatly suddenly proves a poor fit… In these situations, there is no room for perfectionism, especially when these factors hinder the company's development.
To build a successful company, founders must be practical: put emotions aside, stop unviable projects consuming excessive resources and make difficult decisions. Although this sometimes means abandoning your original dream, sensible focus will drive company growth more effectively than blind stubbornness.
3. Delegate detailed tasks
Initially, you may have to spend time on every aspect of running the company, from customer emails to delivery services, but an overly detail-focused approach will not work effectively as the company scales.
As a former designer, I was deeply involved in creating the company’s finished products during the early startup stage. Gradually, as our customer base expanded, business matters drew more of my attention: strategy, shareholder management, and revenue streams. I could no longer handle every detailed task. I therefore had to hire people and trust a talented team of specialists to maintain and develop product and service quality.
If you have built a strong team, trust them and delegate the work they are responsible for, even when the final result is not always exactly what you imagined.
4. Everything outside the company is priority number 2
Everyone knows that starting a new business disrupts personal life, but I believe few understand the full extent of that disruption.
First, you may have to work 16 hours/day for a salary of 0, at least during the early months or even years. Second, you will have less time for loved ones, such as family and friends. Third, you may need to move to another country and leave familiar relationships behind. You will feel lonely for a time before finding a great team. Finally, one fact will become increasingly clear: almost no one else will devote 100% of their resources to achieving your vision as you do.
Therefore, if you are not ready to give up part of your personal life to run a company, you will find it difficult to truly turn your business dream into reality.
5. Entrepreneurship – work that is not for everyone
It is tempting to think about abandoning the routine of working 8 hours a day for someone else and opening your own company. But entrepreneurship is not for everyone. Only those who understand and can withstand the pressures, and accept sacrificing many things to start a business, can stay on this path for the long term.
For most others, the harsh realities of business often outweigh its potential benefits. This is completely normal, because what matters is choosing a career we feel comfortable with.
If your health and happiness are seriously threatened, it is time to reconsider whether the path you are pursuing still suits you.
Collected.
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