Hey there ladies! Are you tired of working for someone else and want to be your own boss? Are you considering starting your own business to escape the treacherous and constraining 9-5 life? Well, before you jump headfirst into the world of entrepreneurship, there are some things you need to assume and consider, and I have specified the 19 most crucial ones right here.
Why?
Well because being aware of these things before you dive into the world of business will be CRUCIAL to your success. It will help you set realistic expectations, be prepared for the challenges ahead, and ultimately, give you a better chance of achieving your goals.
If you are not aware of these challenges, you may simply assume that things are not working, that you are not cut out for this etc., etc,. However, the 19 things I will discuss are here to show you that all of this is normal, common, and simply a part of the journey.
Disclaimer: This site contains affiliate links to products. We may receive a commission for purchases made through these links. Visit my disclaimer page for more information.
What must an entrepreneur assume when starting a business?
1. You’ll fail many times.
First and foremost, let’s have a chat about failure. I know it’s not the most glamorous topic, but it’s an important one for you fellow entrepreneurs.
As an entrepreneur, you need to assume that failure is a possibility. It’s not a matter of if you will fail, but when… but don’t let this discourage you.
Here’s the thing, failure is an opportunity to learn and grow. As Thomas Edison famously said, “I have not failed. I’ve just found 10,000 ways that won’t work.”
More importantly, failure is not a reflection of your worth or your abilities; it’s just a part of the process. Don’t let it define you!
Failure is not the end of the road; it’s just a detour. So, grab your courage, embrace your mistakes, learn from them, and move forward.
2. You’ll need more money than you expected.
You need to spend money to make money – that’s no surprise. The surprise comes in when you begin to realize you need more money than you have anticipated to get your business off the ground or to grow it.
Unfortunately starting a business can be expensive, and you need to be prepared for it. Assuming that you will need to spend more money than you think can help you prepare ahead. There are always unexpected expenses that pop up, and you need to have a cushion to fall back on.
[Top tip: Make a list of all the expenses you can think of and add 20% for unexpected costs. Create a budget and stick to it as much as possible.]
Investing in your business is necessary to help it grow and succeed. So, don’t be afraid to spend money on things that will benefit your business in the long run. Just make sure you’re not overspending and putting your business in financial jeopardy.
3. You’ll need help.
Even the most successful entrepreneurs have a bunch of people supporting them – whether through a close support network of family and friends or through building a team.
Assuming that you will need help along the way and be open to accepting help!
It’s important to surround yourself with supportive people who believe in your vision. Build a network of mentors, advisors, and peers who can offer guidance and support. Don’t be afraid to ask for help when you need it.
Let others help you achieve your dreams.
RELATED POSTS
So… do you have what it takes to be an entrepreneur?
How to raise your vibe and attract business success?
How to have a business mindset vs an employee mindset?
4. Consistency breeds success.
Consistency is key when it comes to entrepreneurship.
To really succeed in business, you can’t just work when you feel like it or when you have time. You need to show up every day and put in the work, even when it’s hard or when you really don’t feel like it.
[Top tip: make working on your business part of your routine and then stick to it. Make a schedule and prioritize your tasks. Break down your goals into small, manageable steps and work on them consistently]
In moments when you are struggling to find the motivation, remember why you started your business in the first place and stay committed to your vision.
Keep showing up every day and putting in the work. Your consistency will pay off in the long run.
5. You may not make any profits for at least two years.
As an entrepreneur, you need to assume that you won’t make profits in the first two years of your business. I know this may sound discouraging, but it’s important to be realistic.
Your business will need a strong and solid foundation and investment of time, money, and energy before you start seeing profits.
But remember…
…just because you’re not making profits doesn’t mean you’re not making progress.
This time is the perfect opportunity to learn, experiment, and build customer relationships. Focus on creating value for your customers and building a strong brand. The profits will come in due time.
6. Business requires sacrifice.
Unfortunately, when building a business, you need to be willing to make some sacrifices, at least for s little while until you establish things Now, I know that making sacrifices can be difficult, but making sacrifices doesn’t mean you have to give up everything.
It’s important to prioritize your time and energy. Identify the things that are most important to you and focus on those.
You can still make time for the things that are important to you, but you may need to adjust your schedule or find new ways to incorporate them into your life. Get creative and find a balance that works for you.
7. Success is not guaranteed.
Sounds scary right? But hear me out.
Assuming that success is not guaranteed can actually be a good thing. It means that you’re aware of the risks and challenges that come with starting a business, and you’re prepared to face them head-on.
Plus, just because success is not guaranteed, it doesn’t mean it’s impossible.
Don’t give up on your dreams just because success isn’t guaranteed. With hard work, dedication, and a little bit of luck, you can achieve your goals and build a successful business. Keep pushing forward, stay focused on your goals, and trust in yourself and your abilities.
8. Planning is a vital step.
Planning is a vital step when building a business. By defining your goals, creating a marketing plan, managing your finances, and setting deadlines, you can increase your chances of success.
The first step in planning is to define your business goals. What do you want to achieve with your business? Who is your target audience? What products or services will you offer? By answering these questions, you can create a clear and concise business plan that outlines your vision and mission.
Additionally, it’s important to have a contingency plan in case things don’t go according to plan. By having a backup plan, you can be prepared for any unexpected challenges that come your way.
9. It will be hard work.
Building a successful business takes time, effort, and dedication – it is HARD WORK.
You’ll need to be willing to put in long hours, especially in the beginning stages of your business. Plus, you will likely end up wearing multiple hats and taking on tasks that you may not be familiar with. But remember, all of this hard work will be worth it in the end.
However, that’s not to say it cannot also be fun. You can still find joy in the process and fulfillment in your work. After all, building a business allows you to follow your passion and create something that’s truly your own. That’s the reason you started in the first place, right?
Embrace the journey and enjoy the process of building your business.
10. There will be challenges.
Know that these challenges are a normal part of the process and can actually help you grow and improve your business.
However, staying focused, adaptable, and persistent can overcome these challenges and build a successful business. Don’t let challenges hold you back, embrace them as opportunities for growth and improvement.
11. There is no shortcut and no quick fixes.
When it comes to building a successful business, sorry to say but there are no shortcuts or quick fixes.
It’s easy to fall into the trap of wanting quick results and instant gratification but building a successful business requires patience and persistence. There is no magic formula or secret shortcut that will guarantee success overnight. You’ll need to put in the hard work and stay focused on your goals.
12. It will drain you mentally.
Building a business can be mentally draining.
It is a challenging and often stressful process. There will be long hours, difficult decisions, and unexpected setbacks. It’s easy to get caught up in day-to-day tasks and forget to take care of yourself.
But prioritizing your mental health is essential to your success. Taking breaks, practicing self-care, and seeking support when needed can help you stay focused, motivated, and productive.
Remember, you can’t pour from an empty cup, so take care of yourself first.
13. If you save money now you will pay for it later.
Yep – building a business requires investment.
When building a business, there are many expenses that you’ll need to consider. It may be tempting to try and save money by cutting corners, but this can ultimately hurt your business in the long run.
Let go of the fears you have around spending money and place some trust in the fact that long term it will bring you more success.
It’s also important to remember that investing in your business doesn’t always mean spending money. Investing your time, energy, and creativity into your business can also pay off in big ways.
14. Passion will get you further than money.
When it comes to building a business, passion is key. Money is important, of course, but it can only take you so far.
Passion drives you to wake up early, work late, and keep pushing forward even when things get tough. It’s what sets your business apart from others and makes it truly unique. When you’re passionate about what you do, it shows in everything you create.
When you’re truly passionate about your business, it doesn’t feel like work. You’ll be excited to wake up each day and tackle new challenges, create new products, and serve your customers in the best way possible.
Passion is also infectious. When your customers see how passionate you are about your business, they’ll be drawn to it like moths to a flame.
15. It will be the biggest personal growth journey.
Building a business is not just about making money and creating products. It’s also about personal growth and self-discovery.
As a female entrepreneur, it can be the biggest personal growth journey of your life. It will push you outside of your comfort zone, challenge your beliefs and values, and teach you valuable life lessons.
It is also an opportunity for self-discovery. You’ll learn more about yourself than you ever thought possible. You’ll discover your strengths and weaknesses, your likes and dislikes, and what makes you tick.
It will also help you become a better version of yourself. You’ll be more confident, more self-aware, and more fulfilled.
That’s just the little added bonus to everything else that owning a business has to offer.
16. Mentorship will keep you going.
Having a mentor can be one of the best decisions you make for your business.
But what do I mean by a mentor?
A mentor is someone who has been where you are, who has experienced the ups and downs of building a business, and who can provide you with guidance and support along every stage of your journey.
So, if you’re just starting out on your entrepreneurial journey, don’t be afraid to seek out mentorship. Find someone who inspires you, who has the experience and knowledge you’re looking for, and who is willing to invest in your success.
17. It can get lonely.
Building a business can be an incredible journey, but it can also get lonely at times. When you’re working long hours, having to make sacrifices and before you even have a team, it’s easy to feel like you’re alone on an island.
But you’re not alone in this journey. In fact, there are thousands of women just like you who are building their empires and making their dreams come true. You can find comfort in that.
One of the best ways to combat the loneliness of entrepreneurship is to build a community of like-minded women who understand what you’re going through. This can be as simple as joining a Facebook group, attending networking events, or finding a mastermind group.
And as an added bonus, this way you will be surrounded by like-minded women who get it; who get you!
Having a community of women who understand your struggles and can offer support, advice, and encouragement can be a game-changer. These women can become your cheerleaders, your sounding board, and your trusted advisors.
18. Your competition is out there.
When you’re building a business, there will be other players in your industry who are trying for the same clients and customers as you.
But here’s the thing – competition is not a bad thing. In fact, it can be a great motivator. It forces you to constantly improve and innovate, to be the best version of yourself and your business.
It also indicates that there is a solid market for what you are doing and offering.
And remember, just because someone else is doing something similar to you, it doesn’t mean that they’re doing it better. You have your own unique skills, experiences, and personality that set you apart from everyone else and your individual customers will be drawn to those.
19. It will be a hell lot of fun…
The above was a bitter pill to swallow so on a brighter note one of the most important things you need to assume is that you will need to have fun!
Starting a business can be stressful, but it should also be fun. Enjoy the process, celebrate your wins, and learn to laugh at yourself when things go wrong. Life’s too short to take everything too seriously, so let your hair down, put on some lipstick, and have some well-deserved fun in the process!
Remember, boss babes, starting a business is not easy, but it can be one of the most rewarding things you ever do. So don’t be afraid to take the leap and chase your dreams. With hard work, determination, and a little bit of fun along the way, you can make your business dreams a reality.