The Entrepreneurship Title Fight: Only Champions Win

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It seems like everyone is an entrepreneur these days. Unfortunately, many are lured into entrepreneurship by what they see on social media or have been led to believe is the life of an entrepreneur. They see nice cars, private planes, fancy clothes, and nights out at swanky restaurants and think that is what being an entrepreneur is all about. Among others, this is one of the many reasons why 80% of new businesses fail within the first five years (see SBA).

Entrepreneurship is not glamourous nor is it for the faint of heart. When we see entrepreneurs taking vacations and enjoying life’s finer things, this is most likely occurring after they’ve made years of sacrifice, spent countless hours grinding, and suffered the heartaches that come with business wins and losses. Missed soccer games, missed nights out with friends, missed family vacations, and missed dinner dates with the one they love the most are never posted for the world to see. Therefore, most really have no idea what it takes to succeed as an entrepreneur.

Entrepreneurship requires commitment, tenacity, grit, and perseverance unlike almost anything you’ve ever engaged in before in your life. Entrepreneurs have no “Plan B”. They burn the ships and operate with no other option than to succeed. Few have that mentality, which is why few truly become successful. Sure, you might be able to start a lifestyle business and say you are an entrepreneur, but I would argue that a true entrepreneur achieves far beyond that.

True entrepreneurs solve problems and change lives with their products and services. They not only change the lives of those they serve or create products for, but they also change the lives of those who who choose them as an employer. They understand that they have a commitment and an obligation to make a difference and lead with integrity and morality.

A great entrepreneur is not in it for the money. They see money as a biproduct of their commitment to making a difference through the creation of a product or service that fills a need, solves a problem, and is in demand by their customer or client. This is another contributing factor to the 80% failure rate.

True entrepreneurs not only understand the time and energy commitment it takes to be successful, but they also understand the planning and financial investment required to launch a new concept in a new market. They know that one’s ability to withstand the test of time is as important as a great idea. Building a great business takes a great idea, strong plan, proper funding, and never quit attitude.

Most new entrepreneurs underestimate how much it will cost to start a business and how fast they will burn through cash on their way to breakeven. Starting a business is stressful enough, it becomes exponentially stressful when you do not have the funds to withstand the test of time. An underfunded business is another reason 80% of businesses fail within five years.

If you want to succeed in business, you must be smart. This is not to say you need to have above average intelligence. Some of the most successful people in life are of average intelligence. You must be smart about the reality of what it takes and what is needed to be successful as an entrepreneur. You must be honest with yourself about your level of commitment to doing everything it takes to be a success. You must ask yourself if you are willing to give up nights out with friends, weekends watching sports all day long, evenings binge watching mindless television programs, and sleep.

Kidding yourself will not result in a change of reality. Reality will hit you in the face like a punch in the mouth in a title fight. If you’re not ready for it, it will knock you out. However, if you’ve prepared yourself, done the works in the dark so you are ready to stand tall under the heat of the bright lights, you may get knocked down from time-to-time, but you won’t get knocked out. Then, one day you’ll find yourself at the end of the 15th round with your arms in the air, a smile on your face, and a feeling deep inside like none you’ve ever felt before.

Randy Stepp is a Principal with Renaissance Leadership Group. RLG is a full-service business and franchise development company whose purpose is to help business owners realize their dreams of independence and freedom.

Visit Renaissance Leadership Group at www.renaissanceleadershipgroup.com to learn more about business development