8 Things An Entrepreneur Must Assume When Starting A Business
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Entrepreneurship is not a journey for those who seek comfort in the mundane or solace in the predictable. It's a path reserved for those who dare to challenge the status quo, those who are willing to embrace the darkness to find the light. The world may see the glitz and glamor of successful startups, but behind that facade lies a world rife with sleepless nights, relentless pressure, and the haunting specter of failure.
The modern entrepreneur, in his pursuit of success, must grapple with certain fundamental truths that many choose to ignore. These truths, raw and unfiltered, are the rites of passage for every man daring enough to step into the world of business.
What An Entrepreneur Must Assume When Starting A Business Are 8 Rules
These are not mere business strategies or management philosophies. They are the very essence of what it means to be an entrepreneur, the core beliefs that drive every decision, every risk, and every sacrifice that an entrepreneur would most likely be interested in internalizing.
Hence, in this article the Invisible Man uncovers these very 8 tenets that every entrepreneur must assume when starting a business.
A. An Entrepreneur’s 8 Assumptions When Starting A Business
1. Sacrifice Is Inevitable
Every venture demands its pound of flesh. The entrepreneurial odyssey is no different. It's a relentless pursuit, often demanding sacrifices that go beyond the tangible. The clock's relentless ticking becomes the entrepreneur's constant companion. Late nights morph into early mornings, blurring the boundaries of work and rest.
But time isn't the only thing one sacrifices. Relationships strain, friendships wane, and moments with loved ones become fleeting. The entrepreneur's path is often a solitary one, marked by the shadows of what's left behind. However, the allure of success, the dream of creating something monumental, often blinds one to the costs. But as history has shown, greatness often emerges from the crucible of sacrifice.
What Must An Entrepreneur Assume When Starting A Business Is That Sacrifice Is Inevitable
Soichiro Honda, the founder of Honda Motor Co. is one such example. Honda started as a humble mechanic and his journey to establish his company was fraught with challenges. During World War II, his factory was bombed twice and subsequently reduced to rubble by an earthquake. But instead of capitulating, Honda sold the salvageable remains of his enterprise to Toyota and used the funds to kickstart his dream of building motorcycles. He sacrificed his initial venture, his comfort, and faced ridicule. But his unwavering belief and sacrifices laid the foundation for what Honda is today: a global behemoth in the automobile industry.
An entrepreneur in that sense, doesn't just trade time for success; he trades pieces of his very soul. And it's this trade, this blood price, that sets him apart, making his journey not just a business venture, but a saga of epic proportions.
2. Passion Is The Fuel
There will be moments in the entrepreneurial journey when logic and reason fall short. When the numbers don't add up, when the market seems unforgiving, and when every advisor suggests retreat. It's in these moments that passion becomes the entrepreneur's guiding light. It's the primal force, akin to our ancestral drive to hunt, to conquer, to dominate. It's the desire that fuels the late nights, the relentless pursuit of a vision, and the refusal to bow down to adversity.
Howard Hughes, an American business magnate, investor, and film director was not just passionate; he was obsessed. From revolutionizing the aviation industry with the design of the H-4 Hercules to producing some of Hollywood's most iconic films, Hughes's passion was evident in every venture he undertook. He faced public ridicule, financial crises, and even physical ailments. Yet, his obsession, his unyielding passion, drove him to heights few could imagine. His life, though marred by eccentricities and controversies, stands as a testament to the power of passion.
And so, for the entrepreneur, passion isn't just the fuel; it's the very essence of existence.
3. Embrace Failure
Defeat, with its bitter aftertaste, is a dish best served to those hungry for success. For it's in the crucible of failure that the entrepreneur's mettle is tested, his character forged. To crave defeat is to understand its value, to recognize its potential as a catalyst for growth. It's the primal instinct, reminiscent of our ancestral days as hunter-gatherers, where failure meant hunger, and success meant survival.
What Must An Entrepreneur Assume When Starting A Business Is That Embracing Failure Is A Given
Thomas Edison is a name synonymous with innovation. However, before he illuminated the world with his invention of the light bulb, Edison faced a staggering 10,000 failed attempts. Each failure, a step in the dance, each setback, a lesson learned. When asked about his numerous failures, Edison retorted, "I have not failed. I've just found 10,000 ways that won't work." His relentless pursuit, his refusal to bow down to adversity, is a testament to the transformative power of embracing failure. It was not just about inventing a bulb; it was about redefining the very essence of persistence.
4. Success Isn't Guaranteed
Entrepreneurship is not for the risk-averse. It's a high stakes game, where every decision, every move, is a bet placed on the table of the market. And like any game, the outcome is uncertain. Entrepreneurs bet their time, their resources, their reputation, and often their entire livelihood. It's a game of nerve, strategy, and sheer will.
The DeLorean Motor Company was founded by John DeLorean. With a futuristic design and the promise of high performance, the DeLorean car was poised to revolutionize the automobile industry. Yet, despite the initial hype and promise, the company faced financial turmoil and eventually declared bankruptcy. John DeLorean, once a rising star in the automotive world, found himself entangled in legal battles and controversies. His vision, though grand, was met with the harsh reality that success, no matter how close it seems, is never guaranteed.
What Must An Entrepreneur Assume When Starting A Business Is That Passion Is The Fuel
John DeLorean’s story is a testament to this catch: even with the best cards, the best strategies, and the most calculated moves, victory is not assured. The market is a fickle beast, and success is its capricious gift.
Yet, it's this very uncertainty, this very risk, that makes the game worth playing. For in the world of business, as in life, it's not the guarantee of success but the thrill of the chase, the passion for the game, and the lessons learned from every bet, win or lose, that truly matter.
5. Planning is Crucial
In business, every move, every strategy, is a calculated step towards domination. The entrepreneur, much like a master chess player, must anticipate, strategize, and execute with precision. Without a blueprint, without a master plan, ventures are left to the whims of chance, and in the ruthless world of commerce, chance is a fickle ally.
Reflect on the strategic genius of Hannibal Barca, the Carthaginian general who dared to challenge the might of Rome. Instead of taking the conventional route, Hannibal meticulously planned a daring march across the Alps to surprise the Roman Republic. Despite facing insurmountable odds, treacherous terrains, and unforeseen challenges, his meticulous planning and foresight led to several victories against Rome. His strategies, though millennia old, serve as a testament to the power of planning and the importance of crafting a master blueprint.
Hence, foresight is the very ability to see beyond the horizon, to anticipate challenges, and to prepare for the unforeseen. An entrepreneur, armed with foresight, is not just reacting to the market; he's shaping it, steering it, and ultimately dominating it. After all, this is the one and only way for an entrepreneur to decrease risk.
6. Solve Real Problems
While the allure of wealth and recognition is undeniable, the true entrepreneur seeks a reward far more profound: impact. To create, innovate, and disrupt not for mere monetary gain, but to bring about change, to better lives, to address the very pains that plague society. Money, in this grand scheme, is but a tool, a means to an end. The true value, the real currency, is the difference one makes, the lives touched, the worlds transformed.
What Must An Entrepreneur Assume When Starting A Business Is That Solving Real Problems Is Best
Dr. John Snow, a physician in 19th century London was one such individual. At a time when cholera was decimating populations and its cause was a mystery, Snow hypothesized that it was spread through contaminated water. Through meticulous mapping and data collection, he identified a particular water pump as the source of a major outbreak. His findings not only led to the removal of the pump handle, effectively ending the outbreak, but also laid the foundation for modern epidemiology. Snow's drive to solve a real-world problem not only saved countless lives but also transformed public health.
Hence, in business, as in life, it's not the accumulation of wealth that defines success, but the legacy left behind. The problems solved, the challenges addressed, the pains alleviated. For in the end, it's not about how much one earns, but how much one impacts.
7. Hard Work is Non-Negotiable
In success, the only currency that holds any value is the sweat of one's brow, the blood in one's veins, and the tears shed in the face of adversity. Monetary wealth, accolades, and recognition are mere byproducts of this sacred trinity. Entrepreneurs understand this all too well. They know that every drop of sweat, every ounce of blood, and every tear shed is an investment, a down payment on their dreams.
Reflect upon the journey of Andrew Carnegie, a Scottish immigrant who arrived in the United States with nothing but dreams and determination. From working in a cotton factory as a boy to becoming one of the richest men in history, Carnegie's rise to prominence was anything but easy. His belief in hard work was unwavering, often quoted saying, "The first man gets the oyster, the second man gets the shell." His relentless grind, his commitment to excellence, and his belief in the power of hard work transformed him from a penniless immigrant to a steel magnate, laying the foundation for modern America.
Therefore, the path to success is littered with obstacles, challenges, and naysayers. But it's the hard work, the relentless pursuit of excellence, and the refusal to take shortcuts that separates the successful from the mediocre.
8. Challenges Are Part Of The Journey
In the unforgiving world of entrepreneurship, challenges are not mere obstacles; they are mentors. They teach, mold, and shape the entrepreneur, imparting lessons that no textbook or seminar ever could. To embrace these challenges is to embrace growth, evolution, and transformation.
What Must An Entrepreneur Assume When Starting A Business Is That Challenges are Part of the Journey
The journey of Sir Ernest Shackleton, the intrepid polar explorer exemplifies this beautifully. In 1914, he embarked on the Imperial Trans-Antarctic Expedition with the aim of crossing the Antarctic continent. However, his ship, the Endurance, became trapped in ice and was eventually crushed. Facing insurmountable odds, freezing temperatures, and dwindling supplies, Shackleton and his crew embarked on a perilous journey across ice floes and treacherous seas to seek rescue. Through sheer determination, leadership, and an unwavering spirit, Shackleton ensured the survival of his entire crew. His ordeal stands as a testament to the fact that challenges, no matter how daunting, are but stepping stones on the path to greatness.
While challenges are the reasons why entrepreneurs experience daily stress of epic proportions, they must face them fearlessly in their quest for dominance. It's a rite of passage, a baptism by fire, where only those with an indomitable spirit emerge unscathed.
9. No Shortcuts to Success
Tales of overnight success are often glamorized, painting a picture of effortless ascension to the pinnacle of success. But scratch beneath the surface, and you'll find years of toil, sacrifice, and relentless pursuit. The truth is, there's no elevator to success; one must take the stairs, step by arduous step.
What Must An Entrepreneur Assume When Starting A Business Is That There Are No Shortcuts to Success
Consider the narrative of Vincent van Gogh, a name now synonymous with artistic genius. Yet, during his lifetime, he sold only a handful of paintings, faced constant rejection, and grappled with personal turmoil. His journey was anything but an overnight sensation. It was a path riddled with challenges, self-doubt, and perseverance. Today, his works are celebrated worldwide, not just for their beauty but for the story they tell of a man who believed in his vision, even when the world turned its back.
The allure of the shortcut in the day and age of storytelling is undeniable. The promise of quick gains, instant recognition, and rapid ascent. But true entrepreneurs understand that this allure is but a mirage.
10. Believe in Yourself
In business, tools, strategies, and resources may vary, but the one constant, the ultimate X-factor, is the belief in oneself. It's the fuel that drives innovation, the shield that deflects criticism, and the compass that guides through uncharted territories. Entrepreneurs understand that while the world may offer advice, opinions, and judgments, it's the belief in oneself, the conviction in one's vision, that truly matters.
Alfred Wegener was a meteorologist and geophysicist who proposed the theory of continental drift in the early 20th century. At a time when the scientific community staunchly believed in static continents, Wegener's theory was met with ridicule and skepticism. Yet, he believed in himself, trusted his observations, and persisted in his research. Today, his once-controversial theory is the foundation of plate tectonics, a testament to the power of self-belief in the face of overwhelming doubt.
Alfred’s saga asserts that every venture, every innovation, every disruption begins with a belief. A belief that challenges can be overcome, that visions can be realized, and that dreams can be achieved. It's this belief, this unwavering faith in oneself, that separates the successful from the mediocre.
B. Conclusion
The path of entrepreneurship is paved with blood, sweat, and tears. It's a relentless pursuit, often devoid of immediate rewards. Yet, those who embark on this journey, those who believe in their vision, find a reward far greater than material success. It's the transformation, the evolution of the self, the realization that the journey itself is the true reward.
So, is the journey worth the destination? The answer lies not in the end but in the journey itself. For every challenge faced, every failure embraced, and every sacrifice made, molds the entrepreneur, forging them into legends. And legends, as history has shown, live on forever.
