The Ugly Truth About Being an Entrepreneur

From medium.com:

I’m here to give it to you straight friends: the gritty truth about being an entrepreneur.

Many individuals would gladly sacrifice the 9–5 grind for a chance at becoming an entrepreneur, with the promise of becoming your own boss, developing a business of your own creation, and watching it grow and thrive.

Starting WordStream and witnessing it develop from a startup into a truly successful company has been a wild and rewarding experience, but there are definitely some aspects about being an entrepreneur that no one warned me about.

Dropping Out Does Not Make You The Next Steve Jobs

Many misguided individuals believe that if they could only throw off the suffocating shackles of higher education they, too, could create the next Apple. Dropping out doesn’t make you a millionaire — ask the guy working at Taco Bell (not that there’s anything wrong with working at Taco Bell. Unless you serve the breakfast menu, in which, best of luck to you soldier).

The truth is that neither Steve Jobs nor Bill Gates dropped out of school to loaf around and play League of Legends all day. Steve Jobs continued to audit classes for over a year after officially dropping out (he cites a calligraphy class as his inspiration for the beloved Mac typefaces and font spacing), and Gates had been planning his future software company for some time before leaving Harvard.

They were rare exceptions — chances are you’ll be much better off finishing school before embarking on your entrepreneurial adventure.

And while we’re at it, Einstein didn’t fail math — he was an excellent student and mastered calculus by age 15. He also married his cousin and never (ever) wore socks, so maybe it’s time to stop using him as the model to base our lives around.

You Have to be Insanely Self-Motivated

If your business starts to grow and become successful, it can feel fantastic! Suddenly you’re seeing big money roll in, and you might get dollar sign eyes. It’s tempting to go on spending sprees (because buying a Tesla makes you a superhero) and reward yourself for all of your hard work. The reality is you should be feeding and growing your business with the money it brings in — not treating your business like your personal piggy bank.

Good bootstrapping builds a long-term profitable business, so avoid self-indulgence and keep yourself on a low salary. Besides, your worn-out boots look vintage, and you can get all your daily nutrients from Ramen! (Note: you cannot get all your daily nutrients from Ramen — but you can try!)…

Read more @

https://medium.com/@larrykim/the-ugly-truth-about-being-an-entrepreneur-68c34d51e36e#.omm80v474

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