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The Dark Side of Entrepreneurship - Outside View by Pardeep Goyal

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The Dark Side of Entrepreneurship
May 7, 2019

My mentor said, "Entrepreneurship is not for the weak hearted"

You need courage and the right mindset to survive & sail through the startup world.

Entrepreneurship is not for you if

  • You can get satisfied with a 10% salary hike every year
  • Settling in life means owning a house, car and stable job.
  • You love to discuss the topic of startups and say, "I will start my own company one day".
  • You think that money can be made by fooling people

You can earn money online without even leaving your job. But entrepreneurship is for people who are willing to take the risk.

Do you remember when did you take the risk last time? Any daring task to risk your job or money. Something like telling your boss that you can taking leave for two weeks whether he approves or not. Or putting investment in a stock when everyone was negative about the future of the company.

Because in entrepreneurship you have to take a risk with your time & money on a daily basis. People talk about entrepreneurship but afraid to buy a paid tool of $99 or hire a high-quality content writer or designer.

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Entrepreneurship is a lonely journey.

  • You can take the expert advice but take the final decision based on your own intuition.
  • You have to fail often to get success once.
  • You can't blame others for your failure because you are the end responsible person.

Entrepreneurship is for brave hearts

  • You have to be mentally strong
  • You won't raise money overnight
  • You should know how to save money on every expense (like a Baniya)
  • Your co-founders may leave you mid-way
  • Your potential investors may ditch you after promising to fund.
  • Going near cashless becomes routine (be prepared for inconsistent income)

You know it's not an easy journey. You have to bear a lot of pain.

It is scary to leave your job and follow your passion. I followed my passion and started writing about saving money by using the best credit cards.

We hear success stories of startups, but no one tells us how many failures are buried under that success.

"Remember, with every failure you are adding layers to your mental strength." - Richard Branson

Side effects of Entrepreneurship

#1. Frustration

Frustration hits you like the monthly mobile bill. Every month we plan something great but plans fail often. We can't avoid the frustration of failure, but we can learn how to handle it.

#2. Insecurity

You doubt your decisions many times. You won't find anyone to help you out. This is a side effect of becoming your own boss. You can't ask for directions all the time, even if you have mentors.

#3. Self-worth issues

You doubt yourself. After continuous failures, you start feeling like you aren't worthy of anything. Persistence and perseverance are keys to tackling such a situation.

#4. Addiction to work

This happens with almost every entrepreneur. Addiction to anything has an adverse effect on life. It's even possible for someone to become addicted to smoking or alcohol after starting up, as they use it to alleviate stress.

#5. Sleep disorders

Bad sleep habits take the front seat when you have to deliver a product on time. There is so much chaos, from customers and employees to family, that you often mess up your sleep schedule. My own bad sleep patterns began to affect my productivity, so I started waking up at the same time every day irrespective of my sleep time. My routine adjusted automatically to my sleep timings.

#6. Family relationships suffer

Have you experienced this when you don't give time to your girlfriend, wife or kids? Even when you sit with them, you talk about recent funding news, or your difficulties in hiring, or how tough your customer is. Give it a break! Spend some quality time with your family.

#7. Bad food habits

A very likely situation for bachelor entrepreneurs. You won't have time to cook food. You will subsist on ready-to-eat junk food alone. You had better get on a fruit diet instead.

#8. No social life

You won't feel it because you are busy building your product or chasing your next customer, but your friends know how many parties you are missing.

I am not trying to scare you, but it is a truth. I have experienced this in my startup life when we lost Rs. 15,00,000 in my startup but learned how to run a business.

Ask yourself, If I quit my job and follow my passion even if I fail miserably, then how would I feel? If you still feel motivated that at least you were able to follow your passion & learn something new - then go ahead and embrace entrepreneurship.

Pardeep Goyal is the founder of award-winning blog CashOverflow.in. He educates his readers about saving money using best credit cards, grow wealth with the right investment and earning passive income online.

Disclaimer:

The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

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