Published on October 4th, 2016 | by Jose Vasquez0
5 Hard Expectations to Set Before Building a Startup Tech Company
Startup culture is creative, fun, energetic, and passionate, but it isn’t all fun and games.
When you read about the breakout tech successes who cashed out with billions of dollars after mastering some new app or social media platform, it’s easy to envision yourself in such a role. Starting your own business seems fun, getting to call your own shots seems rewarding, and the prospect of making tons of money might even make your mouth water.
While I do encourage anyone with a good idea to see it through to completion and take up entrepreneurship, I try not to set any false expectations. The vision you have of entrepreneurship may not reflect reality, so before you quit your job or start writing a business plan, prepare yourself for these five truths:
- Nobody gets rich overnight. Those nine- and ten-digit figures you read about in the news didn’t drop in their respective entrepreneurs’ laps after one good day of doing business. They typically come only after years and years of hard work. Don’t think of it as winning the lottery; think of it as getting years of overdue paychecks.
- Most successes come after multiple failures. Most entrepreneurs aren’t successful out of the gates. They generally see two or three failures before starting a company that truly succeeds—take Bill Gates or Steve Jobs, two of the highest respected titans in the tech industry. Each of them had multiple failed businesses before heading Microsoft and Apple, respectively.
- There’s a lot on the line. You’ll be on the hook financially when you start a business. You might invest some of your own personal capital, and some of your friends’ capital, but even if you don’t, you might not see a real paycheck for months as the business develops.
- You’ll have to make some hard decisions. You might have to fire people. You might have to give up on one of your ideas. You might have to radically shift the direction of the company. These are not easy decisions.
- Success or failure, you’ll invest a lot of time. Possibly the scariest reality of entrepreneurship is that you could spend all that time working your butt off and still end up failing. The good news is, that experience won’t go to waste!
If you understand these expectations and know the risks, but you aren’t afraid to keep going, the world is yours for the taking. Get to writing that business plan, and keep moving those ideas forward!