May. 27, 2023
Read time: 3 minutes and 16 seconds.
tags:Starting a business is brutal, no matter what you do. And our eager interest in solving problems with a solution that we have is a quick way to destroy your own enthusiasm. It’s a constant uphill battle, filled with sleepless nights and uncertain outcomes when you first begin a company. You have to be ready to face challenges head-on and exhibit resilience.
The glitz and glamor of entrepreneurship often mask the harsh realities of the grueling hours accompanying struggling business owners who never make the sexy debut on magazine covers or flashy runway shots. People see success stories, but they don’t see the stress, the sacrifices, and the potential for failure. This is survivorship bias which mistakenly demonstrates the survivors but, not the casualties in the process. You might work for no money to later, hopefully, with all the odds stacked against you, make something of your business. But it’s not very likely. Most businesses cease to exist within the span of 5 years of starting.
And that doesn’t begin to scratch the surface of what you don’t see:
The key to entrepreneurial success lies in identifying and solving problems. But it’s not just about solving other people’s problems. It starts with your own, and that sometimes means making money to raise funds for the dream that you have.
A few sets of problems you should consider figuring out first before making a business:
Having a vision is crucial, but it’s meaningless without action. We are in the age of execution, and if you aren’t taking advantage of the tools and skills you already have, you’re likely to be doomed by inaction instead of making things happen as they are necessary. Focus on the problem and work through different ways of having your solution meet up with the problem rather than seeing every problem as a nail.
Entrepreneurs like Jeff Bezos and Elon Musk exemplify the power of seeing a broader problem and acting decisively. Bezos focused on books online, but people failed to see the bigger picture problem he was trying to solve; managing an immense amount of SKUs online in real time. Musk made huge strides with Tesla due to the sheer investment he made. He could have simply coasted on the Paypal money he made and lived comfortably, but being able to adapt technology to reimagine the car was a huge part of the effort Musk made in getting Tesla to be a profitable company. Futurists can predict trends, but entrepreneurs act on them, even when facing doubt.
Entrepreneurship is a tough, demanding journey. It requires resilience, a problem-solving mindset, and the courage to act on your vision, even when others don’t see it. This can only happen if you’re open to feedback and keep your customers at the center of any problem you try to solve.