When I launched the Goble Group and started down the path of entrepreneurship, I knew it was going to be challenging. I knew I wanted to focus on my family first, even if it meant the business would suffer a little bit. The business is going to turn 4 years old in March, only a few months younger than my daughter, and because of my family first approach, the business has suffered in some ways.
My kids are only young once, so I can unequivocally say it’s been worth it, but it’s been harder than I thought.
Here are four things (of many) I’ve learned.
1> Know Why You Want to be an Entrepreneur
– Don’t chase the money, you won’t catch it. If you don’t know why you’re doing something, you shouldn’t be doing it. Take the time to evaluate your true intentions before moving forward.
2> Start With a Plan
– Piss poor planning precedes poor performance. This doesn’t mean you need to write out a highly detailed, 70+ page business plan. That’s a waste of time. You do need to sit down and write out some basic ideas at least, and then be prepared to shift on the fly and improvise (a lot) when it’s called for.
3> Know Your Limits
– After doing this for a few years, and knowing the statistics show that 50% of small businesses fail in the first 5 years, I believe that folks reach their limit and then give up. Whether your limit is financial, psychological, or emotional, you have to know your limits.
4> Make Sure You’re Not Alone
–I’m blessed that my wife is on board (most of the time!) with the Goble Group. While she doesn’t share the same business mindset or risk tolerance that I do, she does support me and trusts that what I’m doing is the best for our family at the moment.
So, do you still want to be an entrepreneur? I hope you do, just know that it’s going to be harder than you think it is…but it will be worth it when you succeed.