Don’t Start A Business Unless You Can Handle These 6 Things!

This video is about the challenges and sacrifices of starting a business, including long hours, financial risks, taking on multiple roles, dealing with uncertainty, facing criticism, and managing stress.

This video by Adam Erhart was published on Jul 11, 2023.
Video length: 11:44.

This video is about the challenges and sacrifices that come with starting a business.

The speaker discusses six things that individuals should consider before starting a business, including long hours, the risk of failure, taking on multiple roles, dealing with uncertainty, handling stress and pressure, and the need for continuous learning and growth.

The video emphasizes that while starting a business is not easy, it can be worth it in the long run if individuals are prepared for the challenges and willing to put in the necessary work.

• Entrepreneurs often work long hours, sacrificing leisure time and weekends.
• Starting a business involves financial risks and the possibility of catastrophic failure.
• As a startup founder, you will have to take on multiple roles and juggle tasks.
• Starting a business involves dealing with uncertainty and adapting to changes.
• When starting a business, you may have to take on multiple roles and responsibilities.
• Entrepreneurship comes with criticism and feedback, requiring resilience and learning from it.
• Failure is a part of the entrepreneurial journey and an opportunity to learn and grow.
• Starting a business can be stressful, requiring stress management techniques and support.

Don’t Start A Business Unless You Can Handle These 6 Things! - YouTube

Long hours

• Entrepreneurs often work 60-100 hour weeks.
• Leisure time becomes elusive and working on weekends becomes the norm.
• Starting a business requires sacrificing regular 8-hour work days.
• Long hours are the price of admission to a lifetime of free time.
• It is an initial sacrifice for potential rewards in the future.

Financial risks

• Starting a business involves risking finances, savings, job security, and personal relationships.
• The market can change, products or services may not be successful, and unexpected events can occur.
• There is a possibility of catastrophic failure.
• Diversifying client base is important to mitigate risks.
• Surviving risks can lead to becoming stronger and more successful.

Multiple roles

• As a startup founder, you will have to take on multiple roles.
• You may be the accountant, salesperson, social media manager, and more.
• You will have to juggle tasks and switch roles frequently.
• There will be tasks you enjoy and tasks you prefer to avoid.
• In the beginning, you will have to fulfill various roles to keep the business running.

Don’t Start A Business Unless You Can Handle These 6 Things! - YouTube

Uncertainty

• Starting a business involves dealing with uncertainty.
• The market, competition, and external factors can impact the success of the business.
• There is no guarantee of immediate success or stability.
• Adapting to changes and being flexible is crucial.
• Uncertainty is a constant challenge that entrepreneurs must navigate.

Handling Multiple Roles

• When starting a business, you may have to take on multiple roles and responsibilities.
• Running a business requires skills in accounting, sales, IT, and more.
• Being adaptable and flexible is important in handling different roles.
• Appreciating the different roles involved in running a business is crucial.
• Advances in technology, such as AI, make it easier to outsource tasks.

Dealing with Criticism

• Entrepreneurship comes with critiques, feedback, and unsolicited advice.
• Opinions can come from customers, employees, and the market.
• Developing thick skin and resilience is necessary.
• Listening to feedback, filtering it, and learning from it is vital.
• Mental toughness can be learned and developed over time.

Embracing Failure

• Failure is a part of the entrepreneurial journey.
• Successful entrepreneurs have experienced colossal failures in the past.
• Failure serves as a stepping stone for future successes.
• Analyzing failures, learning lessons, and moving forward is important.
• Failure is an opportunity to learn, grow, and pivot.

Managing Stress

• Starting a business can be stressful.
• Long hours and financial risks contribute to stress.
• Developing stress management techniques is crucial.
• Seeking support from mentors or joining entrepreneurial communities can help.
• Taking care of physical and mental health is important in managing stress.

Challenges and sacrifices of starting a business

• Uncertainty becomes a constant companion as there is no guarantee of success in business.
• The market fluctuates, consumer trends change, and the economy can take wild turns.
• Entrepreneurs have to be adaptable and resilient, constantly reinventing strategies and pivoting when necessary.
• Starting a business often involves taking on multiple roles and responsibilities.
• Entrepreneurs face criticism and must learn to handle it effectively.
• Managing stress is crucial as starting a business can be a roller coaster ride with no clear end.

Watch the video on YouTube:
Don’t Start A Business Unless You Can Handle These 6 Things! - YouTube