Nowadays, if you ask, two out of five people will tell you they want to leave their jobs to start a business. All that excitement! Money, fame, attention, recognition, building the dream, making this world a better place, solving a problem… looks like a fairy tale for everyone who has a vision and wants to quit their 9-5.
Sadly, what most people see and romanticize is the end result, not what lies behind the curtains.
And the truth is that it all comes with a price and compromise – as amazing as it is.
From my personal experience, the idea of entrepreneurship is misunderstood, and the word is misused.
Most wannabe “entrepreneurs” are self-employed. Self-employment is rewarding and can be very successful, but the pressure and responsibilities differ.
To be an entrepreneur, whether you’re starting a small business or a large one, you need to consider operational costs, people who will depend on you, investors watching your back, partnerships with trustworthy people, the huge responsibility for the corporate culture you will design, potential crises management and more, the list is heavy and endless.
As an entrepreneur, you are the decision maker; and some decisions are not easy.
Being an entrepreneur is a totally different ball game. And frankly, not everyone has the stomach. Not everyone is a versatile player. And not everyone is equipped with all the necessary tools to make it in an ocean filled with big fish.
Can having the money make a difference? Sure, you can hire agencies, work with consultants, and have your own trained staff.
However, as a business owner, it takes more than having the funds and relying on external sources.
In most published articles, the conversation is about the ideal entrepreneur and the skills they should have to succeed. We talk about being a great, passionate leader, hard work, sweat and tears, discipline, perseverance, resilience to pressure, mental struggle, sleepless nights. Nothing is false or untrue. But there’s so much more to consider.
I am self-employed, and I am always careful not to say I am an entrepreneur (as much as I would like to) simply because it’s not accurate. But I have worked with many entrepreneurs for many years, some of them in Dubai, one of the most entrepreneurial cities in the world.
Hence, through my personal experience and everything I learned and studied, I have a deep understanding of what entrepreneurship means. My professional journey prepared me for the next step: being an entrepreneur myself and mastering the five rules of being an entrepreneur below.
5 Golden Rules
#Rule 1: The right connections.
Being a talented, efficient, passionate leader equipped with skills such as communication, problem-solving, conflict resolution, healthy boundaries, patience, and no fear of innovation is simply not ENOUGH. You need to mingle in the right circles, connect and engage with the right people, and build and nurture relationships with players who have already made it. You have to work hard but also be smart. You need to have the go-getter attitude of someone who is not afraid to ask and pursue what they believe is meant for them.
#Rule 2: The right connections supporting you
You might think it’s a mentor. We need mentors, too. But more than that, we need someone who likes us so much and believes in us so deeply that they are willing to push and support us financially, mentally, emotionally, and socially.
#Rule 3: Always watch your back.
Every industry is a competitive market, and you will not have many friends on this path. You will have partners, associates, stakeholders, employees, and vendors. It’s all business, and not everyone who seems to be fair will be until the end. I don’t encourage a negative or paranoid mindset, just a careful and wise one.
#Rule 4: If you fail, continue.
If you fail, and you might—stand up, human up, level up, and start all over again. Many businesses fail in their first three years. If this happens, it does not mean you are not capable, but entrepreneurship comes with mountains of pressure and challenges. If you have already built a business, you are more than capable of doing that again, probably with a new set of rules and lessons learned under your belt. You might also have to adjust your vision, direction, and the people you are working with.
As Winston Churchill once said: “Success is not final. Failure is not fatal. It is the courage to continue that counts”.
#Rule 5: Your well-being is not worth sacrificing
Your mental health is the most important thing in the world and is non-negotiable. It’s directly connected to your physical and emotional health.
You might have to be available 24/7, and have mountains of pressure lying on your shoulders. As the decision-maker, the responsibility is overwhelming.
Learn to pause, take breaks, and spend time with loved ones. A health/wellness coach or therapist might help you keep things balanced.
Being a successful entrepreneur isn’t an easy journey. There are unexpected detours, roadblocks, dead ends, stress, plans that don’t work out, and funding that is not there yet. And it won’t always work—or at least not how we want it to when we want it.
However, succeeding as an entrepreneur can be one of the most rewarding experiences as we have a vision of changing the world for the better.
Ultimately, entrepreneurship is not just about having a brilliant idea; it’s about managing people and building a dream while setting an example, inspiring others, and leaving a footprint behind.
