An introduction to what it's really like to start a business.
An introduction to what it's really like to start a business.
Congratulations—you're thinking about starting your own business. I'm assuming you haven't started a business before since you're reading this article—or maybe you have, and it hasn't gone as you would've liked. The most important thing to know is that you can't predict the future. My wife likes to say that "everything is usually two to three times harder than we think it's going to be," and entrepreneurship is no exception.
I'm going to lay out some reasonable expectations—broken up by category—for the journey ahead..
Time to success:
One of the biggest things I see entrepreneurs underestimate is the time it'll take them to build a successful business. One of the first times I met with my mentor, Scott, he told me that it would likely take me four to five years before I'd "be out of the woods." At the time, I—like most entrepreneurs—thought this was ludicrous. It seemed impossible that it could take me four to five years. Looking back, it took me almost four years to reach a sustainable, enjoyable place with my business.
Depending on the type of business you're starting and the market you're in, it's reasonable to assume that it's going to take you anywhere from three to 10 years to get the business to where you want it. If you're building a lifestyle business, it will likely be closer to three years. Suppose you're trying to build a larger multi-million-dollar company. In that case, it's very reasonable that you could be closer to the 10-year range. We all hope that we can achieve success faster. Still, it's essential to be realistic in preparing for the journey ahead.
Workload:
I believe in reasonable work-life balance, so I never endorse excessive workloads for an extended period. I've done it both ways. As a father and a husband, I can say it's just not sustainable or healthy to work an absurd number of hours every week to pursue business success. Startup culture idolizes the workaholic who builds a ridiculously successful company. Knowing what sort of lifestyle you want before you start is important. Though I recommend a healthy balance, certain periods in the startup process will require a lot of work. Most entrepreneurs recall that the early days had a lot of late nights and early mornings to get the extra little bit done because there was no one around to do it. Unfortunately, that's pretty much unavoidable.
Failure:
There's a lot of talk in the business world about the failure rate of new companies. I want to make one thing clear—you will fail. Every business and every founder fails not just sometimes but often. In fact, it seems that the only way to be successful is to fail often. There's no way you can have all the answers before you start, and there's no way that you can have all the experience that you need when you begin—nobody ever has. Failure is the process of trying and learning. What we do when we fail determines whether or not we will succeed. I like to say "fail, iterate, repeat." Basically, this means give it your best shot, then—when you fail—learn from your failure, make changes to your business model, your thinking, your team, and anything else that's necessary to change— then try again. The path to success is not a straight line. See the picture below.
Outcome:
After many years of struggling to build my business and seeming like a complete failure, there was a day when I realized it was all worth it. I was not only making more money than I could've made working for anybody else, but I also had almost complete freedom. Most of all I loved my work. To make it even better, I had a clear path forward to more success and freedom.
There's no question that this road is going to be hard. But if you can stay the course, if you can learn from your mistakes, if you can welcome the uncomfortable experience of bravely facing the unknown, then the job and lifestyle you really want will likely become a reality. For me, and every entrepreneur I've ever met who has been successful, there's no question —it was all worth it, and we will do it all over again.
John Walt - Co-founder + CEO of StackDeck
An introduction to what it's really like to start a business.
An introduction to what it's really like to start a business.
Congratulations—you're thinking about starting your own business. I'm assuming you haven't started a business before since you're reading this article—or maybe you have, and it hasn't gone as you would've liked. The most important thing to know is that you can't predict the future. My wife likes to say that "everything is usually two to three times harder than we think it's going to be," and entrepreneurship is no exception.
I'm going to lay out some reasonable expectations—broken up by category—for the journey ahead..
Time to success:
One of the biggest things I see entrepreneurs underestimate is the time it'll take them to build a successful business. One of the first times I met with my mentor, Scott, he told me that it would likely take me four to five years before I'd "be out of the woods." At the time, I—like most entrepreneurs—thought this was ludicrous. It seemed impossible that it could take me four to five years. Looking back, it took me almost four years to reach a sustainable, enjoyable place with my business.
Depending on the type of business you're starting and the market you're in, it's reasonable to assume that it's going to take you anywhere from three to 10 years to get the business to where you want it. If you're building a lifestyle business, it will likely be closer to three years. Suppose you're trying to build a larger multi-million-dollar company. In that case, it's very reasonable that you could be closer to the 10-year range. We all hope that we can achieve success faster. Still, it's essential to be realistic in preparing for the journey ahead.
Workload:
I believe in reasonable work-life balance, so I never endorse excessive workloads for an extended period. I've done it both ways. As a father and a husband, I can say it's just not sustainable or healthy to work an absurd number of hours every week to pursue business success. Startup culture idolizes the workaholic who builds a ridiculously successful company. Knowing what sort of lifestyle you want before you start is important. Though I recommend a healthy balance, certain periods in the startup process will require a lot of work. Most entrepreneurs recall that the early days had a lot of late nights and early mornings to get the extra little bit done because there was no one around to do it. Unfortunately, that's pretty much unavoidable.
Failure:
There's a lot of talk in the business world about the failure rate of new companies. I want to make one thing clear—you will fail. Every business and every founder fails not just sometimes but often. In fact, it seems that the only way to be successful is to fail often. There's no way you can have all the answers before you start, and there's no way that you can have all the experience that you need when you begin—nobody ever has. Failure is the process of trying and learning. What we do when we fail determines whether or not we will succeed. I like to say "fail, iterate, repeat." Basically, this means give it your best shot, then—when you fail—learn from your failure, make changes to your business model, your thinking, your team, and anything else that's necessary to change— then try again. The path to success is not a straight line. See the picture below.
Outcome:
After many years of struggling to build my business and seeming like a complete failure, there was a day when I realized it was all worth it. I was not only making more money than I could've made working for anybody else, but I also had almost complete freedom. Most of all I loved my work. To make it even better, I had a clear path forward to more success and freedom.
There's no question that this road is going to be hard. But if you can stay the course, if you can learn from your mistakes, if you can welcome the uncomfortable experience of bravely facing the unknown, then the job and lifestyle you really want will likely become a reality. For me, and every entrepreneur I've ever met who has been successful, there's no question —it was all worth it, and we will do it all over again.
John Walt - Co-founder + CEO of StackDeck
