Success can come down to accepting the truth of a situation. Many entrepreneurs have met with failure simply because they didn't want to acknowledge how things truly were. This led them to make poor decisions or avoid paths that would've led to greener pastures. To avoid their fate, you must embrace and accept a number of truths about entrepreneurship.
1. Your Health Always Matters
For a passionate entrepreneur, the idea of spending time on things unrelated to the startup can appear unnecessary. There will be time to take care of their health later, some will claim, pouring all their days and nights into the startup, so it comes to fruition faster. Others will set an arbitrary goal post, such as a set amount of revenue monthly, before even considering their personal state.
Predictably, those who ignore their health tend to suffer complications. If you're lucky, all you'll end up being is burnt out, but even that can reduce your productivity to the point where the startup fails. Taking care of your health should be of utmost importance. The healthier you are physically, the stronger you will be mentally as well.
2. Company Culture Should Not Be Ignored
For many entrepreneurs, the company strategy comes first, and how the employees act is unimportant as long as they perform as needed. While employee performance is important, approaching your startup from a strategy-first perspective can lead to trouble once you expand or if you need to shift gears. While your strategy is pivoting, for example, what will keep your employees performing as required?
Your company culture is what will keep the startup together when you're not there or during transitional periods. Getting the right people who have the same expectations as the company will limit turnover and improve productivity. The earlier you develop it, the more unified your systems and employees will be.
3. You Will Sacrifice Something
Success does not come for free, and startups often demand great sacrifices. For many people, it's the idea of a work-life balance. For others, it's their personal financial security. You will have to pay the company its due for it to live and thrive.
The problem many face is the idea of having to give something up. Forcing the idea of a work-life balance instead of discussing schedule and availability changes with friends and family, for example, can result in an absentee entrepreneur. This can lead to a severely weakened startup, one that cannot withstand pressure. If you want to succeed, you must be ready to sacrifice.
4. You Can Change the World
Belief is powerful. It's been said that, whether you believe you can do something or not, you're right. A lack of faith in your idea, startup, or even yourself can limit the things you'll do. Where a believer will find answers, you'll find excuses.
If your product solves a problem, it has potential customers. While there are plenty of other things to consider, like marketing and price points, a solution is all you need for your startup to affect a change. Believe in your product. If you don't, innovate and develop it until you do.
5. Integrity is Invaluable
Entrepreneurs love numbers. Numbers tell them how well the company is doing, or what needs changing. However, not everything important involves quantifiable metrics. Integrity, for example, can mean the difference between having a successful entrepreneurial career and being shunned by your industry. It's tempting to manipulate and trick your way to victory, mostly because it can work. Double-cross the right people at the right time, and you can make a real company out of your startup.
However, the personal and professional cost might be too much to handle. On the personal level, you will have to deal with knowing that this is the kind of person you are. On the professional level, people will know to be wary when dealing with you, which will close a lot of doors, possibly enough to undo any progress you could ever make by giving up your integrity.
Entrepreneurship is not for the faint of heart. If you can't handle the truths required of you, success will stay beyond your reach. Fortunately, it doesn't take a special person to accept reality. Just look at what needs doing and what you need to be, and then embrace it.
About Vinod Ramchandra Jadhav: Vinod Ramchandra Jadhav is the Chairman of SAVA Group and Devtech M2M. He has adopted his entrepreneurial spirit to additional fields including Biotechnology and Predictive Diagnostics. In addition to his current roles, Mr. Jadhav supports several charitable organizations recently sponsoring a Rotary International’s “Happy Schools Project” and developing the pediatric unit at Sassoon General Hospital, in Pune, India.