Do not start a company just becuase it seems like the “cool” thing to do or becuase you want to make shit loads of mulla. Do it only if you are passionate about creating something ground breaking. Do it if you don’t mind sacrificing “personal” life, living on the edge, stretching your “personal” finances, living out of suitecases and living frugally. Life of a startup entrepreneur is very similar to life of a third year graduate student.
Starting a business does not mean overnight riches. In fact don’t expect to hit the jack pot. If you do well and good. You will however end up making a decent living doing what you love doing, though not a gaurantee.
Starting a business will surely impinge upon your “personal” life. Your business is your life. If you are married, make sure you get the buy in from your spouse. Your kids must be made to accept that Mommy or Daddy may not have free time on the weekends like other Mommy’s and Daddy’s who work at 9 – 5 jobs.
Be prepared for sleepless nights worrying how you’ll pay next months mortgage or rent.
If you’re single, then be prepared to downgrade your life. Move out of that expensive apartment, find a like minded friend or other bootstrapping entrepreneurs and find a way to share a home.
More over be prepared to adapt to change. Be prepared to modify your business model, or perhaps even change the scope of the business. Your final product or service may not end up with what you started out to build. Above all: Remember to enjoy every moment of your entrepreneurial journey. Try and keep a positive attitude.
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