I have a cousin who wants to work from home. She’ll send me listings for things like envelope stuffing and other “amazing work from home opportunities” and ask if I think they’re worth her time. I tell her if it sounds too good to be true, it is. The same applies in business. There’s no shortcut to becoming an “overnight success.” In fact, the very concept is a myth. Startups we read about in magazines only seem like overnight successes. In fact, it can take years to get to the point where a publication cares enough about the brand to write about it.
Set the Proper Expectations
Knowing from the start what you should expect in terms of how quickly you’ll get rich (or whatever metrics you use to determine your success as a business owner) can help keep your expectations realistic. Know that there are no shortcuts to success. It will require a lot of hard work and sleepless nights to get your company where you want it to be. Many don’t have the stomach for the stress. But if you know it will take, for example, two years to get to profitability and longer to pay yourself more than you made at your last job, you’ll give yourself that timeframe to achieve those goals, rather than berating yourself when they don’t happen immediately.
Learn from Others
As an entrepreneur, it’s easy to operate in a bubble and pay no attention to others in the industry. But observing similar companies can help you figure out what’s realistic. Are you charging too little to ever earn a profit? What are your competitors charging? What steps are they taking to grow their businesses, and can you take similar measures?
Do Your Homework Up Front
If you’re considering starting a business, do your research first. You don’t want to think you know what to expect in running the business turn out to be wrong, costing you time and money. Research will help you better set your goals and expectations.
Getting rich as a business owner is possible, but it will take time. If you want instant riches, buy a lottery ticket and hope for the best.