The Uncertainty of EntrepreneurshipBy Michael Mefli on January 6th, 2017 /
We have all heard the saying “The are no guarantees in life,” and in the entrepreneurial eco system, this is especially true. The road to growth and success as an entrepreneur will require facing risk, dealing with uncertainty and being willing to find internal motivation to move through obstacles and challenges. Saying this is not meant to scare you away, rather prepare you mentally for what one chooses when they take a career path that is entrepreneurial in nature.
Uncertainty comes from not knowing if your idea or invention is going to work. Just because you have an idea or invention, does not mean it has what it takes to be a successful business, let alone a sustainable hobby. According to the University of Southern California, we have between 50,000–70,000 thoughts per day, this means between 35 and 48 thoughts per minute per person. So just because we have a business idea or invention does not mean it is going to work out. Half of the battle is just focusing on one of the ideas long enough to see if it will work.
Uncertainty comes from not having business knowledge and understanding your industry, potential competitors and market size. Uncertainty comes from not having completed the adequate due diligence and not properly vetting your idea from a social proof standpoint. People do not know what they do not know and thus will do not take the time to do the necessary research to understand where their idea fits into the landscape of the world. By taking the time to do this, you begin to understand the marketplace. Just the thought of the idea not having a marketplace keeps people from taking this step as they would rather hold onto their idea like a child does a security blanket.
Uncertainty comes from dealing with many of the early obstacles around seed funding for the business. Uncertainty comes from the fear of having to raise money. While it is said that Glossophobia (public speaking) is one of the biggest fears of people, Chrometophobia (fear of money) is usually a bigger issue for entrepreneurs. Having to ask for money, having to seem needy or downright not believing in yourself and the business all lead to the fear of finding money and ultimately having money.
Uncertainty comes from wondering if you can find anyone to work on the business with you. Uncertainty comes from the ability to create processes and systems allowing your business to operate smoothly. Most people do not necessarily know how they are going to attract talent or build the systems necessary, yet the first solves the second. With the right team, you can build a company with the necessary processes and systems for growth and success. While focusing on creating value for each team member and building a solid culture will not remove the uncertainty, it will, however, create a team and culture that can overcome any obstacle.
Uncertainty comes from not knowing what to do if your business becomes successful. This may seem counter intuitive, yet what happens when your business gets to where you dreamed it would go, what’s next? Do you sell? Do you set a bigger goal? The best advice is to dream big and dream often – of course there will be uncertainty in this but the happiness comes from the journey.
The amazing part of dealing with uncertainty is that by choosing to accept it and all that it is not, you really can find peace. You can begin to enjoy the journey and see the joy, freedom and abundance available to you as an entrepreneur. When you can focus on moving through the uncertainty you will find yourself growing into an empowering, driven and visionary leader that is able to work when you want, where you want on what you want.
Remember uncertainty is simply the willingness to find comfort in stepping outside your comfort zone.