Owning a business is both a very rewarding and challenging career choice that many think about while only a few decide to pursue. For those who decide that running a business is going to give them the career satisfaction as well as the monetary return they need, there are a few things that the individual should be aware of before taking that leap of entrepreneurship.
The first is regarding public relations and media. While public relations is a key facet to just about any company in any industry vertical, whether it be a small, startup organization or large publicly traded entity, PR is best utilized in the bio of the executive team on the company website.
While many PR professionals may claim differently, nobody is going to spend $30,000-$40,000 on your product or service because you were mentioned or quoted in the Wall Street Journal. However, upon seeing those credentials in your bio after visiting your website, the potential buyer is more apt to use your services because of the credibility that the aforementioned Wall Street Journal quote brought to you.
The media is great, quite fun and it's power is nonetheless interesting. However, the entrepreneur has to remember that fame doesn't pay; fame can only help you gain credibility after the potential buyer visits your website. Without the latter, media mentionings are all but a few sentences that were read a few thousand times a few months ago and forgotten ever since.
Another factor that the first time entrepreneur should be aware of is that being branded as an entrepreneur while fun, is as detrimental as it is exciting. One of the last things the business owner wants to be thought of as is an entrepreneur because there is only need for industry experts in business, not entrepreneurs. As a simple noun, “entrepreneur" is too generalized and companies or potential vendors are going to hire you for an industry related reason and, more likely than not it will have nothing to do with entrepreneurial ventures.
Don't get in over your head when it comes to spending. As a first-time entrepreneur you want to keep your stress level as minimal as possible because, try as you might your stress level is naturally going to be high. Therefore, expenses such as credit card debt, excessive use of expensive vendors and other non-crucial business expenses should be kept to a minimum as this is one less thing that you will have to worry about.
While entrepreneurship is multifaceted and, although is not for everybody owning a business should be tried by most within their career. However, prior to taking that leap of entrepreneurship, try to plan as much as possible for the troubles ahead.