 Entrepreneurship is certainly not as glamorous and straightforward as people make it seem. It sure is a lot of work which can sometimes go unnoticed, leading to frustration and as a matter of fact giving up in some cases. Ada Bernier, CEO and co-founder of Skillcrush, an interactive tech learning platform, said that one of the most important things I have learned is that businesses don't fail, entrepreneurs give up. Now, sometimes giving up is the right decision, but usually you need to dig in and figure out how to make things better. Remember, every day is a new opportunity to get up and do it better than yesterday. The truth is that entrepreneurship is not an escape route for a lack of a job. It's a journey that requires hard work, perseverance and consistency. And this can take a psychological toll on entrepreneurs. In this video, I'll share with you the psychological price of entrepreneurship. If you're new here, consider subscribing so you won't miss other exciting videos like this. Entrepreneurship can be lonely at times. Until you eventually grow your business to the point of bringing others on board, it's going to be a one-person show. It's also going to be just you running your business. You'll be responsible for making all the decisions, taking risks and the like. You'll be the salesperson, the manager, the logistics person, the PR officer, the finance officer and everything else there is to become. Having to deal with so much can sometimes be discouraging and tiring, which is why it is advisable to step out and take a break to enjoy some fun time with family and friends now and then. It can help fuel creativity and remind you that even if you have to deal with your business alone, you are not in the world alone. Number 2. You'll fail many times before you eventually succeed. According to Albert Einstein, a person who never made a mistake never tried anything new. In entrepreneurship, failure is inevitable. It comes in different shapes and sizes, but it is still a failure, and it is bound to happen. Why? Because that's how you learn. When you watch the lives of some famous entrepreneurs who have turned out to be one of the best in their various industries, you might be tempted to think they were born that way with some special kind of talent, hence they have never experienced failure in their field. Do you know what? They weren't born that way, and they have also had their share of failures in the past. The truth is that you are likely to make a bunch of mistakes and have a lot of setbacks, and your ability to rise above them will equip you with the insight and resilience you'll need to succeed eventually. Jessica Herron, founder and CEO of Stellar and Dot said, You have to see failure as the beginning and the middle, but never entertain it as an end. Also, according to Reed Hoffman, co-founder of LinkedIn, if you tune it so that you have zero chance of failure, you'll usually have zero chance of success. The key is to look at ways for when you get to your failure checkpoint, you know to stop. Failure is an outcome that you should expect, but rather than getting worked up about it, learn from it, re-strategize and focus on how to get better results in the future. Number 3. Self-Doubt is a part of the journey. Great entrepreneurs look so calm and composed on the outside, however, they deal with an emotional rollercoaster that comes with running a business, one of which is self-doubt. Self-Doubt is normal and natural in entrepreneurs, but that does not mean that self-doubt gets to be the master. Learning to quickly overcome these feelings and any other form of emotional instability is a part of the journey you must also learn. Number 4. Entrepreneurship requires perseverance more than skills. Have you ever heard this famous saying, the fastest runner doesn't always win the race and the strongest warrior doesn't always win the battle. The wise sometimes go hungry and the skillful are not necessarily wealthy and those who are educated don't always lead successful lives. It is all decided by chance, by being in the right place at the right time. It takes perseverance to remain in the right place, even when it looks isolated. In business, especially the early years, you are most likely going to be on your own. It is your vision, no one sees it as clearly as you do, so no one will move at the pace you want your dream to move, which is why it will take time to build, even though we all want what we want fast. Entrepreneurship requires a persevering and not giving up attitude, even when the only thing you want to do is quit. Number 5. You'll have to deal with inconsistent income. Well, it's official, your days of paychecks are over. Although entrepreneurship provides the opportunity to earn significant income, it can be inconsistent. It will take time to build a steady customer base, which is why there will be a lot of high and low periods. However, if you learn to develop a good saving habit, you can create a substantial emergency fund. You will hardly fall into the trap of debt and the like. You see, starting your own company or business is a first class ticket to financial security. However, you can only achieve it when you are prepared for it. In other words, knowing these things isn't an excuse to give up, but an opportunity to make ahead of time. Here's something you need to know. Knowing about the psychological price of entrepreneurship isn't to scare you off or stop you from being an entrepreneur, but to prepare you for the journey and also help you handle the hurdles that come with being an entrepreneur quickly. So, good luck in your journey. Thank you very much for watching our videos. 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