One of the biggest challenges faced by 1st Gen Entrepreneurs is what I like to call:
The Entrepreneurial Hump
To illustrate, I’ve invested vast amounts of highly skilled effort to create the following diagram:
As depicted in the above masterpiece, Entrepreneurs face a very tough challenge.
? They have to push a very large, heavy ball up a very tall, steep hill.
But enough with the analogies:
What does that actually mean in real terms?
As a 1st Gen Entrepreneur, the early years of your business often mean:
- You don’t know what you don’t know
- You’re kinda figuring this stuff out as you go
- You’ve got more ideas than you have time & money
- You’re scraping for clients, probably undercharging
- You’re still figuring out your offer, scope, product
- You don’t have systems and processes in place
- You don’t have a team of people to help you
- You’re not really making much money
Does this sound like you?
I’m sorry to report that you are on the left side of the Entrepreneurial Hump:
This side of the hump is exhausting. It’s where you’ll hear things like:
- “I’m working constantly, and don’t have enough time for friends/family/leisure”
- “It’s really hard to find clients. I’m having to work just to find work.”
- “The business isn’t making enough, and I’m living off savings. I only have so much runway.”
- “I have really demanding clients who don’t seem to value what I do.”
- “I can’t really take any time off for vacation, or even sick days, because my clients need me.”
- “Umm… why do I have to pay taxes when there’s no money in my account?”
- “Maybe I should just go back to a day job? Those were the good old days, things were simple.”
Does any of this sound familiar?
That stinks! I know you’re tired, and I’m sorry.
Entrepreneurship is filled with ups and downs.
Now, before you rage quit and go back to corporate world, let me paint a picture of the right side of that hump:
Once you get over the Entrepreneurial Hump, things start to change:
- You settle into a mature version of your product or service
- You have clear boundaries and what you will and won’t do for your clients
- You have systems and processes in place that result in consistency for you and your client
- You have a team of people that each serve a function in this machine you’ve built
- You are now able to take time off from work, enjoy vacation, time with friends/family
- When you return from that vacation, the world hasn’t fallen apart
- You are working less and making more money than before
- You have freedom of time and choice. Want to skip work this afternoon and head to the park? Go for it.
- You cannot imagine ever giving up these freedoms going back to a corporate job.
Getting to this stage is when entrepreneurship truly “clicks”
Once you get over the hump (which is admittedly a difficult thing to do), it all starts to fall into place.
- You will wonder how you ever worked for someone else.
- You will feel great about building something for yourself instead of someone else.
- The value of your company will grow with time, increasing your net worth.
- The pride & joy you feel will grow as watch this machine evolve and provide for your family.
Sound good? That’s because it is.
It saddens me to know that SO many people never get to experience the right side of that hump.
Many will try their hand at starting a business, but only experience the downsides and subsequent burnout that comes with the territory, with none of the perks.
This is especially for 1st Gen Entrepreneurs, who are the trailblazers in their family.
The cards are stacked against them, because they often lack the connections and resources needed to succeed.
And that’s why I’m here:
My mission is to offer the support, mentorship and network every 1st Gen needs to get over that hump and actually enjoy the fruits of their labor for once.
Over the next few weeks, I am going to share all my thoughts on this path of getting over the Entrepreneurial Hump.
Specifically, I am going to lay out my suggestions for bootstrapping your way from Solo to CEO.
I will draw from my 15+ year entrepreneurial journey, where I learned (the hard way) from a ton of mistakes.
I will share what I know to help you get up that hill as quickly (and painlessly) as possible.
Does that sound good? If so, I will see you in your inbox.
In the meantime, feel free to reach out to me with any questions.
I’m here to help ?