When I first started BYOB (Build Your Own Brand), I had grand visions of what entrepreneurship would be like—full of success and recognition. However, as we celebrated BYOB’s second anniversary, I've come to realize that the reality is much more complex and challenging.
I want to share some of the unfiltered truths about building a business from scratch and the most important lessons I've learned on this journey.
A big misconception about startups is that you need a ton of funding. This belief can overshadow the importance of resourcefulness and efficient management.
This was my biggest misconception too when I started. But the truth is:
"You can build a small business with higher margins and also keep control of your business."
Starting small and prioritizing profitability over scale allows you to maintain control and foster a sustainable business model. Entrepreneurs can achieve significant success by leveraging creativity and managing resources wisely, without relying on large amounts of external funding.
To survive in today’s rapidly changing business environment, you need to be adaptable. The ability to pivot with shifting markets, consumer preferences, and technology is crucial for long-term success.
"Being adaptable and the ability to pivot is the ONE quality that an entrepreneur has to have."
BYOB’s evolution from a product-based company to a service-oriented business is a perfect example of the importance of flexibility and redefining business models as needed. This adaptability has been key to our survival and growth.
Entrepreneurship is not an easy path. It comes with financial strain, emotional challenges, and social pressures. Understanding these realities is crucial for anyone considering this journey.
"No MBA, No mentor, No College can prepare you for it."
Financial instability will be a constant. There will be times when even simple luxuries are out of reach, and the satisfaction of paying your employees outweighs the pressing need to address your own financial needs. Friends and family might not always understand the sacrifices involved, leading to feelings of isolation.
These challenges test the limits of an entrepreneur’s perseverance, but showing up on the hardest days, when giving up seems like the easier option, is what sets successful entrepreneurs apart from the rest.
Managing client relationships is a critical aspect of running a service-oriented business. Handling difficult clients requires patience and professional boundaries.
"Not every client will align with your vision, and that’s okay."
Actively listening to clients is crucial. If they initially hesitate to follow my advice, I give them the space to explore their ideas for 1 or 2 weeks. More often than not, they return with renewed trust saying let's do it your way.
So, the key is to stay professional, deliver quality service, and never compromise your self-respect.
The path of entrepreneurship is filled with uncertainties. Despite the challenges, the entrepreneurial journey offers unparalleled learning and growth opportunities.
The learnings, and experiences, I have garnered in these 2 years - I don’t think any formal institution would be able to teach me.
"Financial instability, managing employees and clients, and building your own personal brand, alongside maintaining a steady cash flow, are all part of the package."
These experiences build resilience and problem-solving skills, which are invaluable in both professional and personal life.
If I wouldn’t have done this, I would have regretted that my entire life.
Reflecting on the past two years with BYOB, I see that understanding the real side of entrepreneurship is crucial for anyone considering this path.
Forget the overnight success stories, because entrepreneurship offers a different kind of reward.
The satisfaction of building something you can truly call your own and the immense personal growth you'll experience are worth every ounce of sweat and determination.
