Three Things to Keep in Mind When Starting Your Own Venture

October 1 - Talia Koren

When you're first starting out on your journey to entrepreneurship, you're probably part optimistic, part super scared. Well, that's what On The Dot is here for! There are certain bumps in the road you should be aware of, before you even think about embarking on a journey of your own.

Here are three things to keep in mind when you're in the trenches:

1. Have low expectations for success at first.

A big mistake I see in my peers who start businesses is that they give up too quickly because their idea isn't taking off. Set realistic timelines for growth and get clear on what growth looks like for your business. You have to be in it for the long game and be all in for it to work (even when it's not working sometimes).

2. Don't let the "how" hold you back.

Sometimes I talk to my peers about their business ideas and they say, "I want to do X, but don't know where to start." Everything is Google-able these days. And if it's not, you can easily find people who do what you're interested in doing! Find them and talk to them. Being held back by "I don't know how" isn't an excuse we can make anymore, thanks to the internet.

3. Be comfortable with financial unpredictability at first.

In the beginning, you have to be ready to not make any money for a period of time. You have to be prepared for some kind of debt, whether it's in credit cards or loans. No one really talks about that, but it's one of the realities of becoming an entrepreneur. Not many companies make a ton of money right out of the gate, but it's a risk worth taking for sure.

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