As an entrepreneur—and the founder of a company that supports and encourages entrepreneurs—it’s frustrating to see media reports of inventors and entrepreneurs who’ve become millionaires “overnight.” While there are certainly cases of those who’ve achieved that level of success very quickly, it’s far from the reality for most entrepreneurs. And that can breed misleading and potentially damaging expectations among many people who are considering going into business.
I’ll give an example. Last month, I received a phone call from a woman who’d been developing a new product. Although she was in the early stages—she was far from having final packaged goods—she explained to me that she had to move fast to get her products sold because she needed the money to pay her mortgage next month. I explained to her that if she needed money that quickly, this was not the solution. Even if she licensed her product, which is what she hoped to do, the development process takes years before significant revenue starts coming in.
The fact is that it takes a lot of time, and a lot of patience, to bring a product to market. And media stories—those that count on sound bites and telling the short version of an entrepreneur’s story—often gloss over the actual time, effort, setbacks and reality of the process. They just don’t have the air time to get into the nitty-gritty of the entrepreneur’s experience, and that can make the whole process appear much easier than it actually is.
This isn’t meant to discourage you. On the contrary, I’d like to provide a better picture of what’s real so you know what to expect and how you can plan your business realistically and successfully. In other words, it may not be wise to quit your day job just yet, or to empty your bank account of every last penny, because you probably won’t make the money back soon enough to compensate. That’s because bringing a product to market and becoming an entrepreneur isn’t a short-term solution. It can, however, be an amazing way to build long-term wealth, as well as provide other rewards like creativity and flexibility. If you go into it with your eyes open, the better your eventual chances to make those millions you’re dreaming about.
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