The dream of entrepreneurship captivates many, driven by stories of billion-dollar startups and the allure of escaping the monotonous 9-to-5 grind. As the memory of the 2008 financial crisis wanes, more Americans, from fresh college graduates to seasoned workers, are drawn to the prospect of founding their own businesses. According to the US Census Bureau, over 32 million small businesses pepper the landscape of the United States, a testament to the entrepreneurial spirit that pervades the nation.
However, the book “126 Steps to Becoming a Successful Entrepreneur” by Mario Peshev, a renowned business advisor and global WordPress influencer, offers a sobering counter-narrative to the typical success stories. Peshev, who has founded multiple companies and consulted for over 400 executives, shares a candid look at the realities of entrepreneurship that often go unreported.
The Realities of Entrepreneurial Life
Mario Peshev’s book is not just another entrepreneurial guide; it’s a deep dive into the unglamorous day-to-day of running your own business. He exposes the truth about the “entrepreneurship fad” and the dark sides of going solo, challenging the myth of the overnight success. His insights are drawn from his extensive experience and interactions with both budding and established entrepreneurs.
The stark statistics shared in the book highlight a concerning trend: while numerous businesses are started, many do not employ anyone besides the founder and account for only a small fraction of small and medium-sized business (SMB) sales. This revelation points to the often-lonely and financially unrewarding path many entrepreneurs face.
Key Lessons for Aspiring Entrepreneurs
Peshev’s book is structured around 126 questions that he has encountered from students, blue-collar workers, and nascent entrepreneurs. These questions span various crucial areas:
- Introduction to Entrepreneurship: Understanding the basic principles and what it truly means to start a business.
- Advice for Entrepreneurs: Practical strategies and tips for navigating the early stages of a startup.
- Don’ts for Entrepreneurs: Common pitfalls and mistakes that new business owners should avoid.
- Common Questions About Entrepreneurship: Addressing widespread uncertainties and challenges.
- Strategic Tips for Entrepreneurs: How to sustainably grow and scale a new venture.
- Industry-Specific Niche Startup Advice: Tailored guidance for different market sectors.
Through this structured approach, Peshev equips readers with the necessary tools to better prepare for the arduous journey of entrepreneurship. He emphasizes that starting a business is not just about having a groundbreaking idea; it’s about enduring the long hours, the financial instability, and the intense pressure of managing every aspect of a budding company.
The Entrepreneurial Mindset: Are You Ready for the Challenge?
One of the most compelling aspects of Peshev’s narrative is his emphasis on the entrepreneurial mindset. He cautions that this path is not for everyone. The journey involves a significant trade-off—swapping a stable paycheck and a 40-hour workweek for unpredictable and often overwhelming work schedules that can extend up to 100 hours a week.
For those contemplating this colossal shift, Peshev advises thorough preparation and a realistic assessment of one’s own goals and capabilities. The entrepreneurial path demands resilience, strategic thinking, and a capacity to handle stress and failure.
Conclusion: A Reality Check Before Taking the Leap
“126 Steps to Becoming a Successful Entrepreneur” serves as a crucial reality check for anyone dazzled by the potential rewards of entrepreneurship without considering the risks and challenges. Peshev’s firsthand experiences and the statistical insights he provides make a compelling case for a more measured, informed approach to starting a business.
For aspiring entrepreneurs, this book is not just a read; it’s an essential investment in understanding the true nature of what it takes to succeed in the competitive world of business. Before taking the plunge, Peshev’s advice is clear: arm yourself with knowledge, prepare for the hardships, and then decide if you’re ready to pivot from dreamer to doer.
We had the pleasure of interviewing the Author. Here are excerpts from the interview:
Hi, Please introduce yourself and tell us what you do.
My name is Mario Peshev, and I am a serial entrepreneur, founder of several companies (three in the 7 figures), and successfully completed multiple exits. I’ve consulted over 400 executives and founders in my business advisory, Growth Shuttle, and trained hundreds of teams across organizations like VMware, SAP, Software AG, CERN, Saudi Aramco, and many others.
Please tell us about your book.
The book is a depiction of the entrepreneurial process – the “behind the scenes” journey of what truly happens over the first months and how different it seems compared to what the media covers.
Please tell us about your journey.
As an angel investor in 20 startups going through ups and downs over the past 5 years, I understand the hardships of launching and scaling companies (and why many of them fail soon).
What are the strategies that helped you become successful in your journey?
Ambition, determination, hard work, consistency. It’s about repetitive improvements and progress.
Any message for our readers
If you’re passionate about the journey, enjoy the ride, it’s totally worth it. But if you’re in the 9 to 5 camp and seek active work-life balance, this won’t be possible in the first 1-3 years of your growth journey.
Thank you so much, Mario, for giving us your precious time! We wish you all the best for your journey ahead!