Having a good idea is of course an important part of any business venture. However, a good idea alone does not lead to success. Even the best ideas can end in failure. Execution and implementation of a product or idea are equally important and necessitate an incredible commitment of both time and energy.

Prior to embarking on any entrepreneurial quest, it is important to understand the levels of dedication required to build a successful entity.

Salary and job security are much more of a concern with startups than any traditional type of salaried/hourly position. There are no salary guarantees. In many cases, founders of small companies work without any type of meaningful monetary compensation for quite some time. In the early stages of a company, it nearly always requires a financial sacrifice by the founder. The payoff comes at the end if some success is attained and something worthwhile is created.

It is best to have cash reserves to finance typical living expense in order to avoid being immediately financially dependent on the startup. Relying on positive cash flows at an early stage is mistake and not realistic.

Family, friends, dating, and outside interests all must take a backseat to the business. If the business is not the focus, it will not be successful. Be up front with your family and close friends. Make sure they understand that this startup is your focus for the foreseeable future and that your free time for usual activities is limited.

Creating a startup and growing it into a successful enterprise is exhausting. Long hours with limited sleep is not the healthiest lifestyle. It truly is a sacrifice. Every entrepreneur must understand this point of emphasis.

Often times, running a startup is more like organized chaos. Say goodbye to strictly regimented schedules. Such defined workdays don’t exist in the world of startups.

Startups are risky, time consuming, exhausting, and often times heartbreaking. Nevertheless, there’s no better feeling than the sensation of growing something from an idea into something of significant value. That’s why so many people become serial entrepreneurs. The euphoria that comes with success is immeasurable.