In the ever-expanding sea of small businesses in the United States, where the US Census Bureau reports a staggering figure of over 32 million small businesses, the allure of entrepreneurship continues to captivate the American spirit. This dream is fueled by tales of startups achieving unicorn status, igniting the imaginations of ordinary employees and students who yearn to escape the monotony of their 9-to-5 routines. However, as the glitter of startup success stories begins to fade, the harsh realities of entrepreneurship come to the fore.
Mario Peshev, in his book “126 Steps to Becoming a Successful Entrepreneur: The Entrepreneurship Fad and the Dark Side of Going Solo,” provides a sobering perspective on the entrepreneurial journey. As a seasoned entrepreneur and business advisor, Peshev draws from his vast experience to sketch a vivid picture of what it truly means to go solo in the business world.
The Grit Behind the Glamour
Peshev’s book challenges the common misconception of entrepreneurship as a quick route to riches and fame. He starkly contrasts the fantasy of becoming an overnight success with the grueling reality of entrepreneurial life. Transitioning from a stable 40-hour workweek to a tumultuous 80-100 hours spent at the office is a common scenario for many new business owners. The book delves into the everyday struggles that new entrepreneurs face, including generating sales, managing staff, and handling the intricate dance of accounting and legal requirements.
Through a collection of 126 questions—posed by students, blue-collar workers, and budding entrepreneurs—Peshev covers a spectrum of essential topics. These range from basic introductions to entrepreneurship to strategic advice tailored to specific industry niches. His insights provide a reality check for those enchanted by the idea of entrepreneurship, helping them understand the significant commitment and challenges involved.
The Harsh Realities and Strategic Insights
One of the most impactful sections of Peshev’s work is his candid discussion on the “dos and don’ts” for entrepreneurs. He highlights the critical mistakes that many new business owners make, such as underestimating the financial burden of starting a business or neglecting the importance of scalable processes. Furthermore, Peshev offers strategic tips that are crucial for weathering the feast-and-famine cycles that many startups endure.
In his book, Peshev does not shy away from discussing the dark sides of entrepreneurship, such as the intense loneliness and stress that can accompany the first years of building a business. These insights are particularly valuable for potential entrepreneurs who might not yet be fully aware of the personal and professional tolls that their startup ambitions could exact.
Preparing for the Entrepreneurial Journey
“126 Steps to Becoming a Successful Entrepreneur” serves not only as a guide but also as a preparatory tool for those considering the entrepreneurial path. Peshev advises his readers to thoroughly understand and embrace the art of entrepreneurship before taking the plunge. For those not ready, he suggests a return to the drawing board—a period of learning and planning that is vital for any successful business venture.
As Peshev prepares to release a new book, the interest in his practical and no-nonsense approach to entrepreneurship has surged among startup communities and educational institutions. His experiences as a serial entrepreneur, alongside his role as an angel investor, give him a unique vantage point on the realities of starting and scaling businesses.
In conclusion, Peshev’s book is an essential read for anyone captivated by the entrepreneurial spirit. It not only demystifies the journey but also equips aspiring entrepreneurs with the knowledge and strategies needed to navigate the challenging waters of business ownership. Aspiring to start a business is a commendable endeavor, but as Peshev’s teachings reveal, it requires preparation, resilience, and a realistic understanding of the hardships ahead.
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!