Want to Start a Business? Here are 5 Signs that Shows You’re not Ready

Understandably, many people want to start their own business. They want to give themselves a chance to earn bigger pay, to be in control of their time, or to actualize their dream. All these reasons are valid. However, what most don’t know is that starting and running a business is more complicated than it appears. It can be a nightmare when you meet brick walls and things aren’t going as planned on paper – and this always happens. Always. 

It would be more devastating if you’re not mentally ready for the topsy-turvy that comes with starting a business. No matter how amazing you think your business idea is, here are 5 signs that prove that you are not ready to start a business.

1. You’re desperate for money

Unless you’re going to be robbing people by way of Ponzi schemes and other means, forget about immediate gratification when you’re just starting a business. Profitability in business takes time and it varies for businesses. You’d be setting yourself up for frustration if you think your business would be profitable in its first year or second. It takes five years for some businesses to become profitable. However, it could be less or more.

2. You can’t close sales

Knowing how to sell is non-negotiable in business. Whether it’s a service-based or product-based business, you must have selling skills – be persuasive at the least. Why should anyone patronise your business when there other brands that offer the same service? You won’t survive the competition if you don’t find a unique way to find and retain customers. Thankfully, you don’t have to be born with the skill, it can be learnt.

https://atomic-temporary-203083154.wpcomstaging.com//2020/12/02/if-you-dont-want-to-overspend-this-christmas-and-new-year-here-are-7-things-you-must-do/

3. You don’t understand the industry

One of the biggest mistakes anyone going into business can make is not having a robust understanding of the business they are going into. Of course, you may not know everything until you’re leg-deep into the business but you must know enough before making any commitment. 

4. You think you’ll succeed in less than 1 year

According to a recent study by Failory, the rate at which businesses shutdown in Africa is 54.20%. Globally, it is estimated that 137,000 businesses are born every day or 50 million a year – 90% of these businesses fail. As referenced in the number point, believing your business would succeed under one year would be the biggest lie you’d tell yourself. 

5. You’re not willing to dedicate 10-20 years to your business

The result you’d get from your business would be directly proportionate to the amount of time and work you put into it. Running a business, especially in Africa where there is an infrastructural deficit, is tough. It takes years of persistence and a lot of sacrifices to be successful. In business, you have to be all in or all out. There is no halfway.

⁣