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Career Tips - February 3, 2022

Why you are not Ready to Start Your Own Business

The entrepreneur's bandwagon effect is beginning to permeate the working-class strata of society, yet not everyone is cut out for the challenges of entrepreneurship. 

Almost everyone is drawn to the new trend of becoming their own boss. Everyone aspires to be an entrepreneur, but the truth is, not everyone is ready to start their own business. 

The entrepreneur’s bandwagon effect is beginning to permeate the working-class strata of society, yet not everyone is cut out for the challenges of entrepreneurship. 

Being an entrepreneur isn’t easy; you will have duties that you wouldn’t have if you had a 9-5 job. Entrepreneurship isn’t a part-time job; it’s a full-time commitment that requires you to give it your all.

Being an entrepreneur necessitates a high level of creativity, passion, and out-of-the-box thinking. Nurturing a novel concept into something meaningful and profitable may be thrilling, but the execution is where the bulk of the work is.

Contrary to general insinuations, working for someone else is not proof that you’re not progressing or wasting away. Some people are not wired for the rigour of entrepreneurship, and that’s fine. 

Here are seven reasons you not ready to start your own business.

Low-risk appetite 

Entrepreneurship is a high-risk endeavour that requires you to disregard some repercussions and seize the bull by the horns to succeed. Even if your product or service is outstanding, you can run into various roadblocks, ranging from lack of funds to lack of motivation. Nothing is guaranteed when it comes to entrepreneurship. You can’t be sure you’ll succeed; it’s a gamble on yourself.

Even though there are ways to deal with some risks and reduce them to the barest minimum, such as putting procedures and structures in place, the risk factor still exists. Entrepreneurship isn’t for you if you can’t take a chance on yourself and manage risk ethically. If you’re ready to start your own business, you’ll need a big appetite for risk.

Afraid to fail

Entrepreneurship and failure are like siamese. It comes with the territory. To succeed in business, you must be ready to fail hard.

If you have set any serious goals, there is no such thing as failure. You only learn new ways to do things better. Your only goal is to figure out what you can offer clients, what value you can provide, and how to do it best. Whatever you learn along the way counts as a win. People who are terrified of what might happen cease taking risks.

Want to make a fast profit

Nothing worthwhile comes easily; you must labour hard and even wait for the tree to bear fruit. According to a Small Business Trends survey, only approximately 40% of companies make money, and 82 percent of small business failures are due to cash-flow issues.

This means that there isn’t a quick way to make money. It can take months or even years for your firm to become lucrative enough to give you a salary. If you expect a quick profit margin in your business, you’re not ready for entrepreneurship. Coming into your firm to make fast money can place a lot of strain and hinder its organic growth.

You Don’t Know Your Numbers

As an entrepreneur, one of the most crucial things to know is reading and understanding your financial statements. You don’t want to leave your business number to serendipity. An entrepreneur must be aware of their company’s financial situation. If you don’t keep track of your finances, you may miss vital indications that you need to change your plan based on real rather than predicted performance.

Dislike for selling

Starting your own business is a bad idea if you don’t like sales. You have to be ready to market your product and service. Most small businesses don’t have the luxury of hiring salespeople at inception, so as the business owner, you would have to assume that role, in addition to many other functions you didn’t prepare for.

Selling is a big part of entrepreneurship. If you know someone who owns a business, chances are you’ve heard them gripe about sales and marketing, which is one of many entrepreneurs’ least favourite tasks.

From selling yourself to selling your ideas to winning customers’ hearts with your product, business is all about selling.

Scarcity mindset

To be successful in beginning your own business, you must be willing to build something new rather than fighting for a small piece of what someone else has produced. You regard your competition as a source of information when you actually innovate and give something of value. People will fight to emulate you if you make your product its own standard.

You also have a scarcity mindset if the first thing that comes to mind when you think about business is a lack of money or capital to get started.

 

 

 

READ MORE: 5 Business Realities You Should Know Before Becoming an Entrepreneur

 

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