AgenteNews Insurance Producer's Online Resource
Thinking about starting your own business? Beware! Below are 10 signs that you just may not be cut out to be an entrepreneur.
10. You can’t stand the heat.
Before you jump into self-employment, make sure you’re very comfortable being uncomfortable. Every day, you’ll need to try something new for the first time. You have to be ready to put yourself out there and do things you’ve never done before –all with less financial security.
9. You have professional ADD.
If you get bored and frustrated easily, or you’re the type of person who likes to go in a new direction every 60 days, business ownership may not be for you. Being an entrepreneur requires unwavering laser focus. Achieving business goals takes time and persistence.
8. You get stage fright.
As a business owner, you are the primary spokesperson for your company. You need to be ready and willing to take center stage and spread the word whenever possible. If you’re uncomfortable in the spotlight or you don’t like public speaking, you better master these competencies before you launch.
7. You hate roller coasters.
As a business owner, you never know what’s around the corner. It could be a really steep hill or gut-wrenching free fall. There will be countless ups and downs, and you need to be prepared to hang on and enjoy the ride.
6. You think complexity is cool.
Complexity may be cool, but it’s hard to create, market and sell. The truth is that the simplest solutions are the most successful. As a business owner, you need the ability to distill concepts down to their simplest forms so they can be easily communicated and implemented.
5. You can’t explain the steps of shoe-tying.
Tying a shoe is complicated, and so is running a business. You have to be able to delegate tasks and direct others. This means you need the ability to break big ideas into easy, actionable steps for implementation. Big ideas are a dime a dozen. Knowing how to implement them is the game changer.
4. You don’t believe in marketing.
Marketing makes the business world go round. If you don’t believe it and embrace it, you’ll never succeed. Be ready to dedicate effort and a decent budget to the task of marketing your company. And, give your marketing enough time to work using a variety of mediums. There’s no silver bullet.
3. You’re easily winded.
Once you get past the adrenaline rush of starting your own business, you’ll encounter a portion of the journey called the “middle mile.” It’s where you face challenges and drudgery. Your feet will hurt, and your breathing will be labored. Despite these inconveniences, you must place one foot in front of the other and press on.
2. You’re a problem passer.
In business, there are problems that must be decisively resolved by the owner. Sometimes, customers and employees will be unhappy with your decisions, and that’s okay. Successful entrepreneurs never postpone difficult choices.
1. You’re on the quest for quick cash.
Profit is the result of productive business. It is not why you are in business. You are in business to solve problems and to serve others. If you find a way to deliver a better solution or service than your competitors, you will make plenty of money. But, it doesn’t happen overnight. If you want to make quick cash, business ownership may not be the right gig for you.
As the above pitfalls illustrate, starting a business isn’t easy, and it certainly isn’t glamorous. But, it can be extraordinarily worthwhile and satisfying. If any of the 10 warning signs above don’t give you pause, you may just be a good entrepreneurial candidate.
