This is America, the land of opportunity. With a couple good ideas, a little luck and a lot of hard work, anybody can pull themselves up by their bootstraps and be the next Carnegie or Rockefeller (or for a more time-appropriate reference, the next Bezos or Zuckerburg).
Even if you cant be the next billionaire mogul, who wouldnt want to own their own business, set their own hours and make their own money rather than listen to what some boss tells them to do?
But entrepreneurship isnt for everybody. It can be a hard life its certainly a risky one and if you dont have what it takes, well, maybe youre better off with a boss (and the stability that comes with taking home a paycheck and not having to invest your own money in the business) after all. If any of the following seven signs apply to you, maybe youre just not cut out to be an entrepreneur.
1. Youre not financially stable enough to fail
Most startups fail. Thats the sad, simple truth. And when we say most, we dont mean like 51 percent. According to a recent post by Neil Patel on Forbes, 9 out of 10 startups fail. Before you mortgage the house or empty out your life savings, think about that stat. If you cant afford to lose this game, then dont play. The odds are stacked heavily against you.
2. You expect to start making money quickly
Okay, so even if manage to be one of the 10 percent of startups that succeed, that doesnt mean youre going to start making a lot of money right away. It takes most businesses years before they actually start turning a profit. You must possess a saintly amount of patience to be a truly successful entrepreneur.
Inc.com has reported that five extremely successful companies didn't make money in their first five years.
While you don't go into a business thinking this will happen to you, it is something you need to accept is a possibility.
3. You dont think marketing is important
Marketing is expensive. A lot of startups dont have much of a budget to begin with, so often theyll skimp on their marketing budget to save a little cash.
Thats a mistake.
Marketing is incredibly important, because product/service quality isnt everything. Quality does matter, of course, but even if you offer the best service or product in town, if you arent able to effectively get your name out there then youll find yourself losing business to those that do.
Name recognition is half the battle.
Companies wouldnt pay for print, radio and TV ads if they didnt work. For a more targeted and effective approach, you can use online marketing to improve your search rankings.
Just don't stick to one form of Internet marketing such as SEO, or just paid ads. Have a diverse strategy, never relying fully on one source of leads.
4. Youre an idealist rather than a realist
Earlier we alluded to the American Dream: In this country, youre supposed to be able to succeed as long as you work hard. In business, thats just not the case. Even if youre working hard, expect a dozen failures for every victory.
Dont be idealistic, be smart.
Know your territory.
Rose-colored glasses will doom your enterprise.
5. You hate confrontation
It's been reported that introverts make great entrepreneurs.
That said, there is going to be confrontations as a business owner.
To effectively manage your startup, youre going to have to put yourself in some social, and potentially uncomfortable, situations like disciplining employees who arent preforming up to your standard, and also trying to convince investors that their money is well-spent on your business.
6. You dont communicate well
A lot of people dont mind confrontation and talking to people, but that doesnt mean theyre any good at it.
If you have trouble clearly explaining what you do and how its going to make money, even if youre not nervous around investors, youre not going to convince them of anything.
And if you cant clearly explain what you expect out of your employees, youre not going to be able to delegate tasks successfully.
7. You dont handle stress well
Businesses rarely follow a straight, predictable trajectory. Itll be dead one month and incredibly busy the next, and that constant up and down, back and forth can be incredibly stressful. In other words, if your doctor is worried about your heart and wants you to cut the bacon out of your diet, thats a good sign that your body isnt ready for the roller coaster that is running a business.
So what do you think? Do you have what it takes to start your own business?
Want to know one characteristic that can help you overcome every single one of these challenges?
It's a no-quit, accomplish-your-goal-no-matter-what attitude. If you have the determination, the perseverance and internal motivation to keep you going, there's no stopping you.
Even if you cant be the next billionaire mogul, who wouldnt want to own their own business, set their own hours and make their own money rather than listen to what some boss tells them to do?
But entrepreneurship isnt for everybody. It can be a hard life its certainly a risky one and if you dont have what it takes, well, maybe youre better off with a boss (and the stability that comes with taking home a paycheck and not having to invest your own money in the business) after all. If any of the following seven signs apply to you, maybe youre just not cut out to be an entrepreneur.
1. Youre not financially stable enough to fail
Most startups fail. Thats the sad, simple truth. And when we say most, we dont mean like 51 percent. According to a recent post by Neil Patel on Forbes, 9 out of 10 startups fail. Before you mortgage the house or empty out your life savings, think about that stat. If you cant afford to lose this game, then dont play. The odds are stacked heavily against you.
2. You expect to start making money quickly
Okay, so even if manage to be one of the 10 percent of startups that succeed, that doesnt mean youre going to start making a lot of money right away. It takes most businesses years before they actually start turning a profit. You must possess a saintly amount of patience to be a truly successful entrepreneur.
Inc.com has reported that five extremely successful companies didn't make money in their first five years.
While you don't go into a business thinking this will happen to you, it is something you need to accept is a possibility.
3. You dont think marketing is important
Marketing is expensive. A lot of startups dont have much of a budget to begin with, so often theyll skimp on their marketing budget to save a little cash.
Thats a mistake.
Marketing is incredibly important, because product/service quality isnt everything. Quality does matter, of course, but even if you offer the best service or product in town, if you arent able to effectively get your name out there then youll find yourself losing business to those that do.
Name recognition is half the battle.
Companies wouldnt pay for print, radio and TV ads if they didnt work. For a more targeted and effective approach, you can use online marketing to improve your search rankings.
Just don't stick to one form of Internet marketing such as SEO, or just paid ads. Have a diverse strategy, never relying fully on one source of leads.
4. Youre an idealist rather than a realist
Earlier we alluded to the American Dream: In this country, youre supposed to be able to succeed as long as you work hard. In business, thats just not the case. Even if youre working hard, expect a dozen failures for every victory.
Dont be idealistic, be smart.
Know your territory.
Rose-colored glasses will doom your enterprise.
5. You hate confrontation
It's been reported that introverts make great entrepreneurs.
That said, there is going to be confrontations as a business owner.
To effectively manage your startup, youre going to have to put yourself in some social, and potentially uncomfortable, situations like disciplining employees who arent preforming up to your standard, and also trying to convince investors that their money is well-spent on your business.
6. You dont communicate well
A lot of people dont mind confrontation and talking to people, but that doesnt mean theyre any good at it.
If you have trouble clearly explaining what you do and how its going to make money, even if youre not nervous around investors, youre not going to convince them of anything.
And if you cant clearly explain what you expect out of your employees, youre not going to be able to delegate tasks successfully.
7. You dont handle stress well
Businesses rarely follow a straight, predictable trajectory. Itll be dead one month and incredibly busy the next, and that constant up and down, back and forth can be incredibly stressful. In other words, if your doctor is worried about your heart and wants you to cut the bacon out of your diet, thats a good sign that your body isnt ready for the roller coaster that is running a business.
So what do you think? Do you have what it takes to start your own business?
Want to know one characteristic that can help you overcome every single one of these challenges?
It's a no-quit, accomplish-your-goal-no-matter-what attitude. If you have the determination, the perseverance and internal motivation to keep you going, there's no stopping you.