Here are 10 signs that you may not be cut out for entrepreneurship.
Thinking about starting your own business? It’s not easy or glamorous, but it can be extraordinarily worthwhile and satisfying. Beware, though: it’s not for everybody. Here are 10 signs, courtesy of executive consultant Daniel C. Steenerson, that you may not be cut out for entrepreneurship:
- You can’t stand the heat. Before you jump into self-employment, make sure you’re comfortable being uncomfortable. You have to be ready to put yourself out there and do things you’ve never done before—with less financial security.
- You have professional ADD. If you are easily bored or frustrated, or you like to go in a new direction every 60 days, business ownership may not be for you. Entrepreneurship requires unwavering focus. Achieving business goals takes time.
- You get stage fright. As your company’s primary spokesperson, you need to be ready to take center stage and spread the word. If you’re uncomfortable in the spotlight or don’t like public speaking, you better master these competencies before you launch.
- You hate roller coasters. As a business owner, you never know what’s around the corner. There will be countless ups and downs—be prepared to hang on and enjoy the ride.
- You think complexity is cool. It may be, but it’s hard to create, market and sell. The simplest solutions are most successful. You must be able to distill concepts to their simplest forms so they can be easily communicated.
- You can’t explain the steps of shoe-tying. You must be able to delegate tasks and direct others. That means you need the ability to break down big ideas into easy, actionable steps. Big ideas are a dime a dozen—knowing how to implement them is the game-changer.
- You don’t believe in marketing. Marketing makes the business world go round. Be ready to dedicate effort and a decent budget to marketing your company. Give it time to work using a variety of mediums. There’s no silver bullet.
- You’re easily winded. Once you get past the adrenaline rush of starting a business, you’ll encounter a portion of the journey called the “middle mile,” where you will face challenge and drudgery. Place one foot in front of the other, and press on.
- You’re a problem passer. In business, problems must be decisively resolved by the owner. Sometimes people will be unhappy with your decisions; that’s okay. Successful entrepreneurs never postpone difficult choices.
- You’re looking for quick cash. Profit is the result of productive business—it is not why you are in business. If you can deliver a better solution than your competitors, you’ll make money. But it doesn’t happen overnight. If you want to make quick cash, business ownership may not be right for you. iBi