The new wave of becoming your own boss appeals to every tom, dick, and harry. Everyone wants to be an entrepreneur, however, not everyone is ready for entrepreneurship. The bandwagon effect of entrepreneurship is beginning to creep into the working-class strata of the society, but then, not everyone is cut out for the hurdles of entrepreneurship.
Being an entrepreneur isn’t a walk in the park, you have responsibilities that you don’t even have in your 9-5 jobs. Entrepreneurship is not a side hustle; it’s a full-time commitment and you have to give it all you got.
See Also: Success tips for young and aspiring entrepreneurs.
It’s hard to describe the energy and excitement of a new startup. Being an entrepreneur is something that takes creativity, passion, and some seriously out-of-the-box thinking. It can be exhilarating to nurture a new idea into something valuable and profitable.
There are loads of information and advice on start-up mistakes, tips to increase your chances of success, and roadmaps from people who have attained some level of success in entrepreneurship.
But for this discourse, we will focus on the signs that show you’re not ready to be an entrepreneur.
See Also: How entrepreneurs can write the best marketing report.
Signs You Are Not Ready To Be An Entrepreneur
1.) Low-Risk Taker
Entrepreneurship is a risky venture; you have to damn some consequences and take the bull by its horn to make a mark. Even if your product or service is fantastic, there are a host of snags you can hit, from running out of money to running out of steam. Being ready for entrepreneurship means nothing is guaranteed. You are not assured of success, it is about taking a bet on yourself
Even though there are ways to deal with some of the risks, and bring it to its barest minimum; like putting systems and structures in place, then, it doesn’t rule out the risk factor. If you can’t take a bet on yourself and manage risk ethically, then entrepreneurship isn’t for you. If you are ready for entrepreneurship, then you need to have a huge appetite for risk-taking.
2.) You Are Afraid Of Failure.
One of the best friends of a successful entrepreneur is failure. You have to be a friend of failure to thrive in the world of entrepreneurship. But, if you are scared of the failure, then you are not ready for entrepreneurship.
When you start as an entrepreneur, curiosity is your best friend. When you are curious, any answer is interesting. There is no such thing as failure because all you do on the journey of entrepreneurship is learn. Your goal is only to learn what you can offer customers, what value you can give, and how best you can do that. Whatever you learn in the process counts as success.
When people rein themselves in because they are afraid of what will happen, they stop asking questions and taking risks. This is ironically the only way to truly fail; when you stop learning in the journey of entrepreneurship.
3.) You Have A Scarcity Mindset.
One of the defining qualities of entrepreneurship is innovation, and a scarcity mindset doesn’t birth innovation. To be successful at starting your venture, you need to be open to generating something new — not battling to win a small piece of what someone else has created. When you truly innovate and offer something of value, you see your competitors as sources of information. Make your product your standard, and people will fight to emulate you instead.
A scarcity mindset immediately tells me that you’re not ready for entrepreneurship. If the first thing that comes to your mind when you think of entrepreneurship – is lack of money or capital to start, then I know you have a scarcity mindset.
4.) You Believe The Myth That Entrepreneurship Gives You Freedom
One of the popular creeds of entrepreneurship that makes people believe that with entrepreneurship that you become your own boss. This myth has jeopardized the entrepreneurial journey of a lot of entrepreneurs. Let’s get this clear right now, even as a startup founder you are not your own boss and you probably aren’t working for just yourself. As an entrepreneur you are working for investors, you are working for your stakeholders, you are working for your employees – not for yourself. This comes with more responsibility and accountability.
You are accountable for everything; you pay yourself last, you take time off last, etc. It’s a huge privilege, but it also comes with a huge responsibility. These are the untold stories of entrepreneurship, that people don’t get to tell you. Most people have a fantasy about making their own hours and deciding who to work with and when to work. There’s a lot of freedom in it, but that freedom comes at a price.
5.) You Don’t Understand Your Numbers:
As an entrepreneur, one of the most important things to understand is your business numbers. Your number is not something you leave to chance. An entrepreneur must understand his or her business finances. If you’re not keeping tabs on your financials, you could miss important clues that you need to adjust your plan based on actual rather than projected performance.
See Also: How the entrepreneur can manage their cash flow.
6.) Want To Make Quick Profit
Nothing good comes easy, you have to put in the work and even wait for the tree to yield forth its fruit. According to a report by Small Business Trends, about 40% of startups turn a profit and 82% of small business failures are tied to cash-flow problems.
This means that there is no quick fix for profit. Sometimes, it even takes years for your business to become profitable enough to pay yourself a wage. You’re not ready for entrepreneurship if you want a quick profit margin in your business. Coming with a mindset of making quick cash, will put a lot of pressure on your business and stifle its organic growth.
7.) You Are Not Willing To Get Your Hands Dirty
An entrepreneur knows that starting a business means wearing many different hats in the beginning. And most of them will entail unexciting, tedious, and manual work. Whether it is manually researching leads, replying to customer service emails, writing blog posts, or setting up legal contracts and policies — you know you will be responsible for all of it and you are not afraid to get your hands dirty with the daily operations of the business.
The little meaningful works are necessary to build something great. You have to be willing to learn the ‘ins’ and ‘outs’ of your business first hand. Yes, you have to be ready to hustle — and do whatever it takes to build your dream.
8.) You Don’t Like Selling
Show me a successful entrepreneur, and I will show you an entrepreneur who is good at selling. Entrepreneurship is generally about selling. It is safe to say that if you know anyone who runs their own business, you’ve probably heard them complain about sales and marketing – one of many entrepreneurs least favorite tasks.
More so, if you can’t overcome your fear of being seen and becoming an advocate for your business, entrepreneurship is probably not your thing. Once you don’t like selling, you’re not ready for entrepreneurship, because, the lifestyle of an entrepreneur hovers around selling. From selling yourself to selling your ideas, to winning customer’s hearts about your product. These things are interwoven with selling, so you have to love selling if you think you are ready for entrepreneurship.
See Also: Practical tips to sell anything online.
9.) You Can’t Deal With Pressure
The stress of running a business can be overwhelming, anywhere in the world. You have to consistently check your blood pressure because, the pressure will be constant, and you will have to be able to deal with many obstacles without losing your cool.
Some people are more productive and effective at coping with high levels of stress. If you’re not one of them, then you are not yet ready for entrepreneurship.
See Also: How To Stay Motivated When Things Get Tough and Stressful.
10.) You Don’t Have A Passion For The Business You Want To Start
Passion isn’t enough to build a business, however, it is an important part of the equation. Passion keeps the business running anytime you burn out. There are moments when a business will feel like a job.
Your passion reminds you of what you have and helps you continue to move forward. If you don’t have passion and vision for the idea around your business, you might not be ready for entrepreneurship.
Also, having the ability to work alone and get things done is an important skill that an entrepreneur should have. This is mostly done because of the passion an entrepreneur has for his business. If you are the person who needs external validation and motivation, then you’re not just ready for entrepreneurship.
Starting a business, especially, leaving your job to start out, is one of the biggest decisions you will make. No doubt it is risky, but once you get past the initial hiccups, it can prove to be extremely rewarding.
When you compare entrepreneurship and having a regular 9-5 job, you may think that entrepreneurship gives you freedom. However, both have their pros and cons which need to be weighed wisely. You need to be sure that you’re wired for entrepreneurship before you take that big leap.
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What other signs show that someone is not ready for entrepreneurship? Please share them in the comments. We want to read them.
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