Entrepreneurship is not an easy path and not the way out of poverty. Being an entrepreneur means forcing yourself to get up every morning to work without any guarantee of success. It often means years of hard work without profit or recognition. If this doesn’t sound interesting, you should not start a business. Just continue with your normal life.
With the Covid-19 pandemic and recessions hitting many world economies in recent times, more people are trying their hand at entrepreneurship. No one can deny the freedom and flexibility of defining your own work hours and taking your standard of living into your own hands. But you need to be sure this is for you.
Certainly, in theory, anyone can start a business. However, this doesn’t mean that everyone should. In this article, we will discuss some of the red flags that show one is not cut out for entrepreneurship. If some of these apply to you, no worries. You don’t have to become an entrepreneur if you don’t want to. There are numerous fulfilling career paths you can chose. However, note that none of the traits you will find below is unchangeable. You can overcome each one with dedication and hard work and become the entrepreneur of your dreams!
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5 Signs That You Should Not Start A Business
1. You Aren’t Willing To Commit The Required Time
The truth is that most businesses struggle for at least the first few years especially if you are a first time entrepreneur. Also, nothing is built in a day, and this includes a flourishing business. Most entrepreneurs will work for a year or more without collecting any salary. And this is despite the fact that you have to treat your business more than a 9 to 5 job. This means, sometimes, working 10 – 15 hours a day for many months and even years before you start to see results.
So, if you are someone who only wants to make money quickly without committing the required time, then entrepreneurship is likely not for you. Nonetheless, while the first few years might be tough, entrepreneurship is a journey. And it’s a journey that can be a wonderful teacher, especially through the rough times.
2. You Don’t Want To Leave Your Comfort Zone
98% of people prefer to stay in their comfort zone. Some people are just okay with “getting by”, or with procrastinating for so long that they never get anything done. If you are the type that like to procrastinate a lot, you should not start a business
On the other hand, the 2% is willing to try things they have never done before, and to do things that make them uncomfortable. If you will make it as an entrepreneur, you have to be in the 2% bracket.
According to Bob Proctor, a 75-year old millionaire,
all change happens outside your comfort zone or beyond what he calls the “terror barrier”.
The terror barrier is the imaginary point at which fear usually causes us to stop trying in life. Whereas if we had gone on beyond this point, we would have found success. Being an entrepreneur is about taking risk. If you are completely averse to taking any risk, to trying even when you’re afraid, entrepreneurship might not be for you.
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3. You Procrastinate Often
As an entrepreneur, time-management skills are key. This is because, as an entrepreneur, there is no boss to keep track of your progress and to query you when you fall short of company goals. If you want to be productive every single day, you will need to have a strong will power.
If you are one to procrastinate and to put off difficult tasks for later, you will never get ahead as an entrepreneur. Additionally, if you are one to get distracted easily, it is important to put measures in place that will help you stay on track. For example, consider working in fixed time intervals using The Pomodoro Technique.
The Pomodoro Technique is a system that helps people optimize every minute of their time.
This time management system increases your sense of urgency when you work and allows you to focus for longer. Also, it makes you get up and take breaks at optimal times. Basically, you develop the understanding that you have to be as productive as you can before the timer goes off. If you use an Android smartphone, check out the Pomodoro Technique Lite application to get started. Otherwise, for Apple users, check out the Focus To-Do app.
4. You Are Afraid Of Commitment
Commitment does not quite mean the one you have in a personal relationship sense. This means that you have to be ready to make a long-term commitment to the business. So, you need to give this serious thought before you jump in.
Just like commitments in human relationships, a business commitment requires stepping up to solve problems, making tough choices, and not getting your way all the time. One of the most common reasons for business failure is that business-owners give up after the first sign of trouble. Making a commitment to your business is akin to making a promise of persistence even during hard times.
So, if you are afraid of making commitments because you of the fear of failure, entrepreneurship is not for you.
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5. You Are Looking For Get-Rich Quick Means
If your original plan to start a business is to solve your poverty problem, starting a business is not for you. While business can make you rich, it requires a lot of efforts and perseverance. As stated in point 1 above, you may not earn a dime from your business in the first few years. So, if you are looking for ways to make money urgently, you may consider getting a job and starting a side hustle.
In Summary
In this post, we went through 5 of the most red flags that one is not cut out to be an entrepreneur. If you relate to any of these and becoming an entrepreneur is a dream of yours, don’t give up! With some careful planning and a strong will, you can overcome any of these shortcomings.
Have you noticed any other signs that show someone isn’t cut out for entrepreneurship? Share some in the comments and tell us how you would overcome them yourself.
If you have decided entrepreneurship is for you, reach out to our partner – Startupcourt – to start the journey today.
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