Listen! Don’t start a business until you read this. You see people on social media; Instagram, Facebook, you see the lifestyle of a successful enterpreneur, you see the car that they drive: Ferrari, Bentley, or their houses and you tell yourself “I just start a business to be like them”. Well! Are you ready?
Here are five warning signs that you may not be ready to be in business for yourself yet.
1. Don’t Start A Business If You Have No Money
That’s correct! If you don’t have money coming in, don’t start a business. Why? Because it takes time for a business to mature, to generate profit. If you think you’re gonna start a business and you’re gonna make money in 2 weeks, 3 months, that’s an employee mentality. As an employee, you get checked two weeks, by the end of the month. As an entrepreneur, that doesn’t happen. It might take you six months, a year. Most business owner doesn’t make profit until after many years. In the meantime, you still have to eat, pay bills. If you need money right away, you need to get a job. A business takes money to grow. Take care of your cash flow need first before you worry about building an empire. Take care of your income first.
2. Don’t Start A Business If You Don’t Understand The Industry
Before you start any business, ask yourself “why you? And why now?”. If your answer is just “I wanna make some money, you might fail. Why you and why now?. What qualifies you to be in this space right now? Not just an idea you saw on Facebook and you jump into it. No! Why the industry? You have to understand the industry. If you don’t know the industry, you have to learn about the industry. Let’s say you want to start a restaurant, it’s a good idea to go work in a restaurant, know what the daily operation is like.
3. Don’t Start A Business If You Don’t Have Stamina
Stamina is the mental toughness to do what pay. The capacity to endure pain for a long time. What are you willing to give up? What price are you willing to pay to build your business? Most successful enterpreneur experience pain for a very long period of time before they accomplish a little bit of success. Everybody want to talk about the glamourous side of enterpreneurship and not the dark side. Can you endure pain for a long period of time? Can you skip your night sleeps for success?
4. Don’t Start A Business If You Want More Free Time
That’s right! If you start a business and you think “now I can quit my job, I will be a business owner, I have all the days of week for myself, you are absolutely dreaming. You might have freedom after working so many years maybe a decade, then, you will have some freedom. The first first, ten years you aren’t getting anything. You are paid last. You pay everybody before you even pay yourself. So, you think you’re gonna get rich quick doing this? No! When you’re running your own business, there’s no 95, there’s no 999. It’s on your mind 24/7. When you take time off, you’re not really are. You are thinking about your team, customers, employees, cash flow problems and you are not not gonna get more time because in the beginning, if you don’t have some basic skills, your learning curve is deep. It takes a few years to get a sense of feeling and find out what works in your business. Crack the code.
5. Don’t Start A Businessusiness If You Don’t Know How To Close
Have a closing mentality and closing skill.