Are you active on social media? You see people there, on Instagram, Facebook, News. See the lifestyle of successful entrepreneurs. The car that they drive, they’re driving the Ferraris or they’re driving a Bentley or you see the vacation spots, their home, their house, and the life that they have and you say to yourself. I want that too. Basically you’re gonna start any business like them.
Well, are you actually ready to be an entrepreneur?
Here are five warnings that you may not be ready to be in business for yourself just yet.
1. Don’t start a business if you have no money
That’s correct, you read it right! You shouldn’t start a business if you’ve no money. If you need money coming in like you need blood in your veins then DON’T START IT NOW.
Mainly because it takes time for a business to generate profit. If you think you’re gonna start a business and you’ll make money within the next two weeks, four weeks or a month, that’s an employee mentality. As an employee, you get a check in weeks or at the end of the month. But as an entrepreneur, that doesn’t happen.
‘Take care of your cash flow needs first before you worry about building an empire.”
It might take you months over months, years over years. Most business owners don’t make a profit until many, many, many years in. In the meantime, what are you gonna do? You still gotta eat, right? You still have to pay your bills. If you have absolutely no money right now, what do you do? You better get a job.
2. Don’t start a business if you don’t understand the industry
Let me ask you something before you start any business and that is, and I’m asking you right now, Why you? Why now?
If your answer is, oh, I just wanna make some money, you’re gonna fail. No doubt. What qualifies you to be in this space right now? Not what you just saw on News. Oh, that sounds cool. This person, this guy is making so much money doing this, I should jump into that too.
No. To make money in any industry, you have to understand the industry.
Nowadays services like Delivering Goods or online services are doing great in our country due to the COVID-19 Pandemic. By seeing this many people just decided to jump into start this kind of business. As they say its profitable business. WAIT! Please don’t jump that you don’t know. It’s a trap.
If you don’t know the industry, first, you have to learn the industry. Let’s say you wanna go open up a restaurant. Well, is it a good idea to just go to work at a restaurant. see what’s the day to day operation like, what’s it like to work in a restaurant, before you open up a restaurant. So you must know your industry.
3. Don’t start a business if you don’t have stamina
I mean a mental toughness to endure pain. Many years ago, I had this conversation with my mentor and he asked me the question, “Solehin, what do you think is the number one quality of an entrepreneur?” And I said many, many things. I said talent, team and good idea. I said many things and he said “NO”
“The number one quality of a successful entrepreneur is the ability to endure pain for a long period of time.”
He didn’t talk about the Ferrari or about the big house. He said the pain for a long period of time. Is that you? What are you willing to give up? What price are you willing to pay to accomplish success to build your business?
Everybody wants to talk about the glamorous side of entrepreneurship.No one wants to talk about the dark side of it. Are you okay to be able to endure pain for a long period of time? There will be nights that you won’t be able to sleep thinking about how you’re going to pay off that debt. Are you ready to go through this?
4. Don’t start a business if you want more free time
That’s right. If you start a business, you think, oh, now I can quit my job, the nine to five, five days a week. Now I’m gonna be an entrepreneur that now I’m gonna have freedom. WELL! You are dreaming.
You might have freedom after working so many years, maybe a decade, then you will have some freedom. The first five, ten years, you ain’t getting anything. First of all, you are getting paid last. You pay everybody else before you pay yourself. So if you think you’re gonna get rich quick doing this, no. When you’re running your own business, there’s no nine to five.
If you are a business owner/entrepreneur, if you agree with me, then let’s wake people up. Let them know. There’s no nine to five. There’s no nine to nine. It is on your mind 24/7. When you take time off, you’re not really off. You know what I’m talking about.
It takes a few years just to get a sense, get a feeling and try to find out what works in your business, to crack the code right, being profitable. And from there to grow, there’s still a long way. Forget the nine to five. Forget the five days a week. It’s seven days, 24/7. That’s the life of an entrepreneur. And if you don’t love it and you’re not gonna make those sacrifices then it’s too damn tough.
5. Don’t start a business if you don’t know how to Sell
I don’t care what it is that you do. You wanna get customers, you gotta sell, you gotta close deals. You want better terms for financing, you gotta sell. You want better vendors, you gotta sell. You want partners to help you to promote your business, you gotta sell. If you don’t have the ability to sell anyone anytime then you’re not qualified to be in business.
I don’t care what it is that you do, I don’t care what industry you’re in, I don’t care what product or services that you are offering to the customers, you need to be able to close sales.
So these are the 5 top warning signs. Comment below if you know any other warning you should give who want to start the business.