5 signs that you should not open your business
To be or not to be your own business? This question is asked by many employees. Some rely on the fact that prices are rising, but wages are not, others want freedom of action, others want to change the area of responsibility and be responsible only for their mistakes and failures. But all their restraint uncertainty, especially in the current crisis. But at the same time, a crisis can be precisely the ideal time when it is possible to open a business with less cost.
After all, according to the Chinese saying, God forbid living in an era of change, and God forbid not take advantage of them.
How to be sure that own business is the right thing? And you are not making an epic mistake throughout your life? Richardson & Patel LLP partner law firm and financial blogger David Feldman cites five signs that you should not be an entrepreneur.
“So many people want to start their own business. A miserable office, a miserable boss and low-paid work will make any professional a worthless person. But entrepreneurs cannot be everyone who is just tired of being an employee,” he says.
1. You do not have a big dream
You can open a business in your field, but this does not mean that you can be a successful entrepreneur. “Entrepreneurs are distinguished from other people by their willingness to act and perseverance in the fulfillment of their dreams,” writes Brent Bowers in his book Eight Principles of Successful Entrepreneurs. The most successful entrepreneurs always dream big, introducing either innovative developments or innovative sales methods, setting ambitious goals. But at the same time, their big dream is achieved through decisive actions and concrete steps, such as detailed planning in the short and long term.
2. You are afraid to risk
You refuse to work in a small company as you fear that maybe nothing will work out. If this is true, then starting your own business is very likely not a good idea. “It’s impossible to win the race if you don’t risk running, it’s impossible to win if you don’t decide to fight,” says Richard M. Devos, co-founder of Amway. Great success comes only to those who take risks, throws off the “airbag”, commits themselves (within reason) and follows their big dream.
3. Your family does not approve of your actions.
One of the main reasons why the entrepreneurial spirit burns so quickly for some people is the lack of comprehensive support from family / partners. If every day you come home with a serious and anxious look, and from the side of your family and friends you will be met only by tremendous resistance to your business, you will not see success. Seriously think about whether you should continue your own business in such family situations.
4. You are not particularly motivated and not targeted.
Good or bad, but the greatest success, as a rule, comes to those who are fully invested in the business. At the same time it is extremely important to find a balance in the business marathon. Without persistent passion, you are much less likely to succeed, while debilitating workaholism can also cause problems.
5. You control every step.
You must learn to delegate part of your responsibilities and begin to focus all your efforts on more important things, such as the company’s strategy, key employees and problems that arise in parallel with the development of the business. If you manage subordinates, constantly interfering in the smallest details of the work they do, it will be much more difficult for you to build your business. Healthy skepticism of the team’s capabilities is good. But if you can not leave the team to work on their affairs, then in the long run, the health of the business is likely to fail.