Are You Cut Out to Be an Entrepreneur?
More than 50% of young people want to become an entrepreneur. That’s according a 2015 survey by EY. Many other researches by various other bodies like UPS also support this data. Young people want to be their own boss, and chances are that you too want that.
The big question is: Are you cut out for it?
Okay. Let’s get one thing straight. No one can tell you what you can or cannot do. Anyone can do anything if they put their mind to it.
Wait a minute. If that’s the case, why then are businesses failing left and right? I mean, according to Forbes, 90% of startups fail. The thing is that some people fail to assess themselves and their options before leaping into building a business. Hence, they end up setting themselves up for failure.
Therefore, before you leap, please evaluate yourself using the tips below.
Weigh yourself before jumping into starting a business. Ask yourself. Can you stand pressure? Does being uncomfortable make you panic? If it does, then perhaps you are not cut out for self-employment. Or maybe you need help running your business. Why? Because business is about trying new things and daring to grow by stepping out of your comfort zone.
Quick cash in business is a fairy tale. If you want quick cash, then try gambling. Profit in business takes time to come. In the beginning, it’s all about spending–investing.
Profit only comes when you business becomes successful. And for a business to become successful, it need to solve a problem, to add value to people’s lives. Focus on that first and profit will flow in later.
Business takes time to grow, to start pulling in money. In the beginning, it’s usually tough, but then there are times it will get tougher and you would be tempted to quit.
Your success will depend heavily on your ability to stay the course and push through those tough times. If you are impatient, chances are that entrepreneurship isn’t for you.
Being an entrepreneur can be like becoming a celebrity. From an employee who often complain about their boss, you become an employer who has to put up with both the complaints of his or her employees and clients. You also become a spokesperson for your business. You become the front man. If you can’t handle attention (whether positive or native), you might want to think twice about becoming an entrepreneur.
Okay, granted. Everybody hates bumpy roads. The big question is how resilient are you? If a bumpy road is the only way to reaching your destination, would you follow it or turn back? If your answer is the latter, then becoming your own boss is probably not for you. Why? Because there’s never are no flat surfaces when it comes to doing business. It’s a bumpy ride all the way. The key to transcending the bumps resides in being prepared.
Complexity can ruin your business if you let it. If you understand complex stuff and your business is built around complexity, then you have set yourself up for failure.
Remember that a business is supposed to solve a problem, not create one. Something complex is a problem. A solution means breaking down that problem into simple pieces that people can understand. To thrive, your business needs to be easy to communicate to both your employees and customers. No one says yes to something they don’t understand.
Well, think again. Without proper marketing, your product or service will languish in oblivion. Okay, maybe not. I believe the correct way to put this is that you (and your workers) will be the only one(s) that know(s) about it. Why? Because when you create something new, no one will know of its existence until you tell people about it.
When you tell a friend or family member about your product, that’s marketing. Now imagine this: by investing some money marketing, you can tell thousands, if not millions, of other people. Isn’t that great for business? Of course, it is.
If you can’t explain your business idea to other people, then chances are that you don’t even understand the idea. Entrepreneurs work with partners, employees, vendors, and customers. At one point or another, you are going to have to delegate tasks, outsource task, direct others on what to do, present your business plan to your partners or investors, and so on. How can you do those things effectively if you can’t explain or don’t understand your own business idea? Remember, understand makes for proper strategy and implementation. If you have having trouble explaining your idea, then entrepreneurship might not be for you.
I have news for you: business is all about solving problems. In the beginning, you probably have a problem you believe your business solves. But after launching your first product, you will realise that some customers are not satisfied with it. This creates further problems. To thrive you need to be the type of person that don’t run from their problems. You need to be the sort of person that loves solving problems.
Now that you have evaluated yourself, what do you think? Are you cut out for doing business? Whether your answer is yes or no, I have good news for you. You can build a successful business. You just need to be wise by working with the right people. If you are deficient in an area, it’s possible to get help in that area.
That’s what successful business-people do. They bring people together in order to achieve their goals.