This is one question many people do not want to ask. You might even say it is a subject people avoid deliberately. In some climes, people are viewed as failures if they cannot manage a personal business. The benefits of owning your business are great—you have your time to yourself and make decisions as you see fit. The prestige and respect that comes with saying, ‘I run my business’ are also why many want to own a business.
However, people do not realise that running a company is not for them. They are better off working and earning a salary. The reason for this is because they cannot handle the administrative pressures of a personal business. To set up a business, you must set up processes and systems that ensure its sustainability; you should also guarantee consistency and regularity, among other factors.
Some signs that should tell you if you are not cut out to be an entrepreneur are;
– You love to stay in your comfort zone
You have a higher chance of failing as a start-up owner if you are an introvert. There are two stages to owning a business. The first is the planning phase. In this stage, you develop your business idea, business plans, name of the business, and other background set-ups. The second stage is the outdoor stage. It is here you go out to meet investors, potential customers, pitch your service/product, and make sales. If you are shy, you are likely not to get past the first phase.
– Your motive for starting it
What is your motive for starting your business? Is it to make money, or because you are passionate about it and want to see change around? If your answer is because you are passionate, you will be more likely to succeed in the business. However, if your answer is to make money, there might be a problem. That is because you might not have enough resolve to continue when the road gets bumpy.
– You cannot think of problems to solve
Businesses are formed to meet a need; to find a solution to a problem. When you cannot think of a problem that needs a solution, you are not cut out for business.
– You cannot create a marketing strategy
Do you understand marketing strategy? Do you have a viable plan to reach your customers through advertisement platforms, or are you dependent on friends and families to patronise you? It is best to research different marketing strategies before you make any investments. Take, for instance, parcel delivery companies. They have to come up with various strategies to ensure they meet up to their clients’ demands.
– You only talk; you never act
Are you one of those who can see problems, proffer solutions to these problems, but never act on them? Having this character implies that you are scared of the future and afraid of taking risks. It also implies that you are not the entrepreneur kind.
– You have no USP
You should think twice if you have no USP—unique selling point—that makes your business stand out. Many other companies are selling your product, so why should people buy from you? A successful business must have a niche. There are many delivery services, but ParcelComparemust have a strong USP to stand out from the others.
You cannot be a successful entrepreneur if you do not devote all of your time and energy to it. Basically, you have to put aside all of your other commitments to make it work. Owning a business is no mean feat, so you have to devote time, energy, and discipline to make it sustainable and viable.