Entrepreneurship has been portrayed to be really sexy. Well, it is, in its way. It has so many benefits that so many people do not bother to check what the other side looks like, to know if they are fit for the entrepreneurial journey.
Not everyone is cut out to be an entrepreneur. Many have gone ahead to begin a startup, only to find it was more than they bargained for, they had the wrong motivation, or perhaps their skill set wasn’t appropriate.
For the wrong person, that dream of being an entrepreneur can quickly become a nightmare. In order not to waste your time and resources, as well as that of people who invest in your business and work for you, it’s wise to figure out whether you really have what it takes to face the entrepreneurial journey.
Here are some telltale signs you can use to assess yourself before you go too far down the wrong path.
People who hate risks
Going into business on your own is a risk that can be controlled by making smartly-calculated decisions, but there will always be the danger of failure, and fear of failure can damage a new business.
Risk-averse individuals that take any level risk will often be paralyzed by the stress of the day-to-day tidings of what’s needed to grow a business.
People who love the comfort zone
Call them sleeping beauties. They are wannabe entrepreneurs who are stuck in a comfort zone. They know they need to grow and make progress, but they’re stuck in the beauty, peace and sweetness of today’s sleep. This ‘sleep’ could be a regular salary, a relationship, or some other kind of benefit that could cause them pain or discomfort if they lost it.
Of course, it’s human nature to avoid risks and play safe, but the first step to starting a business or creating something new is to step out of your comfort zone. People who are scared to leave that beautiful, safe and predictable place might not even make it into the world of entrepreneurship. If they do, they’d hardly be successful.
People who cannot survive without a monthly paycheck
If you can’t live without a steady income, you may not thrive as entrepreneur. It may take months to earn your first paycheck, and that’s if you’re lucky. Even if you do get paid, it could come just once.
You may earn all of your annual income within two months out of the year and have to spread out your payment disbursements to maintain your monthly cash flow needs.
People who care enjoy taking directions
Some great employees make terrible entrepreneurs. A prime example is those folks who can execute someone else’s vision perfectly, but lack their own ideas or self-starter attitude.
Highly introverted people fall into this category. But it’s really not an excuse. An introverted founder needs to be able to set the company’s direction, develop a strategy and delegate responsibilities to employees or contractors.
People who live for perfection
The enemy of progress is perfection, especially for entrepreneurs. Perfectionists are never able to substantially grow their businesses, because they do everything better than everyone else (at least in their minds) and are never able to delegate effectively enough to gain scale.
They also have a hard time getting products and services to market because instead of pursuing minimum viable products/services – product/service good enough to please the customer, they want everything to be, well, perfect.
Did you find these tips helpful? We’d love to hear all about it!