People start businesses for different reasons. They may have a great idea that they want to monetize, or they may want the freedom to be their own boss. Some people try their hand at entrepreneurship after being laid off from a job. Still others have a special knack for innovating.
Regardless of their reasons, many Americans reach for a piece of the American dream by starting their own company. Sadly, though, about half of all new businesses fail within five years.
Not everyone is cut out to be a business owner. If you can identify with the following factors, you might want to think twice before starting your own company.
- You don’t want to be uncomfortable – If you are looking for a comfortable life, business may not be for you. There are many ups and downs as you ride the waves of the market. You might find yourself bringing in large amounts of cash at times but hurting at others. Sometimes, your hours may be just right. At other times, you may find yourself working around the clock. If the unpredictability bothers you, you may want to steer clear of entrepreneurship.
- You want quick cash – Profit is expected when you start a business, but if money is your sole motivation, you may have your priorities in the wrong order. A business is started in order to solve customers’ problems or needs, not strictly to make a fortune.
- You have stage fright – If you are scared of talking in public, owning a business may be a stretch for you. You will need to sharpen your people skills to deal well with your suppliers, employees, investors, customers, and more.
- You have no focus – If your mind continuously drifts from one thing to another, you may have trouble sticking with your business. A successful company needs years of attention and nurturing.
- You get overwhelmed – If having too many tasks flying at you from all directions feels unnerving, consider a plan B. Businesspeople deal with a barrage of tasks. They need the ability to take the onslaught and reduce it to a series of actionable steps, without getting frazzled.
- You can’t confront problems – If you have the habit of passing an issue to someone else, you should develop this skill or be left behind. Successful entrepreneurs don’t dance around challenges or sugar-coat them—they face them head-on.
- You give up easily – Problems are constant in business. If you are the type to get discouraged or to struggle to follow through, consider another type of work. Business owners must have dogged determination.
If these qualities describe you well, think carefully and cautiously about starting your own business. Entrepreneurship can be exciting and rewarding, but not if you don’t have the right attributes to make it work. And that’s ok.