So you’ve got your business idea – and you’re sure it’s going to cause a disruption in the market. You’ve got your business plan down and even have the first round of funding ready. All these things are sufficient to launch your business, but the next – and probably the most important – question is: do you have what it takes to be an entrepreneur?
Entrepreneurship is sexy, no doubt – being part of the few usually is. Being able to say you’re your own boss – the founder, CEO, president – and whatever other titles you can come up with is something most wish they could do. But it is not easy or glamorous to be an entrepreneur. Once the excitement of starting a business wears off and you’re in the “middle mile”, then you’ll experience the true test of an entrepreneur. Can you endure the slow, repetitive phase where your resilience will be tested and your abilities questioned at every turn, while still keeping the end goal in mind and being ready to adapt to suit inevitable changes?
If you must be an entrepreneur, you must have some personality traits that not everyone has naturally. Outlined here are some warning signs that you’re not cut out for entrepreneurship.
Also read: What makes entrepreneurs different from other people.
- You’re a perfectionist:
Perfectionism has no place in a startup. It’s a enemy of progress as far as entrepreneurs are concerned. Perfectionism hinders sustainable growth, because perfectionists cannot delegate effectively. Their goods and services instead of being modeled to fit standard and satisfy basic customer needs attempt to be perfect when being good enough is good enough. Perfectionism causes fear of failure, even though “failing correctly” is part of the process that teaches entrepreneurs the lessons they need and allows them to succeed.
- You don’t realize the power of marketing:
Without marketing…I honestly don’t what to append to that half-sentence, because i honestly don’t see how anyone can’t realize or believe in the power of marketing. Marketing is what puts you and your brand in front of everyone – but most especially your target market. Marketing is what keeps business alive and entrepreneurs must be read to dedicate resources to marketing via a series of mediums, otherwise they will never succeed. You can’t be an entrepreneur if you don’t realize the power of marketing, period.
- You have poor spending habits:
The relationship someone has with money says a lot about their entrepreneurial skill. Penny pinching, over-conservativeness with finances and a miserly attitude will prevent you from making the calculated financial risks required to grow your business. This cheapness syndrome is a drawback to several self-proclaimed entrepreneurs and prevents heir businesses from moving forward. If you see yourself exhibiting any of these characteristics, then you most definitely can’t be an entrepreneur. On the other hand, careless spending is probably a more dangerous habit. If you spend instead of investing or invest wrongly, you’re likely to take those poor habits into the running of your business and spend large sums without any tangible results to show. Lastly, having no money to spend when your business needs it is also an issue – albeit an issue of timing. Try to get funding for your business to last approximately three years – which should be enough time to get your venture off the ground. Having to choose between using available funds for rent or for operating your businesses is a tough, unfair choice to make.
Also read: How to fix poor spending habits.
- You would rather take orders than give them:
The truth is – the world is made of leaders and followers and some people are just not cut out for leadership roles. If you’re committed to being a taker of orders for the rest of your life, then entrepreneurship is surely not for you. If however, you feel the desire to make the big decisions and give out orders, that just might mean you’re meant to be an entrepreneur.
- You don’t see problems worth solving around you:
How do you view the world around you? Are things fine, or are there a few things that could use improving? Your perspective on the state of things around you is a pointer to whether or not you can be an entrepreneur marker of your entrepreneurship tendencies. Entrepreneurs see things that need fixing. They see trends that need changing. They see so many things wrong with the world that could do with some fixing. According to USA Today, “Serial entrepreneurs find new problems to fix,” because believe it or not – i doubt any reasonable person doesn’t – there are a million things that need fixing. Elon Musk is a classic example of an individual who saw a lot wrong with the world and set about fixing a number of them. His discontent with online payment methods led to the birth of PayPal. He wasn’t content with the slump in space exploration. He started SpaceX. He saw a problem with the reliance on traditional methods of energy which were damaging the environment and were not renewable, anyway. Welcome SolarCity, Tesla Energy, Hyperloop and Tesla Motors. Look around you. What do you see? No changes needed? Then you probably have no business starting a business.