In the first few installments of this series, we discussed the reasons as to why you should start your own business. Here, I touch on some big deterrents which you should not allow to persuade you to go out on your own. Every true entrepreneur finds him or herself in one way or another.
You will too. However, if you are an aspiring entrepreneur, don’t ruin your chances by taking the plunge for some of the reasons listed below. More likely than not, it will not be a good experience.
Reasons which should not prompt you to start your own business:
Because you have this “idea”
It is hard for me to write this because “ideas” end up changing the world. Though, let’s say you quit your job and begin working on marketing and selling one idea. Within the first ten minutes, you will probably find 1,000s of people out there doing the same thing.
Instead, start what I call a feeder business to make sure that revenue is coming in while you are going after that “idea”. Use your free time to hone the aforementioned.
Don’t make it the other way around. I almost started a second business and luckily only put a few thousand dollars down without giving up my main business. It turned out that I could not market it online the way I want.
Conversely, I am quite grateful, as the business plan I drew up ended up to not be as viable as I initially thought it would be.
You want to prove something to that boss of yours
The fact that you feel you cannot get ahead in your current job is much more of a reason to start your own business than to prove something to someone.
In my first and last corporate job, I had a boss who I thought was too complacent, and she gauged the success of her employees on whether she liked them or not. This made me angry. When I began my company, I was 25 and I wanted her to see what I had achieved.
At this juncture, she is a past thought and I doubt she would even care. Revenge is not a good business model – or a life model while we’re on the topic.
Your friends are making more money than you
Get used to it. Unless you are Bill Gates, more likely than not, you will not be the wealthiest person at any particular engagement. Don’t judge yourself based on what others make, and surely don’t go starting a business with this reason for quitting your job and going the entrepreneurial route.
Because you went to see a motivational thinker
Motivational speakers, from the little I know, seem great and they help a lot of people. Though, to leave the conference and go directly to your boss and tell him or her that they are miserable is crazy.
This reminds me of the Seinfeld episode where George calls his boss an idiot and a laughing stock then has to go back on Monday. On an interesting note, this was something Larry David actually did.
Decisions made on the fly are frequently poor decisions. That is, unless you get lucky.
Now that you understand the reasons which should fuel you to either begin or shy away from starting a business, use this knowledge to your advantage. If your thoughts happened to land in the “why you shouldn’t start your own business” list, don’t fret. Just like most things in life, let it come to you.