Two weeks ago, I discussed identifying reasons for starting a business in ‘Answering the ‘why’ question’ and I concluded that knowing why you started a business what influences customer loyalty.
If you recall, I stated that “customers don’t buy what you are sell, they buy why you sell. Your “why” influences your ad placements, it informs your vision and mission statements. Today, I want to discuss five reasons why you shouldn’t start a business. Don’t get me wrong, starting a business is one of the beautiful and rewarding things anyone could do. How could it be then that I, who has been encouraging people to start their own businesses, is discussing reasons you shouldn’t start one?
My reasons are simple, entrepreneurship is not meant for everyone, and most certainly not for some certain people. For instance, if you’re risk averse, entrepreneurship is not for you. Knowing this will prevent you from taking decisions that would probably lead you through unprofitable path in life.
So, why shouldn’t you probably start a business?
Egoticism is being excessively conceited or absorbed in oneself as Oxford Dictionary put it. Some synonyms include: self-centredness, self-interest, selfishness, self-obsession and narcissism among others. One of the major characteristics of a narcissist, Dr Kola Salami, a behavioural psychologist is lack of empathy. According to him, a narcissist is almost always unwilling to recognise or identify with other people’s feelings and needs. Now, an obsessively egotistical person who almost always seek to have control over situations and in many instances, would most likely not give into account the needs of his/her customers. In his/her case, the customer is not the king, he or she is and that is bad for business.
It is advisable that people with unmanageable ego such stay off starting a business because such business is already failed before starting.
If you’re a control freak, who wants things done in a particular way at a particular time, entrepreneurship is not for you. No one has control over everything, no matter how much they tried. And you will find this to be unpleasantly through when you run your own business. The only two things guaranteed in businesses are taxes and death, every other thing is not.
For instance, you can’t control when your customers will pay you, you can’t control when supplies will be delivered and you most certainly can’t force your employees to meet your crazy standards. If you’re one of those people who can’t yield and accept that they can’t have control over everything, then you probably should not start a business.
The other day I was listening to an interview on the TV. The interviewee, who says he’s an entrepreneur, swore that people could make millions from doing business online with a few months and urged his listeners to join him in the said online business. Here is where I have an issue: no legitimate business that I know of makes anyone millions of naira in a few months of starting. There are so many “success stories” out there that gives the impression that one can make cool millions almost immediately one starts a business, which I find false and misleading at best. In a situation where 80 per cent of businesses fail in the first two years of their lives, how is it possible that you can make quick cash while starting a business?
Am I saying there are no millionaire entrepreneurs? No, they exist. In fact, there are billionaire entrepreneurs but I am guessing they didn’t make their millions or billions overnight. So, if your reason is to make quick money, you are probably going to fail. You may want to save yourself the trouble.
Lack of ability to make good judgement
One of the requirements for success is the ability to consistently make good decisions. If you’re a person who is not entirely sure you can make great decisions (that will benefit your business and yourself as an individual) at every given time, you may want to stay away from starting a business. Decision-making process only gets more complicated as you progress in your business. And as you progress, you realise that you will have to make decisions that will affect lives of your employees and clients and even your family and friends. Those are not decisions you make lightly.