soupornuts’ shortlist of 4 reasons NOT to become an entrepreneur
At some point, I think everyone toys with the idea of going into business for themselves. It is definitely a romantic notion – to be able to hang out your shingle, start selling and shipping your products and just watch the money roll in. Well, take the advice of this entrepreneur and many others, “It just ain’t so.”
A quick perusal of any bookstore, magazine rack or online article repository will reveal a plethora of reasons that you should “start your own business”, “become your own boss”, or “go into business for yourselves”. Yes, there are quite a few benefits to consider, but you may also want to consider the possible downside. Here’s my short list of reasons NOT become an entrepreneur.
1. You believe at least eight hours of sleep per night is mandatory.
Once you start your own business, you will realize that any sleep is a highly sought after commodity. Unless you have built up quite a “nest egg” or had a huge windfall ( ie – you won the lottery, Uncle Joe Bob left you a sizeable inheritance, you cashed in your 401k / IRA, or you have been befriended by some angelic venture capitalist), you will have to work at some other job to provide the needed cash flow for your current living expenses and maintain a minimal level of necessary insurance coverage.
If you are working at your “mandatory” job to provide cash flow and benefits, then when you are “off” from that job is when you will be promoting, growing and maintaining your new, fledgling startup business. This leaves precious little time for your spouse, kids and sleep. So if eight hours sleep each night is important to you, then do yourself a favor and rethink the whole entrepreneurship thing.
2. You’re not into research and details.
Let me guess, you’re an “idea” man. You may be the greatest “idea” man ever, but someone still has to address the research and details.
- Is there a market for your products and/or services?
- Who will be your target market?
- What are their demographics?
- How will you reach them?
- Have you set up manufacturing, inventory, delivery and tracking platforms?
- Who’s verifying and validating your bookkeeping?
- What type of business structure will/have you set up? Sole proprietorship? Partnership? LLC? Corporation?
- Do you have a lawyer, a CPA, a patent or a mentor?
- Do you have a budget?
- Do you have a business plan?
As you can see, the research and details can be mind-boggling. I’m not trying to scare you away or rain on your parade, but you need to be realistic and methodical in your approach to starting a business. The issues above are just a minor sampling of the details that must be addressed. Is it doable? Yes, definitely and I encourage you to, but only after you throw away your rose-colored glasses, look reality in the face, dive into the research and become acquainted with the possible ramifications.
3. You have a “good” idea.
“Good is the enemy of great”. I just recently read an article with that title. Truer words have never been spoken and that’s why having a “good” idea is not good enough. Having a “good” idea does not stir up the fires of passion. Your idea must be great. It must create within you a passion to defend it against the onslaught of detractors who will be standing in line to tell you why your idea won’t work.
- “Someone else is already doing it”,
- “It’s been tried before and didn’t work”,
- “What if you fail?”
- “What makes you think you can make a living doing that?”
- “If your idea is so good then why isn’t someone else doing it?”
You’ll hear all the protests and derogatory remarks. Are you passionate enough to defend your “great” idea? If you’re not, then don’t waste your time and money. Keep your day job.
4. You like the idea of being your own boss.
When you start out, you get to be the boss and:
- the secretary
- the gofer
- the delivery man
- the promotion guy/gal
- the salesman
- the office manager
- the janitor
You are the man. You are the go-to guy. The buck stops with you. You make the decisions – all the decisions. There will be no rest for the weary because it all rests on your shoulders. If you can’t stand the pressure, then don’t put yourself in that position.
Okay, I’ve given you four reason NOT to become an entrepreneur. These reasons are not meant to deter you, but to make you examine your motives. You should not take the consequences of your decision to become an entrepreneur lightly. You should be ready to commit your life to this “magnificent obsession” – because in order for you to succeed you must be obsessed with every facet and detail.
It has been a thrill a minute ride, with so many bumps and turns that I have never anticipated. I am having the time of my life, but being an entrepreneur is not for the faint-hearted.
5 traits of success
Do you ever wonder why some of the people you know have had a great deal of success in their lives while you languish in mediocrity? Why do some people succeed? What are the qualities that distinguish successful people (around 3-5%) from the rest of the pack?
1. Successful individuals have exceptionally strong faith in themselves, their abilities, their prospects and their ability to learn.
These individuals exude confidence which is sometimes mistaken for cockiness. And it may be cockiness, but the reality is that this trait alone will do more to guarantee success than all the other traits combined. These individuals are not deterred by what they don’t know because they realize that they can learn.
Successful people understand that their minds are better used for thinking than as a warehouse for facts. They are not hindered by complications because they know how and where to find solutions. Henry Ford said that he was not interested in miscellaneous facts because the ability to know how to get information was a more important use for the mind. In effect, they are not stopped by obstacles because they will not allow anything to come between them and their goals.
2. Successful individuals have definite goals.
Ask any successful person what they are working on, and you will likely get more information than you really wanted. These people are not wandering through life. They have goals and they have formulated plans for attaining their goals. Successful individuals have definite goals.
They know where they want to go and what they want to accomplish with their lives. These goals are not mere dreams that occupy their thoughts and hopes. These are tangible, written expressions of their dreams. If a goal is not written down, then it is not a goal, but a dream. In order to translate your dream from the realm of imagination to the world of possibility, you must record it in tangible, written form. Post your goal where you can see it continually. Carry it with you in your wallet or purse and look at it often throughout the day.
3. Successful individuals have the ability to focus.
Successful people are a lot like pit-bulls. They grab on to something and they don’t let go until they are satisfied. They are able to look at a plan or an objective and dissect from it the one thing that is most important to the success of the project at the present moment. Then, they concentrate and focus all of their attention and energy on this one important task until it has been accomplished. Having completed the most important task first, they move on to the next most important task and continue as before until all is completed.
Contrast this with the other 95% of the population that cannot concentrate long enough to finish a thirty minute sitcom without changing the channel to see what else is on. Decide what is important to you and then develop a plan for attaining your goals. Having done this, focus your energy on the one thing that is most important in attaining your goal. Then move to the next most important thing.
4. Successful individuals work hard.
Successful people know that anything worth having is worth working for and they are committed to doing whatever is necessary. Their motto could be: W. I. N. – Whatever Is Necessary; educating themselves, working long hours, coordinating efforts, brokering deals, negotiating terms, developing distribution and inventory systems, selling themselves and their business, they do it all and they do it willingly. Because they know that it all depends on them – the buck stops here. No work = No pay!
5 . Successful individuals have no fear.
Successful people aren’t afraid of what other people think about them. Their self-worth is not determined by others, so whatever Uncle Bob or Aunt Susie think about their current business venture has no merit. They are not afraid that someone might think their questions are stupid, because every successful person knows it is better to operate with all the facts.
Successful people are not afraid of failure because a failure does not define them. To them, failure is an outcome or an event. And they use these failures as educational tools to increase the chances of future success. Successful people are not afraid of success because they know it is their destiny.
Income statement rich vs. balance sheet rich
Success is defined differently by different people. To some it may mean a wonderful family life, to others it may be having lots of friends. For you, success may mean something entirely different and that’s O.K. But any discussion of success ultimately involves some reflection on financial embellishments and financial independence, as well it should.
In his book THE MILLIONAIRE MIND, Dr. Thomas Stanley makes a distinction between those he categorizes as the “income statement” rich and the “balance sheet” rich.
The “income statement” rich are those people who have the super-nice, big houses in upper-class neighborhoods and drive the latest model, luxury automobiles. These people definitely have a lot of stuff, but they also have the large monthly payments that go along with their stuff. In effect, they earn a high income and pay out an equally high amount of their income in order to finance their lifestyle. There is little or nothing leftover at the end of each month and because of this, their wealth is dependent on maintaining an income stream. If they are out of work for any length of time, the money (illusory wealth) dries up. Therefore, being “income statement” rich is really an illusion.
The “balance sheet” rich, on the other hand, are those people whose balance sheet shows that the value of their assets exceeds the amount of their liabilities by at least one million dollars. According to Dr. Stanley’s research, these people seldom drive the newest cars or live in the largest houses. In fact, most of these people probably don’t look or live too differently than you or I.
The point of all this is that if your definition of success includes the accumulation of riches, then you need to learn what truly rich people do in order to be rich and then emulate them. THE MILLIONAIRE MIND is an excellent, eye-opening resource for learning a little bit about how true millionaires think and how they achieved their wealth. If you don’t have the time to read this book, don’t fret. THE MILLIONAIRE MIND is available as an audio book. Do as I do and make every drive a learning experience. The results will amaze you.
Twenty traits of successful people
Successful people are different. They think differently and they act differently, but they do have some common characteristics:
1. They possess a “good attitude” – these people always seem to be in a good mood. They have good things to say to and about other people. You enjoy conversing with these people.
2. They are optimistic – no matter what is going on around them, these people see the “best” in the situation. They truly believe that “everything will work out for good”.
3. They are respectful and therefore respected – successful people see the value in every person, realizing that every person has value. Because they extend respect and courtesy to others, others reciprocate and respond in kind.
4. They have an “easy” disposition – they just seem be easy to get along with. They don’t try to overpower others with their beliefs and opinions. Most are chameleons that can blend into almost any social situation which may explain why they are considered successful by such a wide variety of different types of people.
5. They value time – successful people know the value of time. They understand that there will never be another moment like now, therefore, they are very prudent in how they use their time allotment. No excessive time wasting by doing unproductive tasks unless that is what they have decided that the current block of time is best suited for.
6. They have the ability to focus – a successful person can block all distractions and apply their abilities with laser-like focus on the task at hand. It is this ability to focus that is the first real “separator” from others. It is difficult for others to understand the desire to be so intent on a single task to completion, but it is the fact that this ability to focus is what leads these people to their desired results.
7. They have high expectations of themselves and others – average will not suffice for the successful person. Status quo is for the masses and not the successes. They know what they are capable of and will not rest until they have achieved their best. They expect others to do their best as well. This simple expectation of others is why so many successful people are in roles of leadership. People tend to deliver what is expected of them. Great leaders expect great things from the people they lead.
8. They are committed to learning – for successful people, learning does not stop. It is a life-long process. In fact, most of these people are voracious consumers of information. They understand that being better informed gives them a competitive advantage in the world.
9. They are future oriented – successful people understand that the decisions that they make today will affect tomorrow. As long-term thinkers, it is obvious to them that the best course of action for tomorrow is to do the most productive things today. Because of their “future thinking”, they are busy today.
10. They have a purpose – it may be family, career, charity work or something else, but these people have a reason to live.
11. They lead by example – simply stated, successful people never expect more from others than they expect from themselves. They will not ask you to do a task that they have not done or will not do.
12. They are open-minded – successful people know that they don’t know everything. Most often they know that they are not the smartest person in the room. This ability allows them to listen to others for ideas and insight. They are open to the possibilities.
13. They are “ad-libbers” – they have the ability to change “on the fly”. They are not afraid to make adjustments if things are not going as planned. If circumstances change, they can change.
14. They are versatile – successful individuals have more than one skill. They are the “jacks of all trades” but that doesn’t mean that they do all these things. They have a wide variety of talents.
15. They are tenacious – once they have a goal, they do not waver or falter. They can be obsessive in this respect. You often hear it described as a “bulldog tenacity”. The wording fits.
16. They are great motivators – they help people be more than they themselves think they can be. They push, pull, yell, beg or whatever is necessary to get others to reach their potential. Think Lomardi or Bear Bryant or Lou Holz.
17. They are confident – if you ask them why they believe in themselves, most will not be able to give you an answer. They simply state, “in my heart and mind, I know that I will be successful”.
18. They are great salespeople – they can sell their ideas, dreams and concepts to others. It is all part of the motivator, confident, versatile, salesperson dynamic.
19. They are honest – they know that anything less is detrimental to their purpose in life. It is a part of the fabric of their life. They cannot be any other way.
20. They are mindful of others – successful people know, as Zig Ziglar says, “you can have anything you want, if you will help enough other people get what they want”. It is a simple concept, but very true. Success is about networking. If you are committed to helping others, others will be committed to helping you. There is no magic. Plainly stated, “one hand washes the other”. Successful people help others.
These are my twenty quick traits on successful people.
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