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.
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11 Responses to “soupornuts’ shortlist of 4 reasons NOT to become an entrepreneur”
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I wrote a post the other day talking about how sleep is the enemy of an entrepreneur’s productivity. No one looks back at their life and thinks, “If only I had slept more!”
Great post, and so true. Except these four reasons only spur me to be an entrepreneur even more!
“Why You Should NOT Wake Up Early Tomorrow”
http://www.sufficientthrust.com/why-you-should-not-wake-up-early-tomorrow/
#5. You’re good at copying what big companies do.
I’ve known so many people over the years who’ve failed at their start-ups because they try to be something they’re not. They try to mimic someone else’s success. If you have a truly unique proposition, be yourself, then be yourself . . . even more.
If people do business with you, it’s because you’re you — not someone else. Sure, take ideas from others, but don’t try to hard to be just like them. Spin the ideas, and be yourself at the same time.
Over and out,
DM Werner
Marina,
-Thanks, I look forward to seeing your next article.
Michael,
-Your #5 is great, wish that I had thought about it. You are exactly right about business being about personal relationships.
Keep the comments coming.
Chris:
As usual, you’re right on the money with this article. It’s good to play “contrarian” from time to time b/c not only will it stir up conversation among the people but als it gives another viewpoint for them to think about.
Nice job! (P.S. I hear you’ve been telling some people about my new blog - thanks! I appreciate the word of mouth advertising on my behalf).
Stephen
Right on, write on! Great points that people should be aware of. This “little internet thang” eats up a ton of time, but I’m enjoying it!
Well, I don’t know;
I only work two days a week and not even 8-hour days
I am a ‘big picture’ person
I use other peiople’s ‘great’ ideas
I’m married so being my own boss doesn’t come into it!
Jim’s last blog post..Working for yourself
If I may add a late comment from “Down Under”, from little things big things grow.
Sure being an entrepeneur is hard work, and not everybody succeeds, but many develop a very happy lifestyle. And a few do very well indeed from their small beginnings.
It does help to have a clear ideaof where you are heading and what you want to achieve. And the other bit I’ve found over the years is that most small business startups don’t collect the right information on which to make decisions about their business.
Thanks for your thoughts, Jim.
Of course, you’re right, Adam. My article was a stab at sarcastically stating some of the things that people don’t really take into consideration when thoughts of “going into business” pop into their heads.
I love entrepreneurship and highly recommend it, but it is not for the majority - and that’s just the way it is.
Chris,
A further comment. So many people start a business not because they want to be an entrepreneur and make their proverbial million, but because they have some vague idea of independence. In effect, they buy themselves a job.
Now there is nothing wrong with that. Most of them don’t want to be bigger, they just want to be more profitable so they can be comfortable and feel that they are in control of their business, and not the other way around.
Their problem is that they have spent many years becoming a first class tradesman, mechanic or whatever, but absolutely no time learning to understand their financial statements, or how to market their business, or indeed manage it.
So they come to work in their trade clothes, hoping to get away from the paperwork and onto the floor asap.
I know many like this. Fine people, but not entrepreneurs.
Great point. I wish that I had made it.
I too, know of many people who are great tradesmen but lousy businessmen. Most struggle to make a living, but for a number of reasons, don’t take the time to learn how to run or grow a business.