If you’re considering travelling the career roads less travelled and taking an entrepreneurial route, then you need to be prepared.
There will be bogs, quick sand pits, and broken tree trunks blocking your path.
If you have lain awake into the wee hours of morning wondering if you have what it takes to be a successful entrepreneur, then this blog is for you.
In this blog, we’ll cover some of the warning signs you need to take seriously if you’re preparing to become a business owner or undertake an entrepreneurial journey. Take a look at the red flags you need to heed:
1. You Do Not Feel Confident
So, you have some issues with self-confidence.
Just because you looked up this article does not mean you are not cut out to be an entrepreneur. It simply means that you’re a smart person who looks thrice before they leap.
However, if you feel like you’re lacking the confidence to build a business, then it might not be the right time for you to undertake an entrepreneurial journey.
If you have a good product or service idea, why don’t you start building your self confidence by validating your business idea?
2. You Hate Doing Research
If you are someone who hates learning anything new, then you might want to reconsider if you want to be a business owner. Because entrepreneurship starts and ends with research.
Starting your own business is no small feat and you’ll have to do plenty of market research, in addition to other types of research. In fact, improper research is one of the major reasons many startups fail.
Why don’t you take a look at the different types of research that is required to launch a successful business, so that you’ll get a better idea of what will be expected of you as an entrepreneur?
3. You Don’t See a Solvable Problem
If you feel like there are no new market opportunities, well, then, how are you planning to become an entrepreneur?
What is entrepreneurship, again? It’s about trying to innovate and make a change with your ideas!
There are always new opportunities, you just need to spend some time looking for the solvable problems in the marketplace.
If you need an extra nudge, we got you! You can go through our guide on how to get startup ideas and turn them into successful businesses.
And remember, there are no small businesses, just a lack of motivation.
4. You Have Trouble with Actionable Plans
Having a business idea is not enough. You need a business plan.
Well, having a business plan is also not enough.
You need the determination to turn your business idea into a profitable product. And that will take tremendous amounts of time and energy from your end.
So, if you have trouble with carrying out your plans, it’s time to buckle up for a bumpy entrepreneurial ride
5. You Generally Lose Sleep Over Work
Do you tend to lose sleep over work? Have you spent long hours worrying about something or the other at the office? These are warning signs that you need to take seriously.
Sleep is an important prerequisite for a fully functioning brain. If your brain is not at its best, it will adversely affect your decision making abilities.
Scarcity mindset is a real problem that you need to consider. It simply means that you are so obsessed over the lack of something (perhaps something at work, or time, or money), that you simply cannot focus on any other tasks.
6. You Cannot Handle the Word ‘No’
Ask any of the business owners you know and they’ll tell you how many rejections they’ve had to face.
You will be told “no” multiple times. To your face. From numerous people. And some of them won’t even be very nice about it.
But, as an entrepreneur, rejection is something you will have to prepare yourself mentally for.
7. You’re Not Quick on Your Feet
Being your own boss comes with its own set of disadvantages. And one of the main problems you might face is having to make tough decisions.
You will need to be quick on your feet and have good analytical and decision-making skills to compete with other entrepreneurs.
8. You Can’t Work Around the Clock
You can’t. Or maybe you won’t. The semantics don’t matter.
If you think you will be able to build a successful startup on a 9 to 6 schedule, you need to pause and reevaluate your career goals.
Starting and growing a successful startup business is a full-time job and there are no shortcuts to it. Whichever way you look at it, hours are part of the job description.
9. You’re Bad at Confrontations
To run a business successfully, you’ll need to turn a few smiles upside down.
If you are not a confrontational person, you might want to reconsider your decision to be an entrepreneur. You will be required to manage multiple stakeholders at the same time and this will eventually lead to situations where you will have to say “no” to things.
You need to prepare yourself to handle different contingency situations with tact and carefully thought out words if you want to make it as an entrepreneur.
10. What’s a Work-Life Balance?
If you’ve ever asked this question when someone asked you if you have a good work-life balance, then you might be in trouble.
Starting a company is not very difficult, but the chances of success is low for businesses that are run by a founder who has no work-life balance.
If you are overworked, it not only affects your decision making energy, but will also slow you down in the long run.
11. You Prefer Working By Yourself
Are you a loner? If so, you better start learning how to work well with others! Learning to work with a team will improve your chances of success.
Starting and growing a business is not a one-man show that you can handle by yourself. Not for long, anyway.
As your business expands, you will need to augment your team as well, so start getting used to working as a team and not by yourself.
Of course, some tasks will need you to work alone, but you also need to learn to delegate work to your teammates for proper productivity.
12. Your Time Management Skills Are Lacking
First, you need to create a plan. Done? Good. Now, you need to execute your business plan.
And in order to juggle the hundreds of tasks you’ll face on a daily basis, you need to amp up your time management skills.
If you think your time management skills are lacking, we can help! Here’s a comprehensive guide on time management tips for entrepreneurs to boost their productivity.
13. You Love to Procrastinate
Do not put off for tomorrow what you can do today. Because the more you procrastinate, the more the work will pile up, until you are buried under a pile of tasks you find impossible to wriggle out of.
There goes your startup business!
Procrastination is definitely a great reason startups fail early in their lifetime. Take a peek at some of the other speed bumps you need to look out for by going through our beginner’s guide on why startups fail and how to avoid them.
14. You Have An Innate Fear of Failure
Becoming an entrepreneur is not something that is for the weak of spirit. If you have atychiphobia (that is the fear of failure), you need to work on building some more confidence in your abilities.
If you do have a crippling fear of failure, don’t let it hold you back completely. Before you jump into the entrepreneurial club, why don’t you start slow and do things outside your comfort zone?
For example, if you’re not comfortable with public speaking, practice an investor pitch in front of family and friends. Sure, it’ll get you some weird looks, but you’ll also slowly start overcoming your fear and learn to take calculated risks.
To remind yourself that you can do anything you set your mind to, think of the answer to the question, “What is entrepreneurship all about, at the end of the day?”, and you’ll remember your purpose as a path-breaker!
Also Read: Top 20 Questions You Should Ask Yourself Before Starting A Business.
Now, tell us this. Did we manage to deter you from your purpose with our words?
Yes? Um, make that the 15th red flag you need to watch out for.
Don’t let anyone tell you that you’re not good enough to follow your passion. You just need a little confidence.
If you think you’re ready to be an entrepreneur, now focus your attention on how to start your own business.
So, are you ready to start your own business?
On a side note, you should also look up the types of entrepreneurship, so that you can choose one that is best suited for you.
Are you ready to start your biggest journey? Contact us if you need more assistance!