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Seven Reasons for Not Starting Your Own Business
To start your own business you must have a lot going for you. To
start with your hands tied behind your back is foolhardy.
Check your situation against the following reasons for not
becoming an entrepreneur. Can you do without such support and
security as your employer's economies of scale, complementary
support system of fellow workers and such benefits as health
care, vacations and status? Are these enough reasons to abandon
your quest to strike out on your own?
1. Desiring to be your own boss. This is the common appeal used
by the purveyors of get-rich-quick schemes. It's an appeal that
works for them because it's in the minds of many people trapped
in a job under bosses they don't like. It has been a strong
motivation for many people who have successfully become their
own bosses. You will still have "bosses" who can be very
demanding and unreasonable in the form of customers,
competitors, suppliers, lenders, bureaucrats from regulating
agencies, employees and partners. As is often the case, the most
demanding boss will be yourself. Especially, if you have an
overwhelming desire to be successful.
2. Looking for shorter hours. Unless you are prepared to accept
less personal income, it's unrealistic to expect replacement of
your salary from the proceeds generated by a fledgling
enterprise. Will you be able to forego or replace the perks and
benefits provided by an employer? Do you have an independent
source of income or are you able to reduce your needs? Do you
have skills which can earn greater compensation on a freelance
basis from people prepared or contracted to provide those
payments? Be very realistic with your calculations and your
answers to these questions.
3. A personal track record that does not include a history of
saving. Has your saving habit resulted in accumulated financial
resources and in demonstrating your success at handling money
with budgets to meet goals? The amounts are not as important as
the portion of revenue saved and the length of time your habit
prevailed. You will be the person responsible for the tough
financial decisions.
4. Having no personal revenue producing assets or to replace
capital expenditures on such requirements as furniture,
fixtures, equipment, supplies, operating space and
transportation.
5. Possessing insufficient management skills. Each skill you
lack must be contracted to someone else. Will you be able to
generate sufficient revenue to pay these costs? In addition, do
you possess sufficient knowledge for supervising the skills you
delegate? What do you know about bookkeeping, accounting,
selling, advertising, training, product knowledge and the many
other essentials of small business management? Most importantly,
what's your expertise in self administered time management? How
are you going to gain these skills while handling the day-to-day
operations? Successful implementation of a great concept demands
effective management skills.
6. Harboring the slightest doubt in your commitment to succeed
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over all adversities. Your business will generate enough doubts
which don't need to be complicated by self doubts. Setbacks and
imperfect plans afflicting most enterprises require your
personal ability to cope with these challenges. This demands you
have a firm belief in yourself together with the support of
perfect health, the energy and the resourcefulness to survive
and overcome.
7. Being risk averse. Despite your being able to state you have
none of the above shortcomings, are you uncomfortable taking
even calculated risks let alone unexpected ones? Every day an
entrepreneur is required to make decisions and each is
accompanied with some element of risk. You will be required to
incur liabilities each time you sign a contract. There will be
risks resulting from neglect or deferral caused by your
preoccupation with the hustle and bustle of day-to-day
operations.
Of course, you can always partner with an established
entrepreneur by working for a subsistence allowance and a share
in the enterprise. Or, you can overcome all these shortcomings
before you embark on your venture.
About the author:
Gerry McRae offers advice, coaching and guidelines for writing business plans on
his website, http://www.UncleMaxSays.com. He has written his own
business plans for several successful enterprises and has
coached hundreds of students and practitioners in writing plans.
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