Almost all new businesses fail within 8–12 months. That doesn’t mean that every one of these failed startups was founded on a bad idea, but it might mean that the founder wasn’t ready to run a business.
Below I’ve listed 7 signs that you are so not ready to run a business (yet). Make sure none of these is true for you before taking the first step towards being your own boss.
1. You Don’t Have Self-Motivation
Running your own company is a lonely business. You have to be involved in every aspect of your business, but not every aspect can or should allow for someone else to be there with you.
During these solitary moments, you need to have the self-motivation to be able to carry out the work you need to do in order to take your business to the next level.
If you are unable to drive yourself forwards and need to be told by a superior then you’re so not ready to run a business (yet) and to be your own boss.
2. You Don’t Want the Responsibility
You love the idea of running your own business, of having no one to tell you what to do and setting the rules yourself. However, if you feel this way but don’t want the buck to stop at your desk then you won’t be able to start your own business.
Taking responsibility is part of good leadership but it’s crucial when starting your own business. The very definition of running your own business is that you are the one who is ultimately responsible for its success or failure.
Check out the video below for more information on the importance of responsibility when starting your own business…
3. You Are Stressed Out
Chronic stress is responsible for 75% of all physicians appointments and is a factor in six of the biggest causes of death, this being:
- Cirrhosis of the liver
- Heart disease
- Lung ailments
In order to succeed in running your own business, you will have to deal with stresses on a regular basis.
So find a way of taking your stress away from your work, because you’ll make poor decisions that will damage your business. Stress might not kill you, but if you are stressed out it will be the death of your business before it has even started.
4. You Have a Fear of Failure
What’s the number one thing holding back entrepreneurs? According to some seasoned commentators, it’s the fear of failure. If this sounds familiar then you need to change your mental approach before you can run your own business.
No one enjoys failure but it happens to everyone and when it happens to you your response must be to use it as a chance for development. Investment banker Howard Marks claims: “You learn nothing from success. You only learn from failure” and this is sound business advice.
You need to treat failure as an opportunity because if you fear it you will only make the most conservative choices for your business and that means it will never be as it should be.
Check out the following video for some tips on how to overcome your fear of failure…
5. You Expect Your Business to Be an Overnight Success
I’m sure you’ve plenty of cases of businesses who have been sold to the public as an overnight success. It’s a story whose inspirational tone will grab readers and viewers attention. It’s also almost never true.
Even those examples of companies who have been sold for millions, or billions, shortly after being started don’t give the full picture.
The reality is that there will have been a huge amount of work, time, growth, learning, and experience that has gone into these businesses, a lot of which might have happened years before the company was started. If you believe that you can bypass this and make your company an overnight success then you’re not ready to run your own business.
6. Running a Business Sounds Good, Building One Sounds Bad
We all like to dream but in order to turn your dream into a reality, you need to get real and follow the necessary steps to get to your end goal. If you are taken by the prospect of running your own business but aren’t keen on building it then running your own company isn’t going to happen.
Building your own business isn’t as difficult as it sounds. Once you have your niche in place and have carried out the necessary market research, you can start a business in moments using a store builder. You don’t even need to go that far, because you could even buy an existing business and rejig it to suit your needs.
However, whichever way you choose to start your business, you will need to build it in order to make it a success. There’s no such thing as a passive income and that means that you need to put in the hard work to make your company a success.
Watch the video underneath for some great tips on how to build your own business…
7. Your Growth Strategy Isn’t Designed for YOUR Business
There is an enormous number of successful businesses in the world, past and present. Each will have a valuable lesson you can take from it and apply to run your own company.
However, while it’s beneficial to learn from existing success stories, no two businesses are the same and that means that no two growth strategies for a company should be the same.
If you have mapped-out a growth strategy that cribs heavily or replicates, that used by another brand then now is not the time to try and get your business off the ground. So go away, design a strategy that’s unique to your requirements and then get started!
Almost all businesses fail within a year of starting. If you want to run your own business then make sure that you’re not showing any of the 7 signs mentioned in this article, otherwise, you might be in for disappointment a few months down the line.
Patrick Foster is a writer and e-commerce expert from E-Commerce-Tips — an industry-leading e-commerce blog dedicated to sharing business insights from the sector, along with tips to help people turn their dream idea into a business reality.