Have you wondered why some people start businesses on impulse and still grow them to become big and successful? And why do so many people fail so woefully in business? Is it because they do not have what it takes to be an entrepreneur or because they just have what will rob them from becoming one?
Are you a career person right now who is considering becoming an entrepreneur? Or are you a businessperson whose business is not making a head way? Certain reasons may be standing in the way. 7 of the most important of them are discussed in today’s post. Ticking “yes” to over 5 of the points in this post is an indication that you may never become an entrepreneur – or a successful one.
The Likely Reasons
1. You are more interested in paycheck than in process.
There are people who do not bother to find out how cash flows into the organization they work for. They do not care about the processes that culminate to the point where the company collects a cheque or payment. Their passion is what they would take home at the end of the month. They don’t care if the company make money that month. It’s not their business. They expect the employer to make some magic happen and give them money.
If you are like this, chances are that you will never be a successful entrepreneur because you have sub-consciously refused to learn HOW the companies you’ve worked for make money.
If on the other hand, you care for the company in such a way that you are always on the look out for the company making money, the processes behind it becomes clearer and clearer. You would become a student of your bosses, colleagues and organization. Then you can have the required confidence to start on your own and be successful!
2. No track record.
The magnitude of what you can have confidence to pursue is directly proportional to the extent to which you have stretched your confidence in attempting other things in the past. David, the Hebrew shepherd lad had the confidence to challenge and defeat Goliath, the giant, because He had a track record he could refer to. He had previously killed a lion and a bear!
Take a look at most, if not all successful entrepreneurs. They started businesses/projects of various magnitudes before they “hit oil.” Those past projects helped/helps them in 2 ways.
First, the past projects gives them the training and confidence they need for other projects. And secondly, it helps them to attract people who would be willing to give them money for future projects or simply for developing the same (present) project.
Space will not permit us to go deeper into this particular point. But take some time to study how the following phenomenal successes started; also study the guys behind them: Iroko TV, Facebook, Konga, Jobberman, to mention a few.
3. You are task driven. You don’t care about the big picture.
Many people are like this. I daresay over 80% of employees are like this. Ask them to do something and they would immediately go into “activity mode.” As soon as they complete the “activity”, they do not care what happens next. They immediately put on this disposition that says “I’ve done my part, pay me whether the organization’s objectives are met or not.”
I gave one of my staff a project to handle and 3 months later, he is not sure of when it will become ready to go to the market. When I told him that it wouldn’t take me up to 3 weeks to make the project work, he solemnly said he has been judiciously following his “work schedule.” Now, I drafted these schedules alongside my managers in such a way that if you use them well, you would hit your targets for the month. But certain persons won’t just get it. After spending about 1 hour talking to him, he was able to understand that unless he has the complete picture in mind, he would end up spending 6 months on a 3 weeks project.
If you are task driven, and not vision driven, you would likely never be able to have a successful start-up. When you have the big picture before you, you would be able to seamlessly gather all the needed resources that would make it work within the allocated time and also excellently.
Always remember that your present employment is an avenue to learn how to become successful at the time you start out on your own.
4. Your association.
Who are your friends? What do they talk about all the time? What do they do? What do they care about? What do they do? If 100% of your friends are employees and job hunters, you can kiss ever owning your own start up goodbye.
I have many acquintances who are either employees (some of them work for me) or job seekers. But I spend more time with the ones that are entrepreneurial. Whenever I’m with these guys, it feels like a thousand sparks are going up inside me. If I have a new business idea, there’s someone who is eager to partner with me. If there is a challenge, someone has the solution.
Who do you spend the most part of your day with? If they are like my friends, I shall meet you soon. If they are direct opposite of my friends, you may likely never start and grow your dream successful business. Being s successful entrepreneur requires the right association.
5. You can’t do without comfort
An entrepreneur must frequently make sacrifices. Entrepreneurs risk their freedom, their money and sometimes their lives as they daily take decisions in building the business.
If you cannot do without food in a day, I doubt if you can start and run a successful business. Starting a business, especially when you are starting one for the first time and from scratch, can be so demanding that you have to regularly kiss comfort goodbye.
In my early days of being an entrepreneur, I slept in a shipping container countless of times. There’s a particular year I lived in my office because I’d spent my house rent on the business I was running then. If you listen to other entrepreneurs, you would hear stories of all the times they threw their comfort away for the good of the business.
Are you willing to pay the price?
6. You are a spendthrift
If you spend money without budgeting it first, you would have the tendencies of a wasteful spender. If you are unable to live within your present means, chances are that you won’t be able to even when you start earning over a million dollars per month.
If you buy anything that comes in sight just because you want (but actually do not need) it, you would most likely be unable to start a business and be successful in it.
One of the advantages of running a business is the fact that you see a lot of cash flow. A spendthrift would turn this advantage to a curse through his lifestyle. This is why many small businesses never grow.
7. Time does not mean anything to you
Successful entrepreneurs understand the power of timely delivery on orders, promises and stakeholder expectations. Competition gets tougher and tougher in business everyday. So, if you do not take time serious the way you should, you may never be a successful entrepreneur.
I once had an experience I will never forget. In the early days of one of my businesses, a client asked for a particular service to be delivered to her and her friends in Lekki Phase 1, Lagos for 7pm. My professional service providers arrived Lekki at 7.15pm from Lagos Mainland. The client cancelled and asked them to come back the following day. Imagine how much money we lost in that.
Those guys can’t become successful entrepreneurs because they do not value the proposition I always make of them putting time at the forefront of quality service delivery.
If the above evidently describes you, you will NEVER become a successful entrepreneur. So get rid of them as fast as possible.
Questions? Leave them and any comments you may have in the comment section below. Have a great weekend.