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An Honest Insight on Entrepreneurship
It is a common belief that every person who has a business idea should start their own company. But entrepreneurship isn’t for everyone, and some people are better off with the security of working for someone else. Chris M. Walker has listed some reasons why entrepreneurship might not be right for you:
First, you should be aware of what you are good at and where your shortcomings lie. If you know that you aren’t great with people, but excel in the technical aspects, then entrepreneurship might not work for you.
Second, you need to have a realistic view of how much time it takes to start up a business. Starting up requires many hours every week working on tasks that may seem boring or menial compared to what comes next (i.e., sales). Many entrepreneurs underestimate just how little they will actually make early on when there is no revenue coming into their business until months later once customers begin paying them cash-in-hand each month after using their services/products (or having paid upfront). This can lead new entrepreneurs down dark paths as they become frustrated with their lack of financial success.
Third, you need to be able to take criticism well. If your business fails, then it isn’t the end of the world for you or anyone else who was involved in your company’s creation. There is often a great deal of pressure on entrepreneurs while they are starting up because there is so much at stake and everyone wants them to succeed so badly that it can feel overwhelming when things don’t go as planned. This means being okay with hearing harsh words from friends about how poorly one might have handled something, especially if money has been lost by someone other than yourself (i.e., investors).
Fourth, you need to be able to handle the roller coaster of emotions and stress that comes along with entrepreneurship. You will likely experience many highs and lows during your time as an entrepreneur which can lead you either toward greater successes or into a downward spiral leading them nowhere fast. Entrepreneurship is not for everyone because it has been known to drive some people mad from all the pressure they put on themselves in order to succeed, regardless of whether their business ultimately fails or succeeds.
And lastly, if you aren’t passionate about what you do then starting a business may only compound this lack of interest. Being an entrepreneur means being so dedicated to something that others think you are nuts for doing so much without any kind of paycheck coming in each month (or even in some cases, in a given year).