Why Everybody Can't Start And Own A Successful Startup8:37 PM
There are a lot of reasons that not everyone becomes an entrepreneur . But the main reason is entrep...
There are a lot of reasons that not everyone becomes an entrepreneur. But the main reason is entrepreneurship does not appeal to every person, especially when the huge variety of life situations is taken into account. Even if you can't understand why it wouldn't appeal to everyone, at least understand that other people think very differently from you, sometimes in ways that are so foreign to you, you can barely imagine them.
I am going to be the voice crying in the wilderness saying that not everybody can or should start a business. At least, don’t go quitting your job anytime soon.
Here are 10 reasons Why you can't startup business:
No Innovative IdeaAlmost by definition, an entrepreneur needs to be unique in the products and services they provide. You might want to argue that there are endless fresh ideas, but slight variations on a product/service do not count and cutting edge tech is limited by the speed at which science and engineering can provide that tech. Why do so many startups fail? Some fail due to poor business decisions, but most fail because their core product or service is either deemed unnecessary/undesirable by the public or already established by another company.
Passion for their Jobs
Haven’t you wondered why with all the entrepreneurial and ‘start your business’ Kool-Aid, jobs still exist? The answer is simple. Jobs still exist because people need jobs.
They found passion for their work in their jobs. They love their current jobs, and there’s nothing in the world they want to do but work in their current jobs. They already feel that the corporate world gives them the challenging, exciting environment that they crave. There’s no reason to resign and start a business because they have already found the perfect job for themselves.
In these days of jumping on the media bandwagon, it is the rare individual that tells himself the truth and can recognize his own strengths and weaknesses.
Not everybody is suited to start a business. The stakes are too high and the commitment too great to make the decision on a whim. Be sure you have counted the cost and you are aware of the sacrifices starting a business will require.
If you have done all these and find that it will be a sacrifice with uncertain benefits, find a good job that pays the bills and leaves you extra time to dabble in your hobbies and interests.
Others have reservations because they are undecided about what type of business to start. More often than not, these are people who know they want to be self-employed, but not in what capacity. This, too, can be a legitimate fear to have. If you currently work in a steady career, it is not enough to simply 'go into business.' In order to credibly go off on your own, you must be confident about what kind of business you will open. You must also have the skills and expertise to succeed in that business.
Current or previous jobs are a good reference point. If you currently work for an accounting firm, starting your own is perfectly reasonable. Deciding to abruptly change course and buy an Alaskan crab fishing boat might warrant more scrutiny.
Fear of failure
Starting a business is a big risk — sometimes it will work, and sometimes it will not. Many are afraid of starting a business because of the looming fear that their business will fail. This fear may result from feelings of inadequacy, or they may have experienced past failures in their lives that they do not want to replicate the feeling with the very real risk of failure in starting a business. They may also feel incompetence, and plagued by self-doubts.
So if you think you can’t start the next Microsoft, then there’s no harm in getting a good job and being happy in it.
Financial concerns are not the only reason people fear starting businesses. The early years of a new company can be incredibly taxing, and some fear having little time to spend with their families. After all, everyone gets the same 24 hours in a day. There is only so much of yourself to go around, and if you're putting in ten or twelve hour days at work, there is no way to also spend that time at home. (Unless you have a home office, that is.)
It may truthfully be that family time is a deal-breaker for you. On the other hand, don't be too quick to relinquish your ambitions. Discuss with your spouse whether arrangements or sacrifices can be made for the early days of your company.
The EconomyOne of our chief needs in life is security - especially financial security.
When you are above 21 years old, you are practically an adult in all sense of the word. You have to get an apartment (unless you want to live in your parents’ basement). You need to pay the bills and do a lot of adult activities which cost money.
Some of the most common fears about starting businesses relate to how 'the economy' is doing. If the economy is in a lull, many would be entrepreneurs assume that now must necessarily be the wrong time to get started. This belief is reinforced by nay-saying politicians and journalists who exaggerate even the very worst economic news.
Remember, though, that there is no single entity called 'the economy.' What is loosely referred to as the economy is really just the vast, interconnected web of buyers and sellers accommodating each other through the market and price system. Moreover, there are two sides to every transaction. While some sectors of the economy may be hurting (such as finance and housing today), those on the other side of the affected transaction (like foreclosure specialists and storage facilities) could be thriving.
This is a lot of commitment and uncertainty that many business blogs and Harvard Business Review don’t tell you about.
Don’t want the stress of entrepreneurship
Starting and managing a business can be very stressful. It typically means understanding the market, developing the right products that will address the needs of the target market, and possessing the skills needed to jump-start and run the business. All of these activities can be challenging, especially if things are not going well — from problems raising capital for the venture to generating more sales to finding distributors to the products.
Views starting a business as tough, hard work
There are people who work 16-hour workdays, or work in two or three jobs (aside from their full time jobs). But despite the hard work and the long hours they put in, they still have barely enough to live by. They are still living paycheck to paycheck. If they are already working that hard to earn a decent livable income, they think that starting a business requires double that effort, which they don’t want.
It requires a large time commitment
As I’ve reiterated in my previous point, starting and growing a business requires a large time commitment and investment with no guarantee of results or reward.
A better investment of your time would be to get a great, well-paying job, save part of your income, invest in passive investments, and live a full life involving all of your hobbies and interests.
The process of getting a job has been tried and tested and works all the time whether in China or Turkmenistan.
Starting a business is uncertain and essentially breaking new grounds. If you can’t stand the wait of being an entrepreneur, you can get a job instead.