Turning entrepreneur is the “in thing” to do, it’s the “cool thing” to do, it seems like a “fun thing” to do. Isn’t it? But before you follow the herd, here are 5 reasons why entrepreneurship may NOT be for you:
1. You don’t like mundane things like paperwork
If filing taxes, setting processes, maintaining water-tight paperwork of every little thing doesn’t seem like something that you’ll be able to do, entrepreneurship may not be for you. While you will eventually have people doing these things for you, setting up a company and running it successfully involves studying numbers, maintaining documents, filing them before deadlines to relevant authorities and staying clued into changing requirements like the GST. A bootstrapped entrepreneur may not have the resource to outsource everything from the word go and even if you do that, you still need to acquire basic knowledge of these things to ensure you are not taken for a ride.
2. You love your weekends and want to switch off totally
While entrepreneurship may give you flexibility, it may also mean working weekends for a long time till your business is stable. If you have spent years in a corporate job where you managed to switch off from Friday evening to Monday morning without so much as wondering what’s happening at work, you are in for a complete mental overhaul as many little tasks might have to be wrapped up on the weekend so you can use productive weekdays for more pressing issues at work.
3. You like to be an independent contributor
If you have always loved your freedom as an independent contributor, you will need mental rewiring to not just become a team player but a team leader as soon as you begin your entrepreneurship journey. The buck stops with you. There is no escaping it for the rest of your life. You are responsible not just for yourself and your family but also for your employees and their families who depend on the income you pay them. So think about whether this excites you or feels like too much responsibility that you’d rather not take.
4. You are averse to change or risk
Change is the only constant – in life and in business. Growth is often a function of your ability to take risk and if you are someone who doesn’t like disrupting status quo for long periods of time, then entrepreneurship may not be the right path for you. In today’s cut-throat competitive world, a business that isn’t agile, innovative and constantly adapting to change is almost sure to sink. Evaluate your risk appetite and adaptability levels before you embark on this roller-coaster ride.
5. You want the comfort of a fixed monthly income
You love that SMS from your bank at the end of every month – signifying your salary has arrived. Entrepreneurship cannot guarantee a fixed income. There will be good months, ok months, bad months, ugly months, amazingly spectacular months – it’s a mixed box of chocolates and the flavour may change every month. If you are not one for surprises (and especially shocks) then think twice before venturing out on your own.
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