With the alarming rate of unemployment, young individuals are beginning to look for alternative routes to making money. One of which is the new rave “I want to start my own business or company”.
It is shocking to see how many businesses have been birthed this year alone. Don’t get me wrong, it is a good thing to start a business but it has to be with the right intentions. Not everyone has the clout for entrepreneurship. For instance if you’re risk-averse, entrepreneurship is not for you. So why shouldn’t you probably start a business or startup?
You have egoistic tendencies
Egotism is being excessively conceited or absorbed in oneself as Oxford Dictionary puts it. Some synonyms include: self-centeredness, self-interest etc. If you are the type who likes to be in control of everything. You don’t believe in other people’s judgement, then entrepreneurship is not for you.
As an entrepreneur you have to consider everyone; your employees, your advisers, your customers before making decisions. Your ego would not allow you see your wrong as such and this leads to your failure. No one will ever be right around you if you are the egocentric kind. If you’re a control freak, who wants things done your way all the time, entrepreneurship is not meant for you. No one wants to work for a control freak. In the actual scheme of things, you can’t control everything that happens to you. There are a whole lot of uncertainty in business.
You are after quick money
We are in an era where everyone is in a hurry to make it at all costs. The generation of people who can do anything just to make the big bucks at the expense of others. They feel money is the validation that you are successful and as such would be respected. We now see so many quick money solutions like MMM and the likes and people are rushing into it. Has anyone come out to say he is on Forbes through these platforms? You can’t reap where you did not sow; for your business to be viable it has to stand the test of time and grow. So if you are the type that is after quick money, entrepreneurship is not meant for you.
You hardly save
One of the major reasons why business moguls keep amassing more wealth is the habit of saving and investments. The more money you have, the more reason for you to save or invest it into somewhere or something. If you are the type that spends everything that gets into your pocket, entrepreneurship is not meant for you. How do you intend to grow your business if you don’t have the habit of saving?
You are lazy
This is like the most important, because you can’t survive a day as an entrepreneur if you are the lazy type. If you the type that wants everything done for you, entrepreneurship is not meant for you. Entrepreneurship is for the strong-hearted, hardworking people and not for the feeble-minded. It takes every strength in you to sustain your business. Your passion and patience are very vital to the success of your business.
P.S: My point is not that you shouldn’t start a business but, you shouldn’t be in a hurry to. These are character traits you can work on in 2017 and start your successful business. You just have to put in everything you have to get rid of these bad traits.
Comment and let’s share views on what you need to have to be a very good entrepreneur.
Jan. 18: Bonus Built in Africa episode: Town Hall meeting with Peter Salovey, President of Yale University
On March 25, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship. Location: Fourpoint by Sheraton, V.I. Lagos.