You want to make sure you prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations.
Don’t start a business until you read this blog. You see people on social media on Instagram or Facebook, you see the lifestyle of a successful entrepreneur, you see the car that they drive, they’re driving the Ferrari, or they’re driving a Bentley, or you see the vacation spots, you see their home, you see their house, and you see the life that they have.
And you say to yourself, I want that too so what I’m going to do, I’m going to start a business just like them. Well, are you ready? Do you know if you’re ready to be an entrepreneur, here are five warning signs that you may not be ready to be in business for yourself just yet?
Start a Business Tip One
Number one, and that is don’t start a business. If you have no money, that’s correct. You have the right. Don’t start a business, if you have no money. If you need money coming in, like you need blood in your veins don’t start a business. Why? Because it takes time for business, to mature to generate profit.
If you think you’re going to start a business, and you’re going to make money in the next two weeks, four weeks a month, that’s an employee mentality isn’t an employee, you get a check. Two weeks, you get checked by the end of the month as an entrepreneur, that doesn’t happen. It might take you six months, it might take you a year, it might take you two years, most business owners don’t make a profit until many, many years in.
In the meantime, what are you going to do? You still got to eat right? You still have to pay the bills. If you have no money right now, what do you do you get a job, don’t start a business. Because a business takes time. And it takes effort. And it does take money to grow. I always say take care of your cash flow needs. First, before you worry about building an empire. Take care of your income first.
Start a Business Tip Two
The second warning sign is this. Don’t start a business. If you don’t understand the industry. I always ask this question before you start any business. And that is, and I’m asking you right now. Why you? And why now? If your answer is Oh, I just want to make some money. You’re gonna fucking fail. Why you and why now? What qualifies you to be in this space right now? Not what you saw on Facebook. Oh, that sounds like a good idea.
This person, this guy’s making so much money doing this, I should jump into there to know why you and why. Now, to make money in any industry, you have to understand the industry. If you don’t know the industry. First, you have to learn the industry. Let’s say you want to go open up a restaurant.
And I’m not saying that’s a good idea. But let’s say you want to open up a restaurant, well isn’t it a good idea to just go work at a restaurant, see what’s the day to day operation? Like? What’s it like to work in a restaurant before you open up a restaurant. So you have to know your industry?
Start a Business Tip Three
One inside number three, don’t start a business if you don’t have stamina. I mean that mental toughness to endure pain. Many years ago, I had this conversation with my mentor. And he asked me the question, Abdul, what do you think is the number one quality of an entrepreneur?
And I said many, many things. I said talents. And I said, team. And I said Good idea. I said many, many, many things. And no, he said the number one quality of a successful entrepreneur is this. And that is the ability to endure pain for a long period. didn’t talk about Ferrari didn’t talk about the big house paying for a long time. Is that you? What are you willing to give up? What price Are you willing to pay to accomplish success to build your business?
I could tell you any successful entrepreneurs that I know, almost all of them experience pain for a long time before they accomplish even just a little bit of success. Everybody wants to talk about the glamorous side of entrepreneurship. No one wants to talk about the dark side. Are you okay to be able to endure pain for a long time where those nights you cannot sleep? The night where you don’t know how you’re gonna pay off that debt?
Start a Business Tip Four
Are you okay with that having that responsibility, heavy, heavy responsibility on your shoulder warning sign number four? And that is don’t start a business if you want more free time. That’s right. If you start a business, you think, Oh, now I could quit my job. The nine to five, five days a week. Now I’m going to be an entrepreneur. I’m going to be a business owner that now I’m going to have freedom. You are dreaming. You might have freedom after working so many years, maybe a decade. Then you will have some freedom. The first 510 years you ain’t getting shit.
Okay, you first of all Getting paid last you pay everybody else before you pay yourself. So if you think you’re going to get rich quickly doing this, no, when you’re running your own business. If you are a business owner, if you’re an entrepreneur, if you agree with my comment below, let’s wake people up, let them know, there’s no 95, there’s no 909, it is on your mind.
24 seven, when you take time off, you’re not off, you know what I’m talking about, you’re thinking about your business, you’re thinking about how to get more customers, you’re thinking about your team, you’re thinking about your employees, you’re thinking about the cash flow problems you have, and you’re not going to get more time gets in the beginning. If you don’t have those business skills, the learning curve is steep, it takes a few years, just to get a sense, get a feeling and try to find out what works in your business to crack the code, right? being profitable.
And from there to grow. There’s still a long, long way. Forget the 95 forget the five days a week is seven days 24 seven, that’s life and entrepreneur. And if you don’t love it, and if that’s not in your blood, and you want to so bad, you’re not going to do what it takes,
Start a Business Tip Five
you’re not going to make those sacrifices because it’s too damn tough a warning sign number five, and that is don’t start a business. If you don’t know how to close period. I don’t care what it is that you do. You want to get customers, you got to close. You want better terms for financing, you got to close, you want better vendors, you got to close, you want partners to help you to promote your business, you got to close if you can’t close anyone, any time.
If you don’t have that closing mentality, and you don’t have that closing skill. You’re not qualified to be in business period. I don’t care what it is that you do. I don’t care what industry you’re in. I don’t care what products or services that you sell, you need to be able to close.
Thanks for reading