Listen to me, don’t start a business until you read this. You see people on social media, on Instagram, on Facebook. You see the lifestyle of a successful entrepreneur. You see the car that they driving the Ferraris, Bentley or you see the vacation sports. You see their home, house and the life that they have and you say to yourself, I want that too, so what I’m gonna start a business just like them.
Well, are you ready or do you know if you’re are ready to be an entrepreneur?
Here are 5 (five) warning signs that you may not be ready to be in business for yourself just yet.
#1 – 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 a business to mature or generate profit.
If you think you’re gonna start a business and you are going to make money in the next two weeks, four weeks, a month, that’s an employee mentality. As an employee, you get a check, two weeks or by the end of the month. As an entrepreneur, that doesn’t happen. It might take you six months, a year or 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 absolutely no money right now, what do you do? You get a job.
Don’t start a business because business takes time and 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.
#2 – 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 this question. Why you and why now?
If your answer is, oh, I just wanna make some money. You’re gonna fucking fail.
What qualifies you to be in this space right now? Not what you just saw on facebook. Oh, that sounds like a good idea.
This person, this guy is making so much money doing this, I should jump into that too. NO. Why you and why now?
In order 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.
I’m not saying that’s a good idea but let’s say you wanna go open up a restaurant. Well, isn’t it a good idea to just go to work at the 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.
#3 – Don’t Start A Business If You Don’t Have Stamina.
I mean the mental toughness to endure pain. Many years ago, I had this conversion with my mentor and he asked me the question, Dan, what do you think is the number one quality of an entrepreneur? And I said many, many things like talents, team and a good idea. I said 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 of time.
He didn’t talk about the Ferrari or the big house. He talked about pain for a long period of 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 very long period of 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 period of time?
Where those nights you can not sleep, the nights where you don’t know how you’re going to pay off that debt. Are you okay with that?
Having that responsibility, heavy, heavy responsibilities on your shoulder.
#4 – Don’t Start A Business If You Want More Free Time.
That’s right. If you start a business, you think oh, now I can quit my job, the nine to five days a week. Now I’m gonna be an entrepreneur, business owner that now I’m gonna 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 five, ten years, you aren’t getting shit, okay.
First of all, you getting paid last. You pay everybody else before you pay for yourself. So you think you gonna get rich quick, doing this, no.
When you are running your own business, there’s no nine to five.
Comment below if you are a business owner or an entrepreneur. If you agree with, comment below. Let’s wake people up. Let them know. There’s no nine to five or nine to nine. It is on your mind 24/7. When you take time off, you are not really off. You know what I’m talking about.
You are thinking about your business, customers, team, employees, how to get more customers or you’re thinking about the cash flow problems and you are not gonna get more time ’cause in the beginning, if you don’t have those specific skills, the learning curve is deep.
It takes a few years, just to get a sense, get a feeling and try to find what works in your business, to crack the code, right, being profitable. And from there to grow, there’s a long, long way. Forget the nine to five. Forget five days a week. It’s seven days, 24/7.
That’s the life of an entrepreneur. And if you don’t love it or that’s not what’s in your blood and you want it so bad, you’re not gonna do what it takes or those sacrifices ’cause is too damn tough.
#5 – 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 wanna get customers, you gotta close. You want better terms for financing, you gotta close. You want better vendors, you gotta close. You want partners to help you promote your business, you gotta close.
If you don’t have the ability to close anyone anytime, have no closing mentality or have no closing skills, you are not qualified to be in business, period.
I don’t care what it is that you do, the industry you are in, what product or services that you sell, you need to be able to close.
So those are the five top warning signs. So after all that, if you say you know what, I still want it. I’m willing to pay the price then subscribe now. I will invite you for special training or the skills that you will need to make a business successful. The number of skills that you need to be a successful entrepreneur.
It doesn’t matter, what state you’re in. Even you are stuck at this point, how do you break through and go to the next level. You need this number one skill.