November 24, 2020  
 
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What It Takes To Be An Entrepreneur

 

Why Not to Start a Business?

Written by Brenda Stokes for Gaebler Ventures

Unfortunately, many start businesses and they fail. There are a number of factors behind this failure. Perhaps they should've waited or chose another sector to do business in. Perhaps starting a business was not right for them.

In a day and age when people are encouraged to start a business, there are reasons why they shouldn't take on such an endeavor.

There are incredible challenges and, sometimes, a person is just not the right type of person to own a business.

If you are thinking about starting your own business, the following are reasons not to start a business:

1. You are not confident that your business will succeed. Those lacking confidence are those who fail first. You must have a vision that your business will succeed and aim to achieve that vision.

2. The economy is bad at the time you wish to start. This fact can be rather tricky because it depends on what kind of business you are starting. You know during economically challenging times that almost anything related to retail, with the exception of something people absolutely need, suffers exponentially.

3. You simply don't have the time to devote to a new business. Running a business can take 12 or more hours out of your day.

4. People are going to love you and they are going to hate you. If you can't handle the hate, starting your own business may be too emotional of an ordeal.

5. It can take up to a year before you figure out how to make your business to succeed and another year to make it happen.

6. You have to have the money to own a business. If you don't have the money, then starting a business may not be an option. You can obtain business financing, but you do have to prove your concept in many cases before business financing is awarded.

7. You have to pay more for taxes than if you were an employee for another business owner. You actually have to pay double tax and this can take a chunk out of your pocket, especially as tax regulations continually change.

8. You have to look at more than the profitability, although vital, and make sure you enjoy what you intend to offer the public. How much you enjoy what your business offers determines how profitable it can be.

9. Although you may dream big, you must take baby steps. If you are unable to set small goals and meet them, starting your own business can be difficult. You must set small goals that lead to the big goal. You must also continuously set goals to ensure the longevity of your business.

10. There is the potential that your business will fail and this potential failure, although it shouldn't keep you from making important decisions, is something that you must understand the possibility of. This means that there is the potential that you could lose money and the public will know about it.

All of the above are reasons not to start a business. But if you have a dream, you know that you will do everything in your power to make becoming a business owner a possibility and to sustain the business for many years to come.

Brenda is a graduate of California State University and a professional writer covering a variety of business topics. To learn more about Brenda, check out her website at The Digital Inkwell.


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