Right from the onset of entrepreneurship, a lot of people keep asking whether they should get a job or start a business. They’re always in a dilemma about what to do.
In today’s world, much pressure is coming from society regarding entrepreneurship. Because the leading people in terms of wealth are entrepreneurs who own one or more businesses, everyone has begun to raise the alarm that you must become an entrepreneur to live the life you want to live.
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So, everyone is talking about the rosy part of being an entrepreneur and trying to justify that anyone who’s not a business owner is a loser using his brain and talent to work for someone else and not themself.
Have you heard that person tell you that you have to quit your job to start a business to live the kind of life you always wanted, or you’ve listened to the several benefits that come with having your own business as opposed to being an employee? So you are confused about the right step to take. Don’t worry anymore as we’ll put you through the right thing to do.
They don’t have an idea of what they’re saying when they tell you just to quit your job and start a business. The unarguable fact is that starting a business is hard. It’s complex, challenging and your chances of succeeding in that business are very low.
This is not to discourage you from becoming an entrepreneur who has your own business. Instead, it’s the hard truth you need to hear so that you don’t make a decision that will expose you to a miserable life.
It’s no bad thing if you’re just getting started to get a job to begin your journey. This is because you want to quit your job or don’t want to have any at all and go straight to starting a business right away. What you are trying to do is to skip the process.
And I believe your guess is as good as mine regarding what becomes of people who skip the process of anything in life. They return back to the starting point where they’ll have to pay their penalty with multiple losses.
Statistics show that ninety to ninety-five per cent of start-up businesses break down in the first few years. And more than ninety per cent of all businesses that can even survive don’t move beyond the millionaire boundary.
This means that your chance of going bankrupt is not low. And if you are able to keep your business moving, you may find it almost impossible to scale it to the highest potential possible.
Starting a business is a big task. If you can’t get a job, have a skill that you can offer to the marketplace, and create a source of income or have an instilled value people are ready to pay for in you, how are you qualified to start a business?
Suppose you can’t make consistent money and manage it perfectly and don’t have enough financial education. How do you begin a business and expect everything to go smoothly and you won’t experience overlapping failure?
It’s no doubt failure is part of the step to success. But it would be best if you learned the fact now before you learn it the hard way. Success takes process. And no one has ever become successful in skipping the process. All successful entrepreneurs passed through the process, and you are no different from them.
When you read the story of entrepreneurs who have made it big in their business, most of them start with a job. They work in different businesses, from small to big companies. They went through the process and paid their price for the success they have today.
You have little experience of going into extreme debt. The pressure and pains you will pass through to take a business to success, the sacrifice you need to make, and the hard choices you have to make. The level of risk you’ll be managing, the tough times you’ll pass through, managing your spending, turning a deaf ear to the people closest to you and the long hours you’ll need to work.
You can’t even manage your finances, discipline and commitment, and you want to build an empire where you’ll lead many people. The highest thing that will happen is that people are not going to follow you. Nobody wants to be with you when they don’t see you with enough value to solve their problems.
Therefore, the critical factor is not about whether you get a job or not. It’s about receiving income, how you can make money to pay your bills, feed yourself and your family and take care of other basic needs for a comfortable living. If one job doesn’t serve you right, you can get more than one.
You’ll learn and have more experience when you work for a high-end company. It’s way easier for you to get yourself a job at a big company than deciding to start your own business.
And when you do that, you’ll be able to gain tremendous experience that will be useful for you in the future when you have what it takes to be an entrepreneur. Not only that, you’ll be able to earn a significant income that allows you to meet your needs and save for your investment.
And in your leisure time, especially during the weekends, instead of wasting your time and doing unproductive things, use that time to develop a high-income skill. There are a lot of them online. All you need is to look out for the one that suits you and begin to create it.
Being successful takes lots of patience. It would be best if you had enough endurance till you begin to see the result. Take massive actions to develop your skills and personality day in day out. And exercise patiently for your results to start coming gradually.
It will take time for you to get there; you’ll need to follow the process. You don’t just start and become successful one day. You have to work the journey. It takes many ten, twenty and even more years before they can make things work out. Although it might take you less, you’ll still need to endure some period of dormancy before your flowers start to bloom.
When you do that, you can begin to elevate your income to the next level, where you’ll be able to put apart some of it into savings for investment purposes. You’ll be able to make extra than you require for your basic needs. And as a result, you’ll be able to start preparing yourself with the physical and mental requirements for a business.
By this time, you’re ready to start a business. Even with all the experiences you’ve accumulated, you still have a higher chance of failure.
But now you’re no more desperate. You can have the ability to remain patient, manage risk, speak with people and close deals with them, stay confident and stay strong through tough times until you see your business succeed. This is the right time for you to begin a business.
However, it would be best if you know the right time to start a business. The time when you can be seen as someone that’s at least ready and has what it takes to begin a business. Here are four situations when you must not start a business if you want to make the right decision.
When You’re Broke
It’s not any bit advisable for you to begin a business when you have no money. During those times when you’re so broke and desperate to have money coming in instantly, you have bills piling up on you, have debts you need to pay and can’t meet up with your primary needs, you shouldn’t start a business yet.
This is because building a business that will generate revenue and consistent income takes time. It doesn’t happen overnight. You don’t begin a business with the mindset of milking profit from it in a few weeks or months. That kind of thinking is for an employee, not an entrepreneur.
Another fact you need to understand before you jump into any business is that the net worth of a company does not equal the owner’s income. It doesn’t even depict the amount of money he can spend. Most times, people look at the revenue a business generates and say, wow! I’m going to start my own business.
But little do they know that revenue, profit, dispensable cash, and income are not equivalent terms in business. Although they may look almost similar, they are distinct from one another. How much an entrepreneur makes is not how much he can spend. But with your job, your net income is all dispensable as you want.
This is why starting a business is not for people who struggle to meet their life’s basic requirements.
As an entrepreneur, you’ve to think long term regarding the success of your business. You have to be willing to wait and watch your business grow step by step to the point where it generates back your investment reward.
But if you’re so cashless that you want an immediate income, then you need a job for a start. It’s a job that guarantees you that kind of rapid income. As an employee, you receive your payment daily, weekly, or by the end of every month.
Entrepreneurship is more than the cars you see people drive, the excellent house they live in, the charity they give out, the beach and hotels they visit, and the vacation they go to. It takes time and effort before a business starts to make a profit for you.
During those times, you’ve to pay your bills and put food on the table. So you only get more desperate if you go ahead to begin a business because you’ll be thinking based on your emotion rather than logic.
And this will drastically reduce your possibility of making it work. And even if you do, you’ll have to pass through a lot of hell you never wished for before you think of creating a business empire, and maintain a steady income.
When You Don’t Understand The Industry
This is very important for your success. Before you think of starting a business, ask yourself the question; Why? Yes, why do you want to start that business, and why not later? Why now?
Suppose you’re just starting a business because everyone has a business. In that case, entrepreneurs are stinkingly wealthy, so you also want to be rich, you want freedom, you don’t want to work long hours, you don’t want to have a boss or whatever other reasons, you will definitely fail.
This is because your reasons are not genuine enough. It would be best if you also had a valid reason as to why you want the business now and not later. What are the qualifications you have to thrive in the industry you want to dive into?
The fact goes that if you want to be successful in any business, you need to have an adequate understanding of the business industry. You don’t begin a business because you see someone doing it who makes a fortune from it. You need to fathom the business models and how it works.
And how best can you do this? You learn about the industry in which you want to do business. For example, if you’re going to start a company that produces cars and don’t understand what the car industry looks like. You can get a job at a car company to view how the atmosphere of a car company looks and how they run their business.
With that, you’ll be able to know how to get started with your own business. Not only that, but you will also have the necessary skills that will keep you going till you make the business work.
When You Lack A Pain Threshold
This refers to how tough you’re when it comes to pain. How much endurance that you have. How strong you are at managing risks. This is the top quality of an entrepreneur.
The number one character that successful entrepreneurs possess is the capacity to endure pain for an extended period. Are you ready for this? Do you want to give it all that it takes? Are you willing to make the sacrifice? What price do you want to pay to get the prize of entrepreneurship?
Almost all successful entrepreneurs that their success motivates you today passed through this process. They went through pains and challenging times for a long time before achieving the success you see today. Are you ready to do this?
If you’re not ready, it shows it’s not yet time for you to start a business.
If You Are Looking For Time Freedom
Among the wrong reasons, people start a business is this. They want free time. So they think that once you quit your job and become an entrepreneur, you’ve escaped the nine to five and five days a week job, and you will now have more free time. Anyone who thinks this way is getting it wrong.
Yes, you might have freedom. But it’s after you must have worked long hours for several years. When you’re running your business, you don’t work nine to five. You work twenty-four seven.
You have to think about your customers, employees, revenue, making sales, balancing between your life and business. Even at times when you’re off the office, your mind will still keep working on your business all day.
So, you only have less time than you think. It takes you time to learn the market flow of your business and how to stay balanced for optimum profit. And after you have maintained a survival level in your industry, you’ll still need time to start scaling for maximum profit.
It’s after these extended times of hard work that you can then have the time freedom. So, you need to shift your mindset before you go for a business.
All these requirements for starting a business demands that you be an employee first. You are required to learn and gain all these qualities when you’re still working for someone else.
The best is for you to be an entrepreneur. But before that, you need to get some traits in place. And the best way you can learn that while still earning is first to get a job, a high-income skill and build your personality to the point when you will be fully ready to start a business. You can also check out my previous blogs such as “6 Tips To Start A Business With No Business Knowledge.”
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Recommended for further reading:
- Business Secrets from the Bible – Daniel Lapin
- The Business Book: Big Ideas Simply Explained
- Keys to Success – Napoleon Hill
- The Lean Startup: How Constant Innovation Creates Radically Successful Businesses
- Crushing It!: How Great Entrepreneurs Build Their Business and Influence-and How You Can