The allure of being the boss, making the rules, and working for you, is very strong, but the reality is that too many new businesses fail within a few years. The US Bureau of Labor Statistics found that 20% of new businesses fail after one year, and according to a 2019 report by Startup Genome, 92% fail overall.
Many are the ones who start in the world of business alone with enthusiasm, only to fail and return to zero after a short period; As a large number of companies soon achieve simple success until they collapse quickly after that, except for entrepreneurs who achieve great success several times and lose everything at once, and few are the ones who finally find the answers, and live the life they have always wanted, without To fear that the business world will rob them of what they have worked to achieve.
Many budding entrepreneurs neglect the core task of connecting with others, and most importantly, with themselves. Without doing the necessary work and research to understand exactly what it means to be an employer, and to understand the source of your desire, you are making a deal that will have dire consequences for you in the end.
It is common to hear the story of a person who decided to leave his job and launch his own company because he wanted to break free from the monotony of working 8 hours a day, and this is a desire that all of us have, especially those who feel that they are wasting their lives sitting behind their desks, waiting for the work period to end, and wishing that time would pass more quickly.
But the problem is that this feeling alone is not enough. Usually, after establishing his own company, that person finds that he is busier than before and hardly has much time to spend with his family and that he has to work non-stop to satisfy his clients. In the end, he gets what he wants and is freed from the monotony of work, but he did not realize the price he would pay for it; So, here are 3 questions you should ask yourself before you decide to take that step:
1. How will entrepreneurship help me become the person I wish to be?
It is strange how quickly people make this decision. You find them focusing on the idea of higher income, greater freedom, and more free time, without thinking about why they want to have these things. But really, you have to take a moment and think about who you want to be, and imagine how you want a normal day in your life to go.
For example, you may want to be under less pressure and be patient and giving, or you may want to be more financially comfortable so that you can buy what you want without worrying about the price.
Whatever your goal, be honest with yourself, and then imagine what your typical day would look like if you had those things you desire. And remember that this will be your life every day and not just one day, and imagine how you would feel if that were your reality, the person you want to be, and the life you want to live.
2. Will I be happy working outside the field I love?
Another point that the new company owners overlook is that they will be so busy running the company that they will not be able to work in it, and this may be seen clearly by those observing the situation from the outside. But if you were someone who built their company based on their passion, would you be willing to outsource the work to someone else? You are ultimately the owner, and it is your responsibility to manage and grow the company.
The alternative option is to hire an experienced person to run the company on your behalf, but this option is expensive, especially if you are looking for a skilled person. You will also have to introduce him to the company’s structure and objectives, which takes time. So unless you are ready to spend a lot of money, you should know in advance what daily tasks you will be working on when starting your company.
3. Will I have the grit to overcome difficulties?
You must know if you have the strength to overcome adversity, and knowing that is not easy; So ask yourself these tough questions, try to imagine the worst-case scenario, and then remember why you chose to become an entrepreneur.
The idea here is not to scare you into changing your decision, but to identify the challenges you will face, understand their impact on you, and then try to deal with them using the motivation that motivated you in the beginning. If your motivation is strong enough, you will be able to achieve the impossible, and this knowledge will allow you to keep working until you achieve what you want, even if you have no previous experience.
In conclusion, “Find a Mentor”:
One of the best ways to avoid wasting your time experimenting is to find a mentor, someone to guide you, give you advice, and ask you questions, and you will quickly realize that this type of person is invaluable.
Start looking for people you respect, but keep in mind that choosing the most famous and successful people as a mentor will not be realistic because these people often do not have the time or desire to help you personally. Even if they are available, their services will be paid and you cannot afford them; So look for a person within the field you want to enter and let it be a person who has taken the steps and achieved the successes that you seek, and he may not be a well-known personality, but if you search well, you will find wonderful people.