A reliable research shows that 10% of business start up stays beyond 3years in their chosen business. Do you know why?
They all lack knowledge of very important warnings or lessons in business world.
You should not start a business until you read this
Any you you see successful entrepreneurs on social media, on Instagram, on Facebook.
You can imagine the lifestyle of a successful entrepreneur .
You can see the big cars that they drive
You can see the vacation they enjoy
You can see their home
So you say to yourself, I want that too.
So what I’m going to do.
I’m going start a business just like them.
Well, are you really ready, do you know if you’re ready to be an entrepreneur?
In this post are 5 warnings before you start a business
1. Don’t start a business if you have no money.
That’s correct, you heard me 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.
Because it takes time for a business to mature to generate profit.
If you think you’re gonna start a business
and you’re gonna make money in the next two weeks,
In four weeks, a month, that’s an employee mentality.
As an employee, you get a salary , in 2 weeks.
You get a salary 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, many years in.
In the meantime, what are you going to do?
You still have 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 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.
Second warning sign is this.
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 right now
Why you and why now?
If your answer is, oh, I just wanna make some money.
You’re have 80% chance to fail.
Why you and why now?
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.
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 about the industry.
Let’s say you want to go open up a restaurant.
Well, is 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.
3. Don’t start a business if you don’t have stamina.
I mean a mental toughness to endure pain.
Many years ago, I had this conversation with my mentor and he asked me the question,
Bolaji, what do you think is the number one quality of an entrepreneur?
And I said many, many things.
I said talent(skill) and I said team and I said good idea.
I said many, many, many things
He said no, he said the number one quality
of a successful entrepreneur is the ability to endure pain.
He added for a long period of time.
Didn’t talk about the Ferrari, didn’t talk about the big house.
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 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 cannot 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
responsibility on your shoulder.
4 Don’t start a business if you want more free time.
If you start a business, you think, oh, now I can quit my job, the 9 to5 for 5 days a week.
Now I’m going be an entrepreneur
I’m going be a 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 5, 10 years, you may not gettin a penny
First of all, you getting paid last. You pay everybody else before you pay yourself. So if you think you’re going get rich quick
doing this, NO
When you’re running your own business, there’s no 9 to 5.
You need wake up.
There’s no 9 to 5.
There’s no 9 to 9.
It is on your mind 24/7.
When you take time off, you’re not really 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 get more time
because 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 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 to go
Forget the 9 to 5.
Forget the 5 days a week.
It’s 7 days, 24/7.
That’s the life of an entrepreneur.
And if you don’t love it and if that’s not in your blood and you want it so bad, you’re not going do what it takes, you’re not going make those sacrifices because it’s too damn tough.
5. Don’t start a business if you don’t know how to close.
I don’t care what it is that you do.
You want to get customers, you need to close.
You want better terms for financing, you need to close.
You want better vendors, you need to close.
You want partners to help you to promote your business, you need to close.
If you don’t have the ability to close anyone anytime, if you don’t have that closing mentality and you don’t have that closing skill, you’re not qualified to be in busines.
I don’t care what it is that you do, I don’t care what industry you’re in, I don’t care what product or services that you sell, you need to be able to close.
So these are the five top warning signs.
So, after all that, if you say, you know what, I still want to start.
I’m willing to pay the price, then click a link below or here I invite you to join me for a a free special training on a profitable business you can start now
I’m going show you a platform to start earning passive income from home
I’ll see you in class.
PS: I am Smartphone Business Coach, I show how to make extra income online