Don't Start A Business If you Don't Know This

Don’t Start A Business Until Unless You Know 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 drive, they’re driving the Ferraris or they’re driving a Bentley or you see the vacations spots, you see their home, their houses and the life they have and you say to yourself, I want that too.

     So, what I’m gonna do, I’m going to start a business just like them. Well are you ready, do you know if you’re ready to be an entrepreneur?

     Here are 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

     That’s correct, you raid it 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, why?

     Because of it takes time for a business to mature to generate a profit. If you think you’re gonna start a business and you’re gonna make money in the next two weeks, four weeks, a month, that’s an employee mentality. As an employee, you get a check for two weeks. You get a chance by the end of the month.

Related: Daily Habits of Every Successful Entrepreneur

     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 the meantime, what are you gonna do? You still gotta 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 it takes effort and it does take money to grow.

     I always want to say you that, 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 Industry

     I just want to ask you a question before you start any business and that is I’m asking you right now, “Why you and Why Now?”

     If your answer is, “Oh, I just wanna make some money.”

You’re gonna fail, “Why you and Why Now?” What qualifies you to be I 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. Let’s say you wanna go open up a restaurant. I’m not saying that’s a good idea, but let’s say you want to 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 like to work in a restaurant, before you open up a restaurant. So you have to know your industry.

Also Read: Case Study of Walmart

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, then, What do you think is the number one quality of an entrepreneur? 

     Everybody wants to talk about their 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 9:00 to 5:00 of 6 days a week.

     Now I’m gonna be an entrepreneur, I’m gonna 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 a some freedom.

     The 1^st five or ten years, you won’t get shit. First of all, you get paid last. You pay everybody else before you pay for yourself.

So, if you think you’re gonna get rich quick doing this, No. When you’re running your own business, there’s no 9:00 to 5:00 job, their 24x7 job.

     You are always thinking about your customers, employees and about the cash flow problems you have. It takes a few years just to get a sense, get a feeling and try to find out what works in your business, crack the code, and being profitable.

     From there to grow, there’s still a long, long way forget the 9:00 to 5:00, forget the 6 day workweeks.

     It’s an 24X7 is the life of an entrepreneur. If you don’t love it and if that’s not in your blood and you want it so bad, you’re not gonna do what it takes, you’re not gonna make those sacrifices it’s too damn tough.

5] Don’t’ Start A Business If You Don’t Know How 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 business.

1. Customer
2. Financing
3. Vendors
4. Partners

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