Written by Guest Author: Mary Tomzack
There are two types of entrepreneurs: those who were born to own a business, and those who weren’t. If you weren’t, that doesn’t mean you lack professional potential; it just indicates you should allow your abilities to be utilized by an employer instead (there’s a reason some companies call their employees “talent”).
If you’ve invested time, money and effort and still find your venture struggling to take off, it may be time to evaluate whether self-employment is a good fit for you at all. Some indications that you shouldn’t be an entrepreneur may be:
1. You have a hard time staying focused.
An industry collapse may be the result of irresponsible corporate and government practices, but a small business failure can be the by-product of something far more common: severe attention deficit. If you have multiple business ideas but can’t keep your focus long enough to develop the first one, then chances are slim you’ll ever be able to develop the others.
2. You expect overnight success.
In the reality TV/YouTube age, it’s hard to watch the dubiously talented getting rich for doing nothing. But even though their success is being handed to them, that doesn’t mean yours should be too. Remember: Their success is short-lived, and you want yours to be lasting. Born entrepreneurs know that it takes hard work for that to happen – period.
3. You think the Internet is all you need.
That was the prevailing wisdom of those responsible for the dot-com bubble of the 1990s, and we saw what it did for them. Today’s Web entrepreneurs know that their success is not determined by their bandwidth, but by ingenuity and dedication to a goal. For born entrepreneurs, a website is a great marketing tool – but that’s all. If your business model depends on the Internet – for example, e-commerce retail or Web-based services – that’s fine. But the notion that a URL is all you need to succeed is outdated and untrue. Take it from your predecessors: You need more.
4. You’re obsessed with administration tools.
From Web conferencing systems to e-mail marketing services, there is no shortage of management helpers available to today’s entrepreneurs. For some newbies, it’s tough to resist taking advantage of every one. Technology aids may help a business feel sexier, but they can be a fast drain on capital. If you spend too much time and money on these shiny new toys while neglecting other business necessities, you may not be fit to be an entrepreneur.
5. You have to spend money to make money – and spend it, and spend it...
Techie tools aren’t the only money traps out there. For some entrepreneurs, the temptation to lease an expensive space and decorate it to the hilt is their pitfall. For others, it’s hiring employees to perform tasks they could be doing themselves. Born entrepreneurs are willing to work in bare bones accommodations and have no problem being their own sales, accounting and service departments until they can afford to hire people.
Every bad business starts out with good intentions, whether it’s the idea for a new product or the desire to be one’s own boss. If too many of the above statements apply to you, you are probably not meant to be an entrepreneur. The good news is, you can still achieve professional success by letting someone who is a born entrepreneur tap into your numerous, highly marketable talents.
About Mary Tomzack - FranchiseHelp.com
Mary Tomzack, is the author of the widely read "Tips & Traps When Buying a Franchise." She is also the Advisory Board Chair of FranchiseHelp.com, a leading resource for information on franchise opportunities and business opportunities. FranchiseHelp was recently named by The Wall Street Journal as one of the most useful sites for entrepreneurs. Follow FranchiseHelp on Twitter @FranchiseHelp.
