5 Reasons Why Entrepreneurship Is Not For Everyone
In my podcast interview with Anupam Mittal, a founder of Shaadi.com, Makaan.com, Mauj, and Mobango-I needed to answer one of the most pressing questions about entrepreneurship I had. Is entrepreneurship for everyone? The discussion that followed his answer was very insightful, and I would genuinely enjoy sharing it with all my readers.
As an entrepreneur, you take risks, solve problems, work directly with customers, sell, market the solution, deal with financial reports and legal cases, and build a product maintained by a small team of people. The process is time-consuming, expensive, and demanding. Compared to a regular job, this is much more stressful and exhausting.
Many don’t want to go through the hassle of starting their own business. Yes, they are attracted to the idea of being their boss, working whenever they want, and earning way more than what their current job offers. For almost all of the entrepreneurs out there, none of that is even close to accurate.
The task requires a great deal of commitment and a multidisciplinary approach to handle dozens of activities simultaneously, from branding to technology to accounting.
To succeed in this field, a rookie may require a strong drive.
Here are five signs that not everyone is cut out to become an entrepreneur:
1. It takes time and money
Entrepreneurs don’t appear overnight. It takes a lot of time and effort to be on par with the other companies. A person needs to have some money to start up a business. Most people believe that being an entrepreneur is an easy way to make a lot of money, but that is not the case.
2. Time Management
Procrastinators and people who face hardships in time management should clarify this field. This is due to the volatile nature of this business and the amounts of effort that need to be put in, which are way more than any corporate job that people in these two categories would not be able to deliver.
3. Embracing failure
Often, entrepreneurs fail, and failures provide new learning opportunities. Nevertheless, if a person has difficulty dealing with loss, it is another reason entrepreneurship is not for everyone. Learning to live outside of one’s comfort zone and making friends with failure are vital for success.
4. Taking responsibility and being accountable for your actions
Look, we all make mistakes, whether intentional or not. However, not everyone can accept responsibility and accountability for those mistakes. Entrepreneurs are also responsible for the individuals working under them, not just for the mistakes they make. Rather than being motivated by someone else, entrepreneurs need to be inspired by themselves and their intentions. And at the same time, they need to encourage people who work for them.
5. Consequences for the mind
Entrepreneurship is not for people who cannot stay afloat in hardships, and it is a stressful field that can lead to mental and physical breakdowns. After facing these events, returning to work with the same vigor and drive is crucial to achieving the dream.
To find solutions to everyday problems, entrepreneurs must think outside the box. New products must be created, existing ones improved, marketing must be creative, and they should not be afraid of experimenting and learning through experience. Entrepreneurs add value to their businesses and lives by adhering to rules and principles.
Listen to my interesting podcast with Anupam Mittal here.