It seems like nowadays everyone wants to be an entrepreneur for any number of reasons – you get to be your own boss, it’s flexible, you make a lot of money, the list goes on. Unfortunately, what all the wantrepreneurs (wannabe entrepreneurs) don’t tell you is that there’s usually a lot more involved in running one or more businesses lucratively. It’s not easy, you usually have more than one boss (clients, customers, etc.), and you’re not always guaranteed to reap a return on your investment in every endeavor.
We talked to Per Wickstrom, founder and CEO of Best Drug Rehab, to discuss some of the challenges associated with becoming an entrepreneur. One of the first things Per said was “I realized early on that one way to maximize my chances of success would be to become familiar with the stumbling blocks that have caused others to fail.” With that said, here are Wickstrom’s top 7 reasons most people will never do what it takes to become an entrepreneur:
1. Lack of Discipline
If you can’t make a simple plan and follow through with it, you won’t become a successful entrepreneur. This means being able to cut out everything that is not conducive to success, including addictions, irresponsible behavior, burdensome relationships, and anything else that might be stopping you from being disciplined.
2. Afraid to Take Risks
There’s always a chance that a startup or joint venture could go horribly wrong and you could wind up pouring tons of time and money into something that only ends up being an embarrassment. That’s a risk you’re going to have to take, but you can minimize it by doing your research and formulating a solid business plan.
3. Poor Time Management
Contrary to popular belief, entrepreneurs don’t sit around watching digits in an account all day. Most of them are up before the sun comes out and are still thinking about work when it goes down. You hear a lot of people say “I don’t have the time to become an entrepreneur.” What they really mean is “I can’t manage my time well enough to become an entrepreneur.”
4. Excessive Expenses
When you have too many bills to pay there’s always a feeling of pressure that will hinder your productivity and creativity. Aside from that, if you’re constantly overloaded with expenses, you’ll never have the free time or spare money to invest in your ideas.
5. Out of the Loop
Starting a new business has a lot to do with knowing what’s going on in society. If you’re not active on social media and staying in tune with the trends and culture, it’s unlikely that you’ll be innovative enough to develop a product that will be in high demand in today’s fast-changing world. An example would be: a wantrepeneur comes up with a business idea, only to later realize that a number of companies already offer a similar product/service. Being out of the loop means being uninformed, uncultured, and unprepared.
6. Insufficient Funding
Entrepreneurs use their ideas to get businesses funded by investors, while nontrepreneurs (non-entrepreneurs) stress about how they’re going to afford office rent using money from their personal savings account. External funding is the name of the game.
7. Zero Marketing Experience
Regardless of what industry you plan on operating within, you’re going to need to have a basic understanding of marketing. Unfortunately, you see many business owners that are clueless when it comes to marketing, and as such their companies never reach full potential.
Per concluded our interview at Serenity Point Recovery with a brief explanation of self-defeat – “Once you know the primary enemies to your success, you’ll be better equipped to defeat them, rather than letting them defeat you. In reality, you can be the biggest enemy or the biggest ally to your own success, so use the reasons I’ve listed as inspiration rather than discouragement.”