10 Reasons, Why You Should Not Start Business
Everyone dreams of starting a business and being his own boss. You want to either be the next big thing in the business world or just be successful. How many times have you read about people like Bill Gates, Warren Buffet who started from nothing? How many times have you wished you were the one who had the idea to start a company like Google or Facebook? How many times have you wished that you strike gold (black gold) in your back garden? There are a few sites on the internet that have a list of stupid ideas that made someone very rich. A very famous one some years ago, was a teenager who had the idea to start an online business. He decided to sell pixels. It was very interesting and motivational for those who thought they could do the same or even better. However, don't be fooled by all those who say that the economic crisis is a good time to start a business. There is nothing like a good time to start a business. Starting a business is a gamble and you either lose or win. There are a lot of losers out there and only a few winners. Why do I say only a few winners? You can research how many startups didn't make it through the first year. This will give you an idea of what you have to deal with. Even those who are now household name had a few failures before achieving the success that is now synonymous to their name. If you were to focus only on the success stories without thinking about the possibility of failure, you are bound to fail. There is no business out there that is failure proof. Even funeral parlors go through economic hardship. That might sound strange because people die every day hence, business must be good. You could also conclude that people eat everyday and there are a lot of restaurants folding every week. The point is that failure is real and it happens to a lot and it can happen to you.
Why you should not start a business, below are 10 reasons why you should not.
Regular Salary: To those who are used to the regular paycheck, it can come as a shock to know that your income might not materialize. A lot of those who start a business have had to work almost for free for months before they could receive anything in the form of salary. Starting a business means, you only get paid "IF" there is money. That "IF" can kill your business from the word go. Starting a business means spending more and not be guaranteed an income.
Working Countless hours: You think your former boss was a maniac who has no consideration, well, you will become a maniac when you start your own business. You will work double the amount of hours and there is no hope of getting paid vacation or overtime pay. You just pour in the hours and hope something in the way of profit will come out of all your efforts. You will then understand why those who start their business from nothing apply strict rules to their employees.
Money Invested: The likelihood of losing all your money, house, car, etc, is real when you start a new business. To put it differently you will lose money when you start a new business. If you are among the lucky ones, you might recover some of it. Others have not being that fortunate and have lost everything. They have had to start from zero worse off than before they went into business. If you owe money to the banks, that will only make things worse.
Family life: Starting a business is not always conducive to having a family life. If you already have a shaky marriage, starting a business could only push the two of your apart. You will have to eat, breath, drink, dream your business for a few months or years before any type of pleasure can be had.
Discouragement: If you want quick money because you are now your own boss, you must be delusional. Even successful businesses go through rough times. Remember Windows Vista? I am sure someone got caned for that disastrous version of windows. If successful businesses suffer, your can be sure that your moment of discouragement and depression will come. It will either make or break you. As they say, what doesn't kill you can only make you stronger. With regards to starting a business, it can be true. It can make you stronger that you never wish to hear anyone mention the word business.
Competition: If you have something good going, you will have copycats and a lot of competition. You will be too small to challenge anyone in the court of law. You cannot afford it as you are just starting out and your budget is tight. Others will steal your ideas, register it and sue you for plagiarism. It is not fair but that is the world of business. You must be a fighter to survive.
Failure: The risk of being just another statistics is very great. Most business fail in the first couple of years and there is no guarantee that yours will not be the next.
Dream of Success: As the word dream implies. It is not real and you will soon find out when you wake up that success is not as easy as you might have thought. You have done your research and read positive articles about starting your business. You think you are motivated enough to make it. You probably think that those who fail were just not cut out to be success. In business, even good businesses do fail.
Control: You will lose control of your life for a while when you start a business. You will make a lot of mistakes that will cost you time and energy. You will try to improvise because of your lack of experience and time will not always be on your side.
Taxes: When you think all is well and you are beginning to reap the rewards of your new business, the taxman will want his share of your profit. High taxes sometimes make it worthless to carry on with your business.