Running your own business isn’t as glamorous and carefree as you think
It seems that most people these days want to quit their job and start their own business or side hustle. From what I see, the vast majority are doing it for the wrong reason.
Do it for the wrong reasons and your chances of success will drop dramatically. It will also be harder to get through the tough times, as there will inevitably be.
The biggest reason I see for people wanting to start their own business is that they hate their current job or boss. The mistake many are making here is just assuming that the grass will be greener on the other side. Usually, it’s not.
This group of people is oversimplifying the comparison. Their current job might not be great, but that doesn’t mean a business will be plain sailing with money rolling in from day one.
Many appear to also assume that their business will make them instantly wealthy. Probably they just read some rags-to-riches story and didn’t realize that the big successes are the exception, not the rule.
I had plenty of jobs I didn’t like when I was in my younger days. But I chose a different, and more reliable, route to success. I built a career in IT. I had great jobs, great managers (with one major exception), great work colleagues (mostly), and interesting and challenging work.
There was nothing not to like about my career. But it wasn’t like that from day one. You have to start at the bottom. Sometimes you just have to do some things that you don’t want to do. A job or boss you hate can be a stepping stone to better things. Don’t assume that you can’t move on from there.
Another mistake I see many make is trying to start a business when they have zero experience and zero skills. These are often people who are either in university or thinking of reasons not to go. They will usually have read about someone that dropped out of college and made millionaires in a few short years.
What they miss here is that these “dropouts” are usually well-educated and well-connected. They’re not some kids with just a basic education. These dropouts usually had a solid idea and financial backing to start. The ones that want to start a business to avoid college don’t usually have any idea of what they want to do. They are almost always broke as well. It’s a terrible way to start a business.
You should know that there is another option for those of you that don’t like your current jobs. I’m not saying you shouldn’t start your own business, but make sure you consider the other options first. The option of a good career is probably a better idea for the majority of people.
Surveys always show that older people that start businesses have a higher success rate. That’s because they have more experience and more relevant skills. Their experience enables them to see gaps in the market that they know they were capable of filling. They didn’t sit in their bedroom dreaming up random ideas that they had no hope of executing.
Work helps us learn how the world of business works. That’s what helps us spot opportunities. It’s difficult spotting opportunities from a bedroom in your parents’ house. Especially if you’ve never had a real job in your life.
So if you’re thinking of not going to college or thinking of giving up your job, think again. What is your goal?
If your goal is to get away from your current job or earn more money, then figure out the best way to achieve what you want. The best solution is probably not jumping into some lame business idea. This is especially true if you need money to live.
Businesses usually take time before they provide you with a full-time income. You can’t expect to start a random business and have a full-time salary the first month.
If you really want to start a business anyway, then start one alongside your current job, however much you hate it. That way you’ll still have a regular income coming in. If your business works out, you can ditch the job later. If you’re so sure your business idea will work, then it makes no difference to wait a month to prove it.
Whatever you decide, good luck with your future ventures.