There are about 10,000 reasons not to start a business, so don’t, unless why you want to is important enough to you to do it anyway.
It’s my belief that if you read through this and are dissuaded, you should not start a business. Starting a business is not an easy endeavor. Making it successful is harder. Keeping it successful is even more difficult. It’s those that want to push forward despite all of that who have a much better chance of making it.
So, 10,000 reasons not to start a business, you say? Yes.
You’ll deal with hiring mistakes, having to fire good people, people irrationally upset, regulations, lawsuits, and more. If you’re in business long enough, you’ll see it all and that’s after you “make it”.
Prior to that, you’ll have to go through the hurdles and obstacles that face every entrepreneur. Product/Tech/Service development and market testing. Legal preparation. Making sure you are properly insured. Getting your first customers to purchase. Collecting your payments and receivables. Managing your cash flow. Iterating product changes based on customer feedback. Delays. Sweat. Heart Palpitations.
You must want it, you have to be willing to bust your ass to make it happen. You will have to be resourceful, persistent, and resilient.
If you have an external locus of control – the tendency to blame others for issues, throw in the towel now. You’ll have enough of that to deal with that if you’re that way it’s not even worth getting started.
If you have an internal locus of control – the tendency to think of what you could have done differently and learn from mistakes, you’ve got a leg up.
It will take longer. It will be harder.
You won’t make money as quickly as you think. It will be harder than you think it will be and you will face more challenges than you could have imagined. In fact, according to Inc.com, only 4 out of 100 businesses survive past 10 years.
If you understand all of that and can still push forward with a smile on your face, then starting a business might just be for you.