Business tip of the week: Don’t Start a Business – Akin Alabi
The Best business advice you can get as a new entrepreneur, just starting or a budding one is that you shouldn’t start a business when someone tells you Don’t ”Start a Business”, you have to know it is because they love you not just because they are naysayers. Most especially if it is coming from someone successful already in entrepreneurship, and the reason for this is not far fetched, it is simply because it comes with a lot of pain and it is to be sustained with a lot of pain as well
Entrepreneurship is not just like your motivational speakers have told and injected you and described it to you like ”fire your boss”, quit the rat race ‘, be your own boss yada yada yada, so I know how it feels and the power one usually gain listening to motivational speeches but they all can be fruitless if care is not taken
Here are the things involved starting a business of your own
You can fail after spending all you have, all you have made and even sacrificing all you can exchange for money (to be successful, you have to give it all it takes and all you have )
2. Lack of peace of mind.
What I mean in this sense is that your mind will always be thinking about this exercise/endeavor as one problem or challenges will be coming after the other and it will occupy your mind so much that you might not have the time to do your usual activities like spending time with loved ones and others
3. Public embarrassment :
Even though this doesn’t mean that you are going to be harassed or embarrassed by anyone, but business run into problems at the beginning, after taking off or even when it’s about to crash, whichever the case may be, it usually requires financial attention beyond your comfort zone, example is not making enough profit while you are having so much to your employees, tax collectors, and government regulatory bodies as well. This is talkless of some certain industries that usually have some unnecessary, insane and unofficial responsibilities like that of real estate and the Omo Onile touts
4. Falling Victim of a Scam :
At the beginning of a business, you will likely get scammed one way or the other, and for one reason or the other. It might be the kind of business you have learned about before starting or the one you barely or know a bit about (only a dumb person go into the business they know nothing about) you will probably fall victim of scamming or people who are in your team (not necessarily your employers) not doing what they are supposed to do, E.g a carpenter who made a substandard shop roof or a web designer who designed a eCommerce websites that shut down for an aggregate of 5 hours a day with terrible speed whenever its live and up.
5. Competitors :
Whether it is an already existing industry or a new idea that you have innovated, you will have competitors either before you start or after you start and you have to fight for your share of the customer population for your type of product or commodity
6. Running out of money when the business is about to start paying :
This usually happens when the fruit of all your labor is about to start coming, then you run out of money because running a new business every day costs money, if you have no one to save you at this point, you either fail and go into depression ( because you have seen your dream almost about to be a reality before you realize that you have failed and only a helping hand can save you from this kind of situation
There is 90 percent probability that you will fail if you start a business, are you ready to face this? yes? then carry on.
After knowing all the obstructions you have ahead of you starting a business, you don’t want to be broke, go through such a traumatic situation and humiliation?
what should you do?
Get a job!.
Why you should get a job
1. WE ALL CANT BE ENTREPRENEURS
Whether you like it or not, we all cant be entrepreneurs, there are a lot of people who are employers to some certain companies and they are far richer than the entrepreneurs you respect on TV and everywhere.
There was a day the richest man in Africa Alhaji Aliko Dangote was telling a reporter about why he doesn’t have a house outside the country because of time management but he claimed that a lot of his employers have houses in London, UK, USA, and several other developed countries, when Aliko is talking about someone having a house, you should know that’s, not a cheap one and whether cheap or not, it is going to be a lot of money in Nigeria or any other African country, what does this tell you, An employer can be financially well off enough in Africa to afford a house in London, therefore it’s not and never a bad luck being an employer
2. You Can’t Start a Business Without Money :
You make money with money, which means running a business cost money and if you don’t have the money to start a business, what is the next thing to do? GET A F**KING JOB. This doesn’t apply at the beginning of the entrepreneurship journey alone, it applies even when you fail as well, because if you start ten businesses there is only a 1/10 probability for them to survive, which means you only have a possibility of succeeding in one business after ten attempts, so if you fail in one, what would you do, go back to your job and start preparing for the next attempt.
SO now you know all that is involved, YOU STILL WANT TO BE AN ENTREPRENEUR?
Here are the first set of things to do before you commence your journey on becoming an entrepreneur :
1. Carefully choose the RIGHT BUSINESS to do
2. Make research and learn about the field you are going into
3. Before you start a business at all, learn a skill that is going to be your new source of income for a second coming when your business fails or a reliable source of money (be it a family member or a friend to fend for you and bring you on your feet again )
ANOTHER ALTERNATIVE IS THIS
JUMP IN THE SEA AND FIND YOUR WAY :
This approach is very effective but dangerous, what it simply means is to just go ahead and start with anything you have and you start growing without leaving the arena of the business physically and mentally even when you fail till you find your way through.
What I am saying here is an example of someone who failed in a skincare production business due to lack of enough knowledge and money, then he secured a job that will be paying his bills (even if not sufficient) in another propelled and flourishing skincare company, with that, he will be learning more, having more connections and from there he can gather money to try again on a small scale or leaving to get money and start again after gathering enough logic, knowledge, and tactics of the business.
This is the hardest but the most effective method because he has failed and has come back to learn as well. He has seen some mistakes that even experts make but he would never make again, but this is hard and challenging and is not advisable for anyone except for those who are pursuing things with passion and talent like musicians and actors, if you look into the journey of the lives of a lot of them, they have been on this journey and being in the industry licking asses for a long period
Here is the business tip of the week and make sure sure you subscribe to our newsletter and press the bell button on your screen to be aware when another post like this drops. Comment and drop your views as well below
You can also read What to do When a Customer Say They Can’t Afford Your Product
subscribe to my youtube channel as well for more talks about related contents by clicking here
Click here as well for more business coaching articles as well