More people are starting businesses than ever before. In fact the SBA reported over 2 million new businesses were started in the United States during 2009 alone. (Why they all didn’t buy The Toilet Paper Entrepreneur, I don’t know)
The fact is many of these entrepreneurial start ups are guaranteed to fail, since they were started for one of these 5 WRONG reasons:
Desperate people do desperate things. With the unemployment rate being the worst it has been in decades, former great employees are trying to become (marginal) entrepreneurs. Unfortunately this does not work. Entrepreneurship is about fortitude and that is definitely not the same as being desperate.
It seems most people hate their job. And with so many people unemployed, the “lucky” folks who still have their career have to now perform the work of two or three people. These people are burning out, and believe the grass is greener as an entrepreneur. Little do they know they will now need to do the work of ten people.
Get rich quick schemes DO NOT WORK, yet many fall for the trap. The people who become entrepreneurs to make quick money get trounced by the other individuals who go into that same industry because it is their passion. The passionate entrepreneurs are far more persistent. And these are the ones who are ultimately (emphasis on time) successful.
It’s In The Genes
While an entrepreneur has certain innate qualities they are born with, it didn’t necessarily come from the prior generation. Just because Mom or Dad was an entrepreneur, doesn’t mean the child is going to be a good one… yet they think it’s destined. No entrepreneur should go into business, just because her parents did. And no aspiring entrepreneur should skip out on the opportunity because his parents did.
You Can’t Get Fired
This one get’s my blood boiling. I meet person after person that plans to start a company and glows in the fact that they can never get fired. I mean, after all, who in their right mind would fire themselves? Listen up, bucko! YOUR CUSTOMER CAN FIRE YOU. If you aren’t the best, your customer will leave (along with their money) to go else where… a.k.a., You’re Fired!