The 5 Absolute Wrong Reasons Why To Become An Entrepreneur

Published by Mike Michalowicz (Google+)


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:

Desperation

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.

Jobs Suck

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.

Quick Money

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!

By Mike Michalowicz, Author of The Toilet Paper Entrepreneur


Category: Recommendations, The Right Actions
Tags: , , , , , .
  • http://www.CarolRoth.com Carol Roth

    This is a great start to the discussion of wrong reasons to become an entrepreneur Mike. There are many more too. The most important question an aspiring entrepreneur can ask him or herself is not “Could I be an entrepreneur?” but rather “Should I be an entrepreneur?”, based on his/her objectives, opportunities and circumstances.

    Carol Roth

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Carol – Very insightful. Could vs. should. A totally different vantage point. Thanks for that Carol.

      - Mike

  • http://www.alittleindulgence.us Tracy Young

    Great Post. People forget that being an entrepreneur isn’t a 9-5 job. 24/7 doesn’t even describe it. You have to love being an entrepreneur because your going to be breathing it, dreaming it and doing it at all times.

  • http://www.canadavirtualassistant.ca Crystal Coleman

    This a post I think all aspiring entrepreneurs should read before they make the first move – it’s, as Carol mentioned, a great discussion and thought starter.

    I think one of the biggest contributors to failure is lack of planning – desperation or “this job sucks” syndrome definitely play into that.

  • Edward

    Hey if you guys are interested, Richard Branson is having a live online event on Wednesday (March 17th). You can ask him any question you want. Hope this helps!

    Registration: http://tinyurl.com/ptbbranson

  • http://broketycoon.com Jimi

    Great Post Mike, I don’t think everyone is cut out to be an entrepreneur, but at the same time people still don’t know the main concept of an Entrepreneurs

    Jersey!

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Jimi – JERSEY!!!!

      - Mike

  • http://www.thewritebloggers.com Terez

    With a plethora of the get-rich-quick schemes flooding the Internet, people cannot help but be sucked into believing they can make $10,000 in 2 hours by doing virtually nothing. It’s really funny. Because if your average Joe on the street proclaimed such announcements, most people wouldn’t be interested at all, and at the very least, skeptical. Why are so many people willing to trust a faceless scheme without any question?

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Terez – I don’t get it either. But I think it becomes more “believable” when there is video that backs the crazy claim. It frustrates me to no end that those get-rich quick scams exist… and it frustrates me even more that people continue to fall for it.

      - Mike

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  • http://www.BloomingDreams.ning.com Demisha

    Great reminder to those starting out. Don’t start a business because of the reasons listed above. Start a business because you’re passionate about something. Find your passion, become obsessed with it, and then start a business so that you can do what you love to do.

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Demisha – YES… that is it. Become obsessed with it. That is it! When you are so in love with what you do, you will find a way to grow it (and will have the courage to stick it out during the many dark days of entrepreneurship).

  • http://www.adaliaconfidenceandsuccessblog.com Adalia

    You have done it again Mike, five powerful reasons. If you become an entrepreneur for any of these reasons – it’s like a sugar rush – you feel pumped up but all too soon you lose your energy. I enjoy what I do so much, it’s part of who I am.

    • http://www.ToiletPaperEntrepreneur.com Mike Michalowicz

      @Adalia – I like the analogy of a sugar rush. Well said!