You can read a lot of articles on why you should become an entrepreneur in today’s economy but only little will tell you why you SHOULD NOT.
You shouldn’t dream of being an entrepreneur if the following applies to you, cause anyone can have a big idea, dream about it day and night, be enthusiastic about the concept of owning a business and still fail terribly. Statistic shows that most businesses fail before their 5th year.
This is why.

#1 NEED PROFIT NOW-NOW
If in your big dream you can see money raking in now-now, then you better continue that business in your dream cause in reality if you really want a business that can be sustained for a very long time, then even the profit will be returned as investment. But once you don’t have that discipline to delay gratification, then your business is heading for the rocks.

#2 LITTLE OR NO PLANNING
This comes after you have had your big business idea. Planning makes a lot of different for any business idea, do you know what makes more difference than planning? It’s extensive planning.
There is nothing like too much planning, cause as they say if you fail to plan then you are planning to fail. Adequate planning will give you an insight on infrastructural needs of your business, financial capital estimate, time estimate, basic equipment and materials requirement, procedures and registration processes required etc.

#3 NO RESEARCH
Just like planning you need to do a lot of research about your target market, your customer base, your profit potential, your competition, your business prospect, challenges and so much more.

All these can improve your business success but failure to do or recognize the purpose of all these can spell doom for your business idea. Pitch your idea to your friends and family and ask only for their honest opinion, take all that into consideration when planning for your business; that is if you haven’t being discouraged after hearing all those honest critics about your idea. If you don’t have the stomach for criticism then how can you handle disappointment in your business, cause believe me, there is going to be a lot of disappointments. So if you can’t handle a few punch below the belt, then how can you last till round five?
#4 NO FUNDS
If you don’t have your personal money to run your business, then I beg you don’t become an entrepreneur. Try asking banks for loan or a family member for capital. Then you will know why. Even if for some miracle to get a borrowed capital for your business before your get your return on investment will take time, so much time I don’t think a bank or family member will have the patient for. And remember that most business have a higher risk of failure within their first 5years, you wouldn’t want to add the thought of your debt to the source of your worries.

#5 I HATE MY JOB
Many people hate working for their boss, many people endure for many reasons, but once that big idea sets in and you think you need to leave that job you hate and set out on your own, then sorry is your name, cause when you eyes open, sorry is what people will start calling you.

The need to start your own business should never be based on the fact that you need to be on your own cause in reality it may be friction.

When you want to start a business you need a source of fund, no matter how little, you need capital. That’s Entrepreneurship 101.

Many are not in their dream job, yet I don’t see anyone quitting their job, why should you be the first, instead they are making the smart decision to begin the first stage by planning, making research, building capital, meeting prospective client etc. if anyone tells you to leave your job to start a business, without the necessary pre requisite, then the person has signed you up for a failure course, that if you enroll sha.

#6 NO SKILLS
If you have a job then you are very lucky, that means you have a certain skill that the organization requires, if not…hmmm. Skill is the keyword here. For your to run a business of your own you require a certain skill that require a certain level of knowledge. In other words you don’t just need to have a skill; you have to be better at it, because that will differentiate you from your competitors. And believe me if you have competitors, that means they already know enough to run you down. That’s if you don’t run down yourself before they do.

Acquiring skills is very important to run any business. The better you can be at your business the better for you. So if you mean business then you need skills.

#7 NO PROMOTION
If after you have scaled through all the hurdles of creating a business then the life line of that business is patronage. Am guessing you know that you need people to make money. So how to get patronage after creating a business successfully should be your next focus. If you don’t know how to do that then you aren’t suitable for business ownership.

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http://blog.adverbusiness.com/things-they-never-tell-you-about-being-an-entrepreneur

Really helpful.

Excellent write up.