Everyone is raving about starting their own business. That’s really the rage these days. In my country, it’s almost as if everyone is selling something these days. So should you start your own business? It really does depend on what you hope to achieve and how soon.
Before I go on, I’ll just let you know I’m a big fan of entrepreneurship. However, this new movement is obviously moving people to take steps they probably never would have.
So in this article, I’m going to tell you what I think about this movement. I’m also going to talk about the right option between becoming a salaried worker and starting your business
What I Think About the Business Movement
I’m just going to say it the way it is. I think it’s great for people to start businesses. I have started more than two businesses in the past three years. However, I’m going, to be honest with you. You are more likely to fail.
Most startups or businesses fail within the first five years. One of the reasons why people fail is because of unrealistic expectations. I’m from Nigeria and we are known for our love for quick money. If you’re starting a business thinking you are going to be the next Hushpuppi, then you are going to be disappointed.
Most businesses take about three years to really hit the ground rolling. In fact, most small businesses experience massive losses during the first year.
So here are some things I would advise you to consider before you think of starting your business.
Time and Resources is Needed to Start a Business
Many people think that running a business gives you more time for yourself. Yes, it will but not in your first five years. You are going to be running up and down, struggling to get things started. You are going to spend more hours honing your craft than someone who works for the government.
What makes it worse is that you’re not going to have the resources to hire people to get the work done for you. You are also going to need a business bank account. So make sure you are ready for the grit and hard work. If you are not, there’s really no point starting at all.
Have a Strategy
You have to get yourself a strategy. A plan is always the right way to go. Also, know when it’s time to call it quits. You simply cannot afford to keep throwing money at a dead fish. So when it’s time to give up, cut your losses and move on.
Salaried Employment or Starting a Business?
So here’s the million-dollar question. I think you should get salaried employment and a side hustle. Salaried employment gets you some stability which is really needed in life. A side hustle gets you passive income or income on the side.
For some people, they quickly realize that they earn more from their side hustle. This can also allow you to start a business venture. However, the advantage here is that you are simply not under any undue pressure.
Don’t allow anyone to pressure you into starting a business when you are not ready. There is so much to learn about owning a business. You will be shocked and might never get the chance or motivation to start one when it’s time.
If you are ready to start a business, make sure you know the struggles ahead. Also, make sure that you have a plan. While life will always have some twists and turns, you will definitely make it at the end.