4 Signs Entrepreneurship May Not Be For You
Some days, it seems as if everyone wants to be an entrepreneur. Between TV shows like Shark Tank and Dragon’s Den on the airwaves, not to mention entire magazines and online publications dedicated to the art of entrepreneurship, it isn’t surprising that a reported 66% of millennials dream of starting their own business. But like many career paths, it’s not for everyone. There are a few sure signs that you’re better suited to working within an organisation than owning your own.
1. You value work-life balance
Entrepreneurship can afford you greater flexibility than a corporate position, but it’s unlikely to give you more free time overall. Successful entrepreneurs put in long days and work weekends, in the hopes that a few years of hard effort will pay off in the longer term. If you’d rather keep your Saturdays free for playing with the kids, perhaps stick to salaried employment.
2. You’d rather be safe than sorry
Risk-taking is an integral part of entrepreneurship. Starting a business means leaving behind a reliable salary in order to stake your personal capital on a belief that you can do better. Your reputation, as well as your financial safety, is on the line.
That doesn’t mean that entrepreneurs must be foolhardy or blind to the pitfalls in their plan. But even the most well thought out strategy involves risk. Not everyone is suited to living with that risk, for a number of reasons. If your mental or emotional health is likely to suffer if you choose the more precarious route, then perhaps the price is too high for you.
3. You hate conflict
Entrepreneurs are, by their nature, disruptors. Whether they’re creating a product that looks at a problem a new way, or offering a service that beats out their competition, they’re wading into an established industry and seeking to better it. That means coming up against criticism and push back.
Some people thrive on the experience of conflict, although these are rare. More often, people are able to tolerate it and have learned to manage it in their everyday dealings. A third group find the notion of it so distressing that they will go to great lengths to avoid it. If this latter category includes you, consider whether or not the inevitable conflict that comes with the entrepreneurial role is worth it for you.
4. You’re a perfectionist
The road to entrepreneurial success is a rough one. No one gets it right the first time, but that’s ok, as true entrepreneurs view failure as the ultimate opportunity to learn. Perfectionists, on the other hand, fear failure and avoid risks. They also struggle with delegating effectively, which hinders business growth.
Fortunately, the world is a better place with both entrepreneurial and non-entrepreneurial types mingling within it. What about you? Are you cut out to be an entrepreneur?
This article was written by Tanya Ashworth-Keppel on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile this article: Forbes, Entrepreneur, CNBC and Iowa State University.