Everyone wants to be in business

Becoming an entrepreneur is something that is coveted by many people around the world. Many of these people are not even in business or have a business mind, let alone any actual business experience or background. However, even many legitimate business people make the same killer mistake that the dreamers make. What I am referring to is running with an idea with little to no research and thought before pouring money in to it.

This is a mistake that happens every day in business. Someone wakes up one morning and decides that the 9-5 gig they have is a waste of their life. They instead think that the ‘great’ idea they thought of last night can become a huge, multi-million dollar business. Without too much hesitation, they decide they will quit their job and become an entrepreneur. They go online and buy a matching internet domain for their new business, call their would-be supplier (if it’s a product based business) and come up with a catchy name and logo for their company. They quickly come up with a gimmick for their business and are ready to take out the $20,000 they saved up over the years/ borrowed from their grandparents and are off to get their business cards printed.

Do you see something missing from this story so far? If you don’t, then please, never go in to business on your own. Unfortunately, many people do this exact thing all the time and end up losing a lot of money and the life they built in the process. There are many crucial steps that need to be taken before one gets to the point of printing business cards. Firstly, they need to come up with an actual plan. Things like: Who are my customers going to be? Who are my competitors? Can I compete with them? What advantage do I have? Who are my suppliers? Do I understand everything about this industry? And so on and so on. I can literally go on like this for an hour.

The point is that being an independent business owner or entrepreneur is something that at one point or another, everyone wants to be. It seems relatively easy and does not require any formal education at all. There are no rules to start it and there are endless success stories out there to draw inspiration from. The problem is that business is not as easy as many people think. Sure, an education is not required but, tons of learning is. In fact, without a doubt, being an independent business owner or entrepreneur is the hardest job in the world. It is harder than being a lawyer or surgeon or any other difficult job you can think of. Why is this so? Precisely for the same reasons people think it’s easy.

Business is not an exact science. There are no rules. You can’t learn how to make tough decisions in a text book like you can learn about the human body or a country’s laws. Sure, a good business education will help teach you how to think about situations in order to arrive at a good decision, but it can’t provide you with the answer. It is no coincidence that all the richest people in the world are business people. It is because it’s the hardest thing in the world to do and therefore, it earns the most money. But for every success story there are dozens of failures that you didn’t hear about.

For anyone thinking of quitting their job tomorrow and running with their new business idea, think it over more, do A LOT of research, talk to experts in the industry and keep your day job for a little while longer.