SIGNS YOU SHOULDN'T BE AN ENTREPRENEUR (3)

In the previous Mondays on #BusinessMonday, we explored the very first sign you shouldn't be an entrepreneur: LACK OF SELF-DISCIPLINE. Second is: You need an external source of motivation. So what's the next?

3) YOU ARE NOT WILLING TO INVEST IN BUSINESS SKILLS

Most people don't understand that being a successful business owner and entrepreneur involves a whole array of skills, most of which are not necessarily technical ones.

They think that just because you are a competent employee or freelancer, you have what it takes to launch your own business. That is just not true. Building and running a business is a totally different game in comparison to being an employee or even a self-employed professional.

Apart from the technical skills (e.g. programming, designing, etc.), you are going to need to be capable of performing those miscellaneous tasks that are necessary in order for your business to run smoothly. Let's consider the example of a software developer, since they are close to my heart.

Mark is a software developer with many years of experience. He gets hired in a SaaS startup founded by a serial entrepreneur and he is paid a high salary in order to develop the product that the company offers. He is the only developer in the team.

After a couple of years, the startup gains traction and achieves tremendous amounts of cash flow. The founder sells the business for a seven figure amount and goes on to start his new venture.

Mark receives nothing from this transaction since he had no equity in the business. Confused by the outcome, Mark contemplates upon what happened. From his perspective, he deserved some additional financial reward for his efforts since he was the one who built the product that made the business a huge success.

He believes that he can make it on his own. After all, he was the "brains" behind that business, right? He decides to venture on his own, going on to build the technically best product that he can imagine. After a year or so, he launches his product to the world.

The problem? Nobody wants it, there is no need for it in the marketplace. Six months later, he is disappointed by the lack of sales and decides to close shop and seek employment in another startup. What Mark failed to see is all the other moving parts that make a business successful. Market research, product development, marketing, sales, accounting, customer service etc.

As a typical developer he shuns marketing and sales, considering them "inferior" skills. The truth is that all of these have to work synergistically in order for a business to survive, grow and thrive.

Unless you are willing to invest time and effort in building your business skills, you are not going to make it as an entrepreneur. A business is an organic entity that involves much more than a competent professional performing a technical task.