As the founder of Secret Entourage and as the host of the Secret Academy (one of the largest online platforms to learn Business and Entrepreneurship), I often get asked by many, “How do you know if you are indeed meant to be in business for yourself?”
In many cases, entrepreneurs find themselves vulnerable and lose confidence – especially after a few weeks of failure. Often, they want to give up. I would even agree that working for others can be much easier than yourself, especially in the earlier phases of a new business.
Here are 4 signs to look out for that perhaps you engaged in during the early stages of entrepreneurship when you weren’t emotionally or mentally ready for journey ahead:
1. You Wanted Freedom of Time
One of the biggest mistakes people make when they get into business is the expectation that being in business will open this freedom of time that the media seem to sell people on all the time. The reality is that being an entrepreneur or in business is the furthest thing away from freedom of any sort for the first 5 years.
So, when you see new business owners do minimal work and expect big business results, you can see the lack of momentum and therefore can expect very little progress. There is nothing wrong with working effectively, but this only means more time to work even more effectively – not just work less as result.
2. You Were Looking to Let Your Money Work For You
People who don’t understand business often say they want their money to work for them, rather than to work for their money. Once again, the fairy tales of business may have convinced you of the leverage your money has on your future.
Chances are, they forgot to mention that you have more leverage on your money that it has on you. With that said, it is a bad strategy to expect money to work for you when you haven’t yet figured out how to work for your money and more of it.
3. You are Still Seeking Opportunities in Other Fields Than Your Own
Many opportunists confuse themselves with entrepreneurs as they are always looking for that next big hit instead of creating it. This inability to focus on one direction or on one outcome creates this constant need for seeking a big hit such as a big win by depending on the market itself: the timing, industry or everything else in between.
Waiting to catch the perfect opportunity isn’t entrepreneurship, business or anything in between. It is called hustling and that, unfortunately, is counterproductive to long-term growth.
4. You Confuse Revenue With Growth
A sign that you don’t understand business is the measure of your company’s growth by looking solely at the revenue itself rather than its reach across new audiences and consumer experience. People who are in business solely to make money typically end up leaving business as a result of not making enough money or with the hope that the next opportunity will bring more prosperity.
Look within yourself and your own business and ensure that you don’t fall victim to the four signs that you are either in business for the wrong reason or not prepared to be in business to begin with. If so, make sure to check out Third circle Theory to ensure that you are mentally prepared for the journey that will make you into the person you never knew existed within yourself.