You may dream of owning your own business one day but not everyone is meant to be an entrepreneur. Certain personality types are suited to the risks involved in being a small business owner. And there are personalities that are not meant to be their own boss. Let’s take a closer look:
People who avoid risks. If you are afraid of taking a risk, then entrepreneurship is not for you. Just because you have a business plan and map out every detail of your new business, there will be unforeseen obstacles and a high chance of failure. “Risk-averse individuals that take any level risk will often… be paralyzed by the stress of the day-to-day tidings of what’s needed to grow a business,” Scott Gerber, founder of the Young Entrepreneur Council, told Yahoo.
People without passion. Entrepreneurs must have an undying passion for what they want to do and achieve. If there is no passion, how will you convince people to invest in your idea? How will you pull in the right people to work with you?
People don’t want to change their lifestyle. Being an entrepreneur may change your lifestyle for the negative. You will be called upon to cut back and sacrifice luxuries just to get your business off the ground. This means your resources my shrink. “Examples of shrinking resources could include moving into a smaller apartment, delaying having children or even something as simple as cooking more instead of eating meals out. If you’re not willing to make sacrifices, working for yourself may cause more pain than pleasure,” writes Yahoo.
People who give in easily. If you are not the type of person to stick out the hard times, then being a small business owner is something you should avoid. There will be plenty of times you may want to call it quits, but with all your resources invested in your idea you will have to have the courage to see the plan through.
People who depend on a bi-weekly paycheck. If you must have a steady income it will be tough for you to strike out on your own. “It may take months to earn your first paycheck,” Gerber said. And once you do have enough money to pay yourself it may not be steady. “You may earn all of your annual income within two months out of the year and have to use spread out your payment disbursements to maintain your monthly cash flow needs.”
People who need direction. If you are not a self-starter or someone who can think fast on her feet, being in business for yourself is not the best ideas. “Some great employees make terrible entrepreneurs. A prime example are those folks who can execute someone else’s vision perfectly, but lack their own ideas or self-starter attitude,” writes Yahoo.
Do you think you have the personality to be an entrepreneur?