Good morning NGTrends readers, how is your Saturday going?. As you are about setting out for today’s activities, read this piece from Tale Alimi on things you need to ask yourself before starting a business, enjoy and drop your comments.
I enjoy finding out the latest slangs or acronyms especially those that are business related, so that I would remain a ‘suave business coach’. One I have heard often recently is F.O.M.O which stands for Fear Of Missing Out. I also here a lot of people talking about getting their side gig, side hustle and grind going. It is quite popular to have something on the side these days (and yes I encouraged you to do this with my article; 5 reasons why you need a side gig.
These days, when I meet people who know that I am a business coach, they always talk to me about starting a business. I am happy to help as many as I can with the process, but the truth is; starting a business is not for everyone, especially when you want to start a business for the wrong reasons! If you want to start a side or main gig, that’s great as long as you have the right intentions and frame of mind. While you are thinking about it, here a 5 wrong reasons for starting a business:
To Get Rich Quickly
If you are looking to get rich fast or ‘hit’ some money, starting a business is not the way to go! On the average most business startups would take 2 years before they even break even, it took popular companies like Facebook 5 years before they started making money! So if you are looking for a way to make money or get rich quickly, starting a business might not be the way to go.
Because It is Popular
I spoke about F.O.M.O earlier and the truth is it’s easy to be tempted to do what other people are doing, but because something is popular, does not mean it is for you. You need to find out if you have what it takes to start and run a business. If you are not self-motivated and willing to be persistent, starting a business might not be for you!