Not everyone has what it takes to be small business owner. Many people jump into small business without giving much thought to what is required to succeed. There are number of myths out there about small business that influence their decision about getting into small business.
Before you commit your time, money and effort to you own small business it helps to look for signs that show whether or not you will succeed as small business owner In addition, you should also look for signs that show that you may fail as small business owner. Below we have listed 10 of them. Examine yourself and see if you show any of these signs.
Now, just because you show some of the signs of failure it doesn’t mean that you are bound to fail as a small business owner. As long as you know your weaknesses, acknowledge them and work towards mitigating them you can succeed as small business owner. The key is to having self-awareness and having a plan address the weaknesses.
- You are not passionate about what you do. Your only motivation for business is money.
- You do not have patience and track record of successfully completing projects. You move from project to project without giving it time to be successful.
- You are afraid of uncertainty and unknown. You usually tend to stick to familiar situations.
- You cannot negotiate well.
- You cannot handle rejections well. You tend to ponder on failures too much instead of moving on.
- You get frustrated with employees easily because of which you try to do everything yourself instead of delegating to employees.
- You take forever to make decisions, no matter how small they are.
- You do not have support from family and friends.
- You are afraid to ask others for help and advice.
- You don’t know your strengths and limitations.
What other signs do you think would point to failure in small business?
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