Funny thing is that I actually have a story titled Why You Should Be Building a Startup which I wrote a few years ago. You can read it by clicking here
And no, this isn’t a change of mindset or ideologies. I still stand firmly by all the points I made in the first article
So alot of people are starting to look towards entrepreneurship and building a startup because it’s the coolest thing out there now. Well here are 10 reasons why you shouldn’t dive into building a Startup.
You Shouldn’t be Building a Startup:
1) If You Will Worry About Revenue/Profit:
Lately, I’ve been very fixated on the food/catering business. Did you know that some catering businesses can boast of having a profit margin of 700%? Wow!. I’m pretty sure even Google or Microsoft can’t boast of those type of high profit margins. In fact, some of your favourite Startups like Medium, Lyft and Spotify aren’t profitable yet. Facebook was up for atleast 5 years before they started generating revenue.
The point I’m trying to make is if you’re going to be really concerned about revenue or profit, then starting a startup is NOT a good idea. Try building a Business instead.
2)If You are scared of failing:
There is no startup founder that I know till date that hasn’t experienced some form of failure or the other. It could be a rejection mail, a botched partnership or acquisition deal, failure is commonplace in the Startup industry. You will fail, and fail again, and fail again, and again. So if failing is a really big deal for that might get you depressed or affect your mental health, my advice is that you shouldn’t try to build a startup.
3)If You’re Looking for Stability:
I don’t think I’ve seen anything that is as unstable and yet busy as the life of a Startup founder. These guys work atleast 14hours a day and are always either travelling around to cement partnerships or writing out business proposals to clients or partners. And that is really hard, and unstable, especially when the rejections are included in the equation. If you want a stable relationship, don’t expect a startup founder to give you one.
4) If You don’t know How To Sell:
Sales is at the core of every business. The most important people to a business is its customers and the most important activity of every business is Sales. If you suck at selling, or you don’t enjoy convincing people to buy your products then you shouldn’t try to be a Startup founder.
5) If You’re not Passionate about the problem you’re solving/Proferred Solution:
Fact is, if you’re not passionate about the problem you have chosen to solve, then you would most likely give up on building your solution. This usually happens when a startup founder chooses to develop a product not necessarily because they care, but because they just want look “cool” and like the sound of raising huge amount of money in funding rounds.
6) If You have a bad Personality:
The honest truth is that as a Startup founder, you will always have to be the primary ambassador of your Startup. So if you have a shitty personality, no one would want to be attributed with you in person, or with the brand you are trying to build. As a Startup founder you need to be a little more social, a little more friendly and a little more empathetic. If you’re a stone-cold, hard-hearted fellow, don’t try building a Startup.
7) If You don’t want to save the World:
Not everyone wants to save the world, and not everyone will change the world. And that’s ok. Some of us just want to live. We don’t all need to care about Child mortality or maternal deaths or blood transfusion issues or the issues of fake drugs or the problem with the education sector in Nigeria. Some of us just want to attend Naira Marley’s concerts and sing at the top of our voices and smoke weed and party like it’s 1997. We all have our paths to choose, and if you don’t care about changing the world, then you shouldn’t build a Startup.
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