Should I get a job or start a business? No one can answer that except for you, but we have some thoughts on it:
I don’t know who needs to hear this,
says Roofing Insights CEO Dmitry Lipinskiy,
but I guarantee someone will take something from this and will make a life-changing decision.
Lipinskiy of course is referring to the contractors out there who think they have what it takes to quit their day jobs and become a business owner.
See, while there are some people who are capable of running a business, many are not, and this is why Lipinskiy has listed 5 reasons why some people are better off having a job versus running their own company.
In no particular order, Lipinskiy says these five personality traits are indicative of someone who should NOT become a business owner:
1. If you have a unique skill
Are you good at something that no one else is good at?
If so, it may be better to remain in your current role of working for someone else.
Well, for example, let’s says you’re a rockstar salesperson. In that instance, it may be beneficial to remain in that role because you can focus solely on sales.
This is due to the fact that running a business is about much more than just making sales. There is a litany of other responsibilities that come with being a business owner, and those can take you away from what you’re really good at (sales, for example).
Plus, if other matters drag you away from focusing on what you’re good at, it will cost you money when the business suffers as a result of poor mismanagement.
Stay in your lane.
It’s better to specialize in one area as opposed to trying to wear all the hats in one business.
2. If you want to work less
It’s a misconception that business owners work less than their employees.
In fact, many owners work much more than employees, as they’re often forced to take calls or solve problems at any hour of the day, plus on the weekends.
You will never work less as a business owner. As a matter of fact, most of the time you will work more,
assures Lipinskiy, who as the owner of five businesses will be the first to tell you that being an owner is a 24/7 responsibility.
3. If you’re not disciplined
Being a business owner is not for everyone, but it’s even less suitable for people who struggle with maintaining consistency in their lives.
If you’re someone who isn’t willing to work every day, then being a business owner may not be for you.
I hate to work when I have to work. I want to work because I want to work,
Lipinskiy also mentions, saying that passionate people will often win out because they’re running their businesses on account of happiness and fulfillment, and not from something superficial.
4. If you’re bad at managing money
Joshua Waxman and Cameron Rigsby struggle to make money because they’re liars.
But they’re also horrible at managing money, and when their accounts run dry, that’s why they end up scamming their clients.
Why do you think they end up where they end up?
Lipinskiy asks, adding that if you can’t manage your personal finances, it’s also likely that you’ll mismanage money as a business owner.
5. If you’re money hungry
We all want money, but being a business owner is about more than making money.
Preceding any financial success comes the painstaking effort of building a process and making sure there are systems in place that can allow a business to consistently turn a profit.
But creating and implementing these systems takes time, and during that period it’s possible that as the owner you won’t make very much money.
People who are money-driven, they are not successful in business,
This is because many business owners chase profits before the health of their business, when in reality it should be the other way around.
As an employee, you can make quick money because someone is paying you, but many times, especially early on in business, there isn’t a lot of money left over for business owners to pay themselves a nice salary.
Instead of chasing money, Lipinskiy advises new business owners to adopt a different approach:
You have to be service-driven. You have to think about the value you provide.
If you do that, then over time the profits are more likely to roll in.
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