3 Worst Times for Business Startup

Every young graduate’s dream is to get a good job immediately after convocation; whether it’s in a bank, an oil and gas industry, etc. This was a more achievable dream in the industrial revolution as well as given a business startup. A lot has changed now because nothing last lasts forever. Since 1985, we have formally crossed from the industrial age to information age. In the industrial age, human labor was on a high demand, howbeit, in this dispensation, machines and technologies are the driving force of the economy. They have increased rapidly thereby depleting the jobs available for human labor. The demand for human labor has gradually been on a decline from date till now.

This calls for a critical rethink on your career or business plan if you desire success. There is a critical need for entrepreneurship. Don’t wait for a job after graduation, create one.  Be an entrepreneur, grow your idea, and create jobs for yourself and for other around.  In this article, I will present to you the three worst times to commence a business.

Don’t start a business when you want to make money, and be rich. Evaluate your intentions when beginning a business. Don’t be driven by money or the quest to be suddenly rich. The ostentatious quest for money can choke your sincere drive to excel in business. It can truncate the normal growth and scuffle the life of that innocent idea. You conviction and passion is what will keep you on course until you get the success you desire. A product created without passion doesn’t make the market feel any passionate about. Don’t expect your potential costumer to be motivated and excited about your product more than your current motivational level. The costumer will always reflect the producer’s current energy level and passion. Get me right, I did not say it’s bad to expect monetary reward. However, don’t let you drive for money overwhelm your passion and love for what you do.

Don’t start a business because you feel Cheated by your employer or you are underpaid for the immense value you are creating for your employer. Aggression is not a good foundation to build a new business. Even if you feel you have all the technical knowledge necessary to start you own business. Technical knowledge is not enough. You need more than technical skills. You must understand that there is more: You need discipline, good people relation, and other invisible skills necessary to drive your business to success. Evaluate your leadership skills and emotional intelligence and be sure it can sustain your technical skills. Above all, you must understand the completion in your industry to break even and succeed in your business.

Don’t start a business when you lose your job. Sometimes period like this could be very difficult to manage. Some people with hang over of money in their account would think it’s the best time to start with the available cash at bank. It is very important to take sometime of break to recover from the emotional shock received from such a loss as this and prepare your mind to be sure of what particularly will suite your current need. You must know exactly the cause of this job loss. Is it as a result of your negligence, bad people management, power tussle, or much more?