{"id":5112,"date":"2015-05-25T21:45:20","date_gmt":"2015-05-26T01:45:20","guid":{"rendered":"https:\/\/aspire-canada.com\/?p=5112"},"modified":"2017-02-19T14:27:14","modified_gmt":"2017-02-19T19:27:14","slug":"6-reasons-to-ditch-the-startup-and-get-a-real-job","status":"publish","type":"post","link":"https:\/\/aspire-canada.com\/?p=5112","title":{"rendered":"6 Reasons to Ditch the Startup and Get a Real Job"},"content":{"rendered":"

\"closing_a_business_deal\"<\/a><\/p>\n

The last thing eager entrepreneurs want to hear is that they should reconsider starting their own businesses. Such discouraging feedback might appear to serve no purpose except to put a damper on your vision\u00a0but it needs to be said if only to help you brace yourself for the harsh reality that many startups \u2014\u00a0even those that show great potential \u2014\u00a0fail. The biggest red flag is usually poor financial planning.<\/p>\n

\u201cIf more of the\u00a080\u00a0percent\u00a0of small businesses that fail\u00a0had but hesitated and considered why they were getting into business, we\u2019d probably have fewer businesses and more successes in those that did exist,\u201d according to Susan Payton of Forbes.
\n<\/span><\/p>\n

Before handing in your resignation<\/a>, here are six reasons why it\u2019s not such a hot idea to dive headfirst into that startup venture.<\/p>\n

1. You Have Bad or No Credit<\/h2>\n

A poor credit standing could negatively affect the type of funding you can receive \u2014 if you\u2019re approved at all \u2014\u00a0and that can trigger negative repercussions. \u201cIf you are a small business owner<\/a>, your personal credit is a major factor influencing your company\u2019s access to capital,\u201d according to Carolyn M. Brown of Black Enterprise.
\n<\/span><\/p>\n

A 2006 report for the\u00a0U.S. Small Business<\/a> Administration revealed that\u00a071% of banks <\/a>used small business owners\u2019 credit scores as the deciding factor to approve or decline small business loans. If startup owners who are rejected for business loans turn to second mortgages or high-interest personal loans to bankroll their businesses, they can get into serious financial trouble, especially if their businesses fail. Many people would benefit from taking this approach instead:\u00a0Fix your credit first; go into business second.<\/p>\n

Related: How Entrepreneurs Can Improve Their Credit Scores<\/a><\/strong><\/em><\/p>\n

2. You Have Loads of Student Loan Debt<\/h2>\n

Some of the hungriest Gen Y and millennial entrepreneurs driven to succeed are also recent graduates with\u00a0mountains of student debt. Your new startup might generate some profit, but you\u2019ll be faced with choosing between the lesser of two evils: Use the profit to pay down your debt instead of your overhead or let your debt go delinquent and suffer the consequences.<\/p>\n

\u201cThe reality is banks won\u2019t touch you holding a large note already,\u201d according to retail blogger Bob Phibbs.\u00a0\u201cCan you handle the stress of mounting debt as you inch toward profitability?\u201d Even if you convince family, friends or complete strangers to invest in you, you\u2019ll still have to make your student loan payments, Phibbs wrote on his blog, The Retail Doctor.<\/p>\n

Read: Millionnaires Like Ellen Degeneres share their best advice for graduates<\/a><\/strong><\/em><\/p>\n

With too much student debt, \u201cthere\u2019s no escaping the fact that you are digging the hole deeper and reducing your financial flexibility,\u201d according to Monica Mehta of Entrepreneur.\u00a0\u201cThe preferred solution would be to find a way to save as much money as you can during the startup phase and leave the structure of your debt unchanged.\u201d<\/p>\n

3. Your Money Management Skills Are Lacking<\/h2>\n

If your accounting skills are merely passable, that might be OK when your business is still starting up in simple mode. But running a company is more than just debits and credits. If you don\u2019t have what it takes to manage complex financial matters, your revenues could quickly become expenses, and your might end up driving potential partners away.<\/p>\n

\u201cIf you start\u00a0comingling funds or dipping into the business coffers, or you make a\u00a0complete mess of your books \u2014\u00a0or worse, don\u2019t keep books at all \u2014\u00a0you are\u00a0sabotaging your business,\u201d said Amy Weicker, director of marketing, editor and publicist for Rock Bottom Publishing. \u201cYou can get away with it for a little while,\u00a0but the first time an investor discovers your financial mess during due\u00a0diligence, you\u2019re going to have a hard time regaining their confidence.\u201d<\/p>\n

4. You\u2019re Only in It for the Money<\/h2>\n

You won\u2019t be able to hide the fact that you only have dollar signs in your eyes and no other aspirations. \u201cPeople will see the difference between someone who eats, sleeps and breathes their company and someone who is looking for a quick check,\u201d said\u00a0Cody McGraw, founder of SCOUT Military Discounts.<\/p>\n

If this is you, then you shouldn\u2019t quit your day job. Few people become millionaires, and those who do are one in a million. \u201cA few success stories have put stars in people\u2019s eyes and make them think they can easily start a business and become super\u00a0rich,\u201d according to Payton. \u201cThink of the average small business: Do you think your plumber is rolling in it?\u201d<\/p>\n

\u201cMillionaire entrepreneurs exist, but they\u2019re rare,\u201d Payton wrote. \u201cYou seriously need to readjust your expectations.\u201d<\/p>\n

Related: Beyonc\u00e9 to Bill Gates: 24 Millionaires Reveal the Hardest Thing About Being an Entrepreneur<\/a><\/strong><\/em><\/p>\n

5. You\u2019re Financially and Emotionally Unprepared<\/h2>\n

Remember the old saying that it takes money to make money? It\u2019s usually true. Starting a business can require a significant\u00a0financial investment before you\u2019ve even earned your first dime. For solo entrepreneurs, getting startup capital can be difficult without the right people around to help.<\/p>\n

\u201cIf you haven\u2019t saved enough money\u00a0and built a support network to help you through the tough times, you\u2019ll\u00a0probably end up back at that corporate job sooner than you\u2019d like,\u201d\u00a0said John Boese, co-founder of GoFindFriends. \u201cAsk\u00a0yourself the question of what you\u2019ll do when everything goes wrong. If you\u00a0don\u2019t have an answer for this, then you\u2019re not ready.\u201d<\/p>\n

Boese said people who want to start businesses need to reflect on their finances and relationships before going it alone. They need to ask themselves if they have enough money saved to live comfortably\u00a0during the startup phase and if they have someone to talk to\u00a0if everything seems to be going in the wrong direction. \u201cIf you haven\u2019t\u00a0thought about these issues, then your exciting, adventurous startup life\u00a0will quickly turn into a life riddled with worry and self-doubt,\u201d he said.<\/p>\n

6. You Don\u2019t Have a Solid Business Plan<\/h2>\n

Even the best-laid plans often go awry. If you have no business strategy in place, then you\u2019re really in trouble from the start. Even a person with the strongest, most innovative startup idea will struggle to get the business off the ground without an actionable business blueprint.<\/p>\n

\u201cThe\u00a0best product isn\u2019t always the one that takes off,\u201d said Weicker. \u201cYour customers won\u2019t just\u00a0magically find you and adopt your product or service because it\u2019s better.\u00a0You have to be realistic about the work and time required to find a market\u00a0fit and gain a share of the market.\u201d<\/p>\n

\u201cThose who succeed are those willing to\u00a0work the hardest and the smartest,\u201d said Weicker.<\/p>\n

This article originally appeared on GoBankingRates.com; http:\/\/www.gobankingrates.com\/personal-finance\/6-reasons-ditch-startup-real-job\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The last thing eager entrepreneurs want to hear is that they should reconsider starting their own businesses. Such discouraging feedback might appear to serve no purpose except to put a damper on your vision\u00a0but it needs to be said if only to help you brace yourself for the harsh reality that many startups \u2014\u00a0even those…<\/p>\n

READ MORE<\/a><\/div>\n","protected":false},"author":3301,"featured_media":5113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","pmpro_default_level":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-5112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","pmpro-has-access"],"yoast_head":"\n6 Reasons to Ditch the Startup and Get a Real Job<\/title>\n<meta name=\"description\" content=\"6 Reasons to Ditch the Startup and Get a Real Job\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aspire-canada.com\/?p=5112\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Reasons to Ditch the Startup and Get a Real Job\" \/>\n<meta property=\"og:description\" content=\"6 Reasons to Ditch the Startup and Get a Real Job\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aspire-canada.com\/?p=5112\" \/>\n<meta property=\"og:site_name\" content=\"Aspire-Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AspireCanadaTV\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-26T01:45:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-02-19T19:27:14+00:00\" \/>\n<meta name=\"author\" content=\"CharleyMauriello64\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AspireCanada1\" \/>\n<meta name=\"twitter:site\" content=\"@AspireCanada1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CharleyMauriello64\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112\"},\"author\":{\"name\":\"CharleyMauriello64\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#\\\/schema\\\/person\\\/b3ee473d7a10cc3c02b153e64eef3585\"},\"headline\":\"6 Reasons to Ditch the Startup and Get a Real Job\",\"datePublished\":\"2015-05-26T01:45:20+00:00\",\"dateModified\":\"2017-02-19T19:27:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112\"},\"wordCount\":1143,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#primaryimage\"},\"thumbnailUrl\":\"\",\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112\",\"url\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112\",\"name\":\"6 Reasons to Ditch the Startup and Get a Real Job\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-05-26T01:45:20+00:00\",\"dateModified\":\"2017-02-19T19:27:14+00:00\",\"description\":\"6 Reasons to Ditch the Startup and Get a Real Job\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aspire-canada.com\\\/?p=5112\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/?p=5112#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/aspire-canada.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"6 Reasons to Ditch the Startup and Get a Real Job\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#website\",\"url\":\"https:\\\/\\\/aspire-canada.com\\\/\",\"name\":\"Aspire-Canada\",\"description\":\"Giving You The Tools To Aspire\",\"publisher\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aspire-canada.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#organization\",\"name\":\"Aspire-Canada\",\"url\":\"https:\\\/\\\/aspire-canada.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aspire-canada.com\\\/wp-content\\\/uploads\\\/2017\\\/01\\\/loog9o.jpg\",\"contentUrl\":\"https:\\\/\\\/aspire-canada.com\\\/wp-content\\\/uploads\\\/2017\\\/01\\\/loog9o.jpg\",\"width\":300,\"height\":175,\"caption\":\"Aspire-Canada\"},\"image\":{\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/AspireCanadaTV\",\"https:\\\/\\\/x.com\\\/AspireCanada1\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/aspire-canada.com\\\/#\\\/schema\\\/person\\\/b3ee473d7a10cc3c02b153e64eef3585\",\"name\":\"CharleyMauriello64\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g\",\"caption\":\"CharleyMauriello64\"},\"url\":\"https:\\\/\\\/aspire-canada.com\\\/?author=3301\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"6 Reasons to Ditch the Startup and Get a Real Job","description":"6 Reasons to Ditch the Startup and Get a Real Job","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/aspire-canada.com\/?p=5112","og_locale":"en_US","og_type":"article","og_title":"6 Reasons to Ditch the Startup and Get a Real Job","og_description":"6 Reasons to Ditch the Startup and Get a Real Job","og_url":"https:\/\/aspire-canada.com\/?p=5112","og_site_name":"Aspire-Canada","article_publisher":"https:\/\/www.facebook.com\/AspireCanadaTV","article_published_time":"2015-05-26T01:45:20+00:00","article_modified_time":"2017-02-19T19:27:14+00:00","author":"CharleyMauriello64","twitter_card":"summary_large_image","twitter_creator":"@AspireCanada1","twitter_site":"@AspireCanada1","twitter_misc":{"Written by":"CharleyMauriello64","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aspire-canada.com\/?p=5112#article","isPartOf":{"@id":"https:\/\/aspire-canada.com\/?p=5112"},"author":{"name":"CharleyMauriello64","@id":"https:\/\/aspire-canada.com\/#\/schema\/person\/b3ee473d7a10cc3c02b153e64eef3585"},"headline":"6 Reasons to Ditch the Startup and Get a Real Job","datePublished":"2015-05-26T01:45:20+00:00","dateModified":"2017-02-19T19:27:14+00:00","mainEntityOfPage":{"@id":"https:\/\/aspire-canada.com\/?p=5112"},"wordCount":1143,"commentCount":1,"publisher":{"@id":"https:\/\/aspire-canada.com\/#organization"},"image":{"@id":"https:\/\/aspire-canada.com\/?p=5112#primaryimage"},"thumbnailUrl":"","inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/aspire-canada.com\/?p=5112#respond"]}]},{"@type":"WebPage","@id":"https:\/\/aspire-canada.com\/?p=5112","url":"https:\/\/aspire-canada.com\/?p=5112","name":"6 Reasons to Ditch the Startup and Get a Real Job","isPartOf":{"@id":"https:\/\/aspire-canada.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/aspire-canada.com\/?p=5112#primaryimage"},"image":{"@id":"https:\/\/aspire-canada.com\/?p=5112#primaryimage"},"thumbnailUrl":"","datePublished":"2015-05-26T01:45:20+00:00","dateModified":"2017-02-19T19:27:14+00:00","description":"6 Reasons to Ditch the Startup and Get a Real Job","breadcrumb":{"@id":"https:\/\/aspire-canada.com\/?p=5112#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aspire-canada.com\/?p=5112"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/aspire-canada.com\/?p=5112#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/aspire-canada.com\/?p=5112#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/aspire-canada.com\/"},{"@type":"ListItem","position":2,"name":"6 Reasons to Ditch the Startup and Get a Real Job"}]},{"@type":"WebSite","@id":"https:\/\/aspire-canada.com\/#website","url":"https:\/\/aspire-canada.com\/","name":"Aspire-Canada","description":"Giving You The Tools To Aspire","publisher":{"@id":"https:\/\/aspire-canada.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aspire-canada.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/aspire-canada.com\/#organization","name":"Aspire-Canada","url":"https:\/\/aspire-canada.com\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/aspire-canada.com\/#\/schema\/logo\/image\/","url":"https:\/\/aspire-canada.com\/wp-content\/uploads\/2017\/01\/loog9o.jpg","contentUrl":"https:\/\/aspire-canada.com\/wp-content\/uploads\/2017\/01\/loog9o.jpg","width":300,"height":175,"caption":"Aspire-Canada"},"image":{"@id":"https:\/\/aspire-canada.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/AspireCanadaTV","https:\/\/x.com\/AspireCanada1"]},{"@type":"Person","@id":"https:\/\/aspire-canada.com\/#\/schema\/person\/b3ee473d7a10cc3c02b153e64eef3585","name":"CharleyMauriello64","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/secure.gravatar.com\/avatar\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/60b864a53156cfa9ea3d44b4b288ee0b2f9908037d165715d30f7990d218ff8d?s=96&d=mm&r=g","caption":"CharleyMauriello64"},"url":"https:\/\/aspire-canada.com\/?author=3301"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/wp\/v2\/posts\/5112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/wp\/v2\/users\/3301"}],"replies":[{"embeddable":true,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5112"}],"version-history":[{"count":0,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/wp\/v2\/posts\/5112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/aspire-canada.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aspire-canada.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}