Not every 3am idea is a great business opportunity

Lisa Illingworth of FutureproofSA posted the following question on LinkedIn a short while ago.

The burning question I have for fellow entrepreneurs today: what is the one thing you wish someone had told you before you became an entrepreneur? I’m interested to see what you wish you’d known before starting a business.

Since the mid 80s I have been employed a couple of times but for the most part I have been a solopreneur or partner in businesses with my spouses. Yes, 2 husbands, 2 businesses plus several side hustles.

The biggest mistake I made and I have done it several times (some of us are slow learners) is to keep ploughing my own resources into a business.

With a family business it is even more dangerous as both partners put all their rapidly rotting eggs into a single basket. Separating business and personal relationships is also extremely difficult.

We become entrepreneurs because we don't function in the corporate world, we don't like being bossed around, we believe we can sell, or do whatever, better than anyone else.

Entrepreneurship is touted as the antidote to unemployment which I believe is a mistake. Some make it but the vast majority don't. You need business skills, enough cash to survive at least 6months without digging into your savings, and a support network.

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