These days almost everyone is bitten by the entrepreneurship bug. While size and scale do make a difference, it is important to note that even small enterprises require a lot of effort and time to become successful.
Some people want to become entrepreneurs only so they could be their own boss, while others are tired of the ‘office’ routine. Yet others think of it as a more enjoyable way to take control of their career and maybe even manage to increase their income. Whatever the reason for wanting to take the big plunge into entrepreneurship, here’s 5 questions to ask yourself to be sure if you’re ready.
First question – Objective
Ask yourself why you want to start your own business and be as honest as you can with yourself. Most people have one of three reasons – they are good at doing something and would like to have the opportunity to do more of it; they believe they can solve problems ingeniously and enjoy working on it long term; and they see opportunity and want to make money off of it.
Second question – Financial
What are you planning to sell and who is going to buy it? While there is a market for everything, unless you are selling something that is absolutely new or drastically improved you’re going to run in to a lot of competition. Many entrepreneurs are loud in declaring that they not in the business for money and have their objectives lying elsewhere. While it does sound noble, it may not be entirely practical. When hit by a crunch in capital, that’s when it becomes difficult for them to figure out what went wrong and how to correct it. Create a business plan and work on it dedicatedly until you achieve the numbers you require in revenue.
Third question – Structure
Work towards getting clarity on your business structure so as to keep your core resources in control and intact. If your business depends on one person, or a few people, and their skills or creative abilities, overworking them and pushing their limits until fatigue needs to – at all costs – be avoided. Try on-boarding a few low-cost resources for support. Building a network of similar entrepreneurs and freelancers who are in the same filed is also a good solution. They could be called upon to collaborate on certain projects but are otherwise independent.
If you work with a team including multiple skill, remember that the diversity is therefore the source of productivity and conflicts – this is where leadership abilities come in to play.
Fourth question – Patience and positivity
Be prepared for hard work and long hours when the going get tough. During trying times is when a business may look at other instances that it had roughed through and try to pick lessons best suited for the current situation. However, each issue is different and therefore requires different approaches as well. Having a positive energy and a willingness to persevere and re-work on things helps in such situations and can get any team out of muddy waters.
Fifth question – Feedback
Are you open to ideation and feedback from your stakeholders? The dynamics of the people involved – colleagues, clients, competitors, etc. – could add definition to how your business could improve and grow. Do not limit only your own thought and ideas to how your business should flourish, allow it to lean on or collaborate with other entities, you never know how much good may come of it – at worst you could simply reject it.
Of all things, never harbour the idea that entrepreneurship will bring you less work, flexible timings, better work-life balance, the chance to be your own boss. Running your own business typically means working round the clock and tests your ability to stay patient and positive. Entrepreneurship is not the suitable choice for getting away from issues of an office, vacations are better suited for that purpose.