Entrepreneurship can be very rewarding but is it also a very lonely job that demands a lot of tenacity and perseverance. So the important thing to consider before starting your own business is whether you are ready to be an entrepreneur. This questions might be daunting to anyone starting up and you might think to yourself “how can I be sure that I am 100% ready?” Well, I reassure you, this isn’t about figuring everything out before starting. This isn’t about being 100% ready. In fact, we are rarely 100% ready for anything new we start in life. What it’s about is to have a clear vision of why you want to start your own business. You will get this by asking yourself the right questions and answering these questions while being totally honest and true to yourself.
The best way to start is to grab a piece of paper, note down the question below and reflect on them. Take your time, there’s no rush! If you are unsure about your answers, take a walk to clear your mind up and come back to this later. The most important is to be confident about your answers as this is what will determine your next step into starting your own business.
Are you doing this for the right reasons?
There are many reasons for why you might want to start your own business. You might be fed up with your day to day job, you’re a stay at home mum or dad and want to do something productive with your extra time or you simply want to be your own boss. Whilst the reason might seem trivial, knowing exactly why you want to start your own business might determine your success or failure further down the line.
As you probably experienced, trying to run away from a situation will often take you into a deeper hole. So starting your own business because you can’t stand your boss or because you want to make quick extra cash won’t make you successful. Setting up and running a successful business demands a lot of passion and determination so unless you are doing it for the right reasons you will quickly run out of patience and will be out of business before you even realise it.
Do you believe in yourself?
Believing in yourself does not mean to be perfect. It means that you know your limits and believe in yourself enough to turn those limits into your biggest strength.
I’ve asked one of my employee once about why humans, who are meant to be god’s best creatures, had so many limits and weaknesses. His answer was stargerting. He said: it is because humans have so many limitations, that they are creating the most wonderful things.
When you are starting up, especially if you are giving up a secure job, you will come across a lot of naysayers. These are the times when your self-belief will be tested. Doubt is almost inevitable in moments like these, but if you see yourself giving up then entrepreneurships is probably not for you.
Until you make it happen, most people around you will not believe in you, so believe in yourself!
Do you have the right mindset?
Having been there myself and having spoken to many entrepreneurs, I can say that entrepreneurship is everything but a straight path to success! If anything, it’s the opposite. it’s more like roller coaster, sometimes it’s up and sometimes it’s down and if you do not have the mental resilience to go through this, you won’t last long. Having the right mindset is probably the main skill that differentiates entrepreneurs from the rest. So having the mental strength and perseverance to pick up yourself and carry on is probably the main factor that will determine your success or failure as an entrepreneur.
Having the mental strength and perseverance to pick up yourself and carry on is probably be the main factor that will determine your success or failure as an entrepreneur.
Have you validated your business idea?
Many entrepreneurs will go on setting up new businesses relying solely on their gut feeling or “hunch”. Whilst trusting your gut feeling is absolutely essential in taking business decisions, following this up with some research is crucial to ensure that your gut feeling is in tune with what your target audience or customers really want. There are a number of steps you could take to validate your business idea and I have dedicated a whole blog post to help you do just that. But the point I want to make here is that investing your time and money into a business idea that sounds “great” to you or your family and friends is never a good idea. You do need to go that extra mile and back this up with some solid research if you want to stand a chance of success in your future business.
No matter how passionate you are about your business idea, if it’s not sustainable or/and profitable, it won’t work.
You have answered these questions, now what?
If the answers to all four questions is yes, welcome to the journey! it is going to be challenging; you will need to wear many hats, work longer hours, get little or no money “at the beginning” but if you are successful, the reward will be great.
If the answer to any of these questions is no, my advice would be to pause and come back to this once you are fully ready. My purpose isn’t to discourage you, I have set up this blog in the hope of sharing my honest experience and opinions to prevent others from making mistakes I have made. I believe that if you have taken time to read me, you deserve my honest advice even if it means that sometimes you won’t agree with me at first.
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