While some people may still consider being an entrepreneur as an exotic thing, the road to becoming one will have some bumps and obstacles along the way. So instead of steering your company clear in order to avoid them, eliminate them altogether before actually getting started.
Since you want to have your own business and want to be your own boss, by now, you probably have an amazing business idea that you want to put into practice. However, as in the case of any job job, risks come with the territory; and starting a business is no exception. Before you go ahead and quit your job you should probably analyze the circumstances to see if entrepreneurship is the right thing for you.
Before you start your business you should ask yourself the following 5 questions:
1. Will I be passionate about running this business? A business will be able to prosper and become successful only with hard work, determination and perseverance. You need to have passion for the company and learn to love it just like you love yourself. Don’t consider it just a hobby, it’s so much more than that. Your business will wind up defining who you are as a person and as an entrepreneur. Both your name and your reputation will be synonymous with that of your company.
Yes, your business may be at first a hobby which may become a real business down the road. The advantage of this is that you will always enjoy every living moment and be more determined to succeed in a competitive business environment. Moreover, you will be more inclined to work extra hours just so that your company can take off the ground. But what happens if your idea can become lucrative without including an exciting product or service? In my opinion, you can always be passionate about anything, even if we’re talking about customer service and experience. For example, you don’t have to love the real estate business, you just have to find some aspects of that business in which you are better than your competition.
2. Is there a strong need in the market for my business or am I just delusional? Ask every single person you know about the idea of opening your business, whether you’re talking to professionals with a serious degree of knowledge in the field or only with your family. Always ask for their honest opinion to see if what you plan on offering is something that people want or need. Sometimes, gut feeling is simply not good enough. You have to do your research thoroughly so as to make sure you have a viable business idea.
3. How will I be able to pay the bills on time? If your business will be able to make money right off the bat, good for you. However, that is rarely the case. So how will you pay your bills on time? You need a plan for this that encompasses unexpected expenses. If you run out of money and you can’t pay the bills or your employees you are on the road to disaster. Consequently, you will lose your passion about your creation because, at the end of the day, you still have to provide for your family and put food on the table. For the risk to lower you need to figure out how long it will take until your business will become profitable, the amount of money you need in the meantime and where you will get that money from.
4. Am I strong enough to ensure the success of my company? Every person has some strong points and some weak ones. One simply cannot be good at everything. Before starting a business, get to know yourself so that you can determine what you need to work on and in which aspects you excel. Don’t do everything yourself. Sooner or later -sooner rather than later- you will see that the wheels of the company are barely moving. Hire people that can cover all of your weaknesses so that there are no chinks in your armor. After hiring the right people to cover your weaknesses you can focus on your strengths.
5. Is my family supporting me? One of the toughest things to do is to create a balance between your spouse or significant other and the time you spend at work. If your loved one isn’t really on board, he or she cannot appreciate all the time and effort you’re putting in your business and what it means to run your own company. If you’re single don’t think you’re off the hook, you still have your family in your life. And if they’re not on board, it’s bound to create friction.