How do you know when you are ready to start-up a business?

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Nowadays, you’ll hear most entrepreneurs saying: “If I hadn’t lost my job, I wouldn’t have ever started my company. Yet, my firing was a blessing in disguise“. However, starting a business isn’t for everybody. Not everybody is made to become an entrepreneur. Despite the fact that you have a fresh and extraordinary business idea, if you’re not 110% committed to turning it into reality, you’ll have to face far more obstacles to ensure that you will succeed.

Still, how do we know when we are ready to start-up a business and the right moment to take the leap? Well, it depends on the type of person you are and the business you intend on starting.

However, before you decide to become your own boss, you should clarify several aspects that concern both you and the circumstance you’re in.

Be sure to check the following three key-questions you should find an answer to before you decide to launch your company:

  1. Why do you want to start-up your own business?

When you’re transitioning between two jobs, opening your own company can become your lifeline. You are going to need a job, so why not create one for yourself? Yet, starting a business shouldn’t be considered a “lifeboat”.

To be successful in the business world you need to be passionate about your idea, extremely motivated and optimistic that it’s going to work. You need to show tremendous enthusiasm and motivation to overcome all challenges if things won’t turn out as planned.

Don’t start a company if the only motivation is to cover lack of revenue.

  1. What are your goals in life?

Starting a business is not like getting just an ordinary job. Your own company is equally a lifestyle and a revenue stream. Therefore, you have to decide whether you are ready to make a change not only career wise, but from a lifestyle perspective as well.

Take into account all scenarios of what will happen to your life from that point on. Think about the life stage in which you are at the moment. There is a large variety of rewards that may come your way once you decide to become an entrepreneur. Still, you must have a clear perspective on things to come. It will entail that you have to work nights, during weekends and sometimes even on holidays when your employees will take time off. You need to be aware that you will have to do a lot of sacrifices. You will have to spend time working on your business instead of spending quality time with your friends or family. Is this lifestyle suitable for you and is it in accordance with your personal goals? At this point in time, what do you want from life?

  1. How persistent are you?

Many people decide to become a part of the business world to avoid the risk of losing their job. As a matter of fact, job security is just as slim as when you are your own boss. Of course, you won’t fire yourself, but statistics show that a lot of start-ups are destined to fail. Are you the type of person that quickly bounces back after failing? Most successful entrepreneurs have seen their fair share of failure at a given point in time. But why are they different than other entrepreneurs? Simple. Because they possess the capacity to learn from past experiences, rise once again to the top and continue to believe and fight for their business, regardless of what it takes.

In conclusion, if you’re currently unemployed and you’re considering “trying something new“, don’t dive head first in the entrepreneurial field. Start with small steps: evaluate yourself, think about what you want to do and what you know you can do, research the market you intend to tap into as good as possible, create a business plan, take a deep breath and start!

Regardless of your decisions, things will pan out just as they should!

Good luck!

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