Ready to start your own business? Check yourself

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Before starting your own business, it is worth considering why you are doing this and what difficulties you will have to face. Check if you are ready for a startup or is it better to look for luck in another area?

Being an entrepreneur is tricky. Leaving your job to start a business is like leaving a ship for an adventure on a desert island. It seems like an exciting adventure, but not everyone is ready to face the storm, sharks and aborigines. And this does not mean that you should not start your own business, just before you do it, think again, are you ready for it?

Finding out the reasons

If you find your reason for starting a business below, it's better to just find a new job.

I don't like the job or the boss

If you decide to start a business because your boss doesn't suit you, try to find a new job. When you find a job that you enjoy, think again - now you want to start your own business?

Peer pressure

You have friends who started their own business, and you constantly hear about acquaintances and relatives who also started their own business. It is clear that this situation gives rise to envy and shakes your nerves, but the fact that your friends turned out well does not mean that you will succeed.

Glitter and glamor

You watch movies and read stories about successful startups, and the business world seems to be full of glitter, success and prosperity. In fact, as Linkedin founder Reid Hoffman said well:

It is as if you jumped off a cliff and while you are flying, you are assembling a plane.

Do you have an idea

Many have ideas, but idea and business are not the same thing. Are you aware that only 1-3% of ideas become companies, and only some of them are successful? So, if you have an idea, this is not a reason to take out a loan and start a business.

And also think about how you will do it, where will you find the funds, how long will your business be in the red, how will you sell, how will you allocate finances, and if your business fails, you will give up and no longer try?

This isn't meant to upset you, it's just a real test. You need to know what you are going to get involved in. Business is not an abyss, of course, but a long, long journey.

Entrepreneur's journey

What awaits you during this journey? There are several paths that you have to go through.

Irregular earnings

Before you can take the money for yourself, you will need to take care of all the expenses associated with the business, including the salaries of employees, if you have any.

Before you even get any money, the business must generate enough money to support itself, and then you. Are you ready to give up a stable salary and have a fickle paycheck for the next few years?

Failures

Most likely, the launched product or service will fail. Because it happens to most entrepreneurs. No product will be successful and in demand as soon as it is launched.

Successful entrepreneurs differ from losers in that they are able to flexibly respond to market demands, adapt, and quickly make the necessary changes. They have enough passion, desire and persistence to lead their business to success, but the path is thorny.

No funding

Have you thought where you can get the money to implement the idea? Investors prefer to invest in proven ideas with obvious prospects, and it is not easy to persuade them to invest in a new, unreliable idea.

You've heard that many companies receive funding, but hundreds others do not. They will not be written about in the media, so you will never know about them.

Three basics

There are three fundamentals that must be present in every business.

The three foundations of entrepreneurship: passion, persistence, and challenge.

If you don't have one or all of them, you are not suitable for the role of a businessman. Let's take a closer look.

You must have a problem starting a business with. Your business must include such an important problem that someone will pay to solve.

You must be really passionate about solving this problem, because otherwise you will lose interest in the case as soon as you face any obstacles.

And you have to be persistent enough to drive your business through setbacks, changes, and failures over the next few years to a brighter future.

So, if you start a business with the right reason, and the problem that he will solve does not allow you to sleep at night, if you spend all your free time thinking about your business, then it's time to bring your idea to life and start your own business.

Ask yourself again: are you ready for this?