WHAT TO THINK ABOUT BEFORE YOU START YOUR NEW BUSINESS
Starting up in business today has become the easiest it has ever been. There are no shortage of ideas, and with the internet you can start a new today business with little to no upfront money. There are many advantages to being an entrepreneur including; flexibility - the ability to work your own hours and set your own deadlines, create your own working environment, pursue your passion, be creative, build a team, create jobs, find new challenges everyday, improve living conditions for people, reduce poverty, build a successful business and leave a legacy. It is a relatively straightforward process turning your skill, passion, or knowledge into a thriving business and there is abundant help out there to support you.
Certainly, starting up is one of the most exciting decisions you can make, but there are implications you need to consider carefully. It is easy to get carried away with the attractive aspects of starting a business, but the reality is you will probably have to juggle a lot initially, at least.
Running your own business involves great responsibility: you will need to make many important decisions, which could potentially affect your livelihood and that of others
You must be prepared to work long hours, take little or no time off and forgo activities you usually enjoy. Friends and family might not get to see you as much as you or they would like.
So before diving in, ask your self these three questions.
Are you self-motivated?
Read more on that here
Can you get started daily and consistently, sometimes without seeing any results or signs of progress? Being accountable to other people at your previous job could have pressured you to hit milestones, get to work early and stay late, and give your best effort. Now you will have to be accountable to yourself. If you're not self-motivated, then entrepreneurship will be short-lived for you. Building the business has to be your fuel, getting you up early and keeping you there late building the business.
Are you willing (or able) to go without little or any pay?
A popular misconception about entrepreneurship is that it comes with a nice fortune at the end for all your troubles. And though that may be true one day, it won't be for a while. Initially, your business probably won't make any money, and when it starts to, you'll want to reinvest your profits because being an entrepreneur means reinvesting and focusing on growth. Right?
If you are not reinvesting then you are working a job, earning a salary from the business
NoI thing to think about. Do you have grit or ‘stickability’?
Growing a business takes a long time and your patience will be tested. There is no get rich quick plan with entrepreneurship. It takes serious conviction and dedication to a long-term plan for your business and life. The persistence to not to give up is the most important aspect of grit.
Grit is what Angela Duckworth describes as the one characteristic that is a significant predictor of success. The more resilient - having stamina, persistent we are, the more we can endure high exertion and tough times to keep on going, weathering the stress of growing a business.
If you have thought about all this and are still excited about taking the leap into entrepreneurship, awesome!
There is a huge community of like minded people and support out there.
Check out Step by Step guide to starting out in business which gives you a great foundation as you begin!