Is your dream to quit everything and launch your own business? Then answer these 5 questions before the start.
- Are you ready to be an entrepreneur?
You dream from early on to start an absolutely profitable business of your own. The term entrepreneur has been exaggerated, specifically because of the younger generation of entrepreneurs who are becoming big shots, overnight.
The fact is many entrepreneurs experience failure and bounce back to their routine jobs. Success is not achieved in a blink of an eye. Realizing your ideas and reaching success takes a long term and that is not without hurdles. This is all to understand the true scenario of entrepreneurship. It is a tough job. A Shark investor, Lori Greiner opined, entrepreneurs instead of 40 hours should be working for 80 hours a week.
2. Is your approach practical?
Unlimited ideas arise each day. But can every idea be implemented for launching a business? You need to allocate time to find out on the practicality of your approach. Answer to yourself questions like Can it be conceived fruitfully?, Does it have a scope?, Who would be the competitors?, Also, check if anyone else attempted this approach before and were they successful?
For instance, many people quit their current jobs and start their own businesses but they had no idea where and how to start it, though they know the importance of starting their own business.
3. Did you discuss your ideas with anyone else?
If you want to launch a company of your own, then one thing you should do is to discuss with others. Talk to other businessmen, guide your company holders on your idea so that you can assess your readiness for risk.
It is good to discuss not only about your business idea but your lifestyle as well because it helps your business plans. Entrepreneurs are usually hesitant to open up with their plans with others as they feel their ideas might be copied. However, talking out your ideas is a better option than to keep them with yourself. Forbes magazine says, “The truth is that many people are far too lazy to take your idea and create it again.” You will get precious thoughts while sharing.
4. Do you have a grip on technology?
Learn about new technology and understand how to use technology to grow your business. Initially, you may be the only person to handle everything from making the product to sending it to the market. Acquire a new set of skills before you get in. Learn about social media networking, ads on payment, analyzing data, SEO and designing for the web.
5. Did you make a plan for your finances?
This may seem like an obvious question, but many fail to do so. Know how to manage your finances. Gain a firm grip on money, because it might take a long time to generate revenue and then the revenue generated may be unstable. Hence prior preparation is mandatory. Ask yourself this important question, can you sustain your business in the current status without deteriorating? Now, check your arrangements if you fall short of money. You could consult a financial expert to help you answer these questions.
You need not step back if your answer to any of the above questions is not positive. Learn more and gain knowledge. If your answer is positive to all 5 questions then you are well on your way. Jump into success!