Being your own boss, running your own business, and earning a lot of money sounds like heaven on earth, right? It is! But there is a lot of hard work that goes on behind the scenes. Starting a business is not child’s play; you need to physically, psychologically, and economically prepare before you jump.
Below are seven things that will help you decide if you are ready to start your own business—before you quit your day job:
1. You have passion and belief.
Alongside passion, you need belief … you must believe in your business idea. People might think you are crazy and turn your idea down, and it has probably happened several times, but you still must believe in how great you can be and what you can do with your product or service. Then … you are ready.
2. You have a strong product, market, and brand.
A great business is at the intersection where your interest meets what other people will pay for it. You need to make sure that you have a good product or service, with a corresponding “good” market before you start your business.
3. You know the players and have a plan.
You are ready to launch if you already have assembled your team, but if you want to start solo you can jump in anytime you want. However, it is necessary to have a proper plan and execution. It does not matter if it is a full-blown business plan or even just an outline of what you are going to do – that is more than enough.
4. You’re open to learning and crash courses.
The experience you are likely to gain when you start your own business is more than what you can ever imagine. You will get to learn a lot about yourself as well as the marketplace. If you are really ready then you are completely open to learning life and business lessons.
Speaking of knowing your business – not everybody who is a great cook can open a restaurant. One of the realities of running a business is that it is quite demanding, and knowing how to do the task itself is not enough. If you know the “what’s and how’s” of business, including things such as hiring, marketing, and operations; you are more than ready to jump.
5. You’re ready to face the fear of failure and success.
Yes, you read it right – the fear of success. Many people are afraid of success as it raises expectations, resulting in more work and more people knowing when you fall down. Similarly, failure can knock you out to the ground, but real failure is only when you don’t get back up. So, if you find yourself ready to face these situations then you are good to go.
6. You have money set aside and can manage your time.
You need to prepare yourself thoroughly before starting your new venture. It is true that it takes some time to be successful. If you have some money left whilst your business is still growing then you are ready. Starting your own business requires self-discipline. If you can already manage your time well, then you are well on your way. All you need to ask yourself is, “Am I skilled enough to be my own boss?”
7. You’re aware of business ownership risks.
You will have to understand that owning a business is risky. You are taking a risk because you have put your job, lifestyle, or even savings at stake. There is a possibility that you will never make a profit or you might become so successful that it gets difficult to manage growth. Whatever the risk is, if you are able to manage risks then it is a sure sign you are more than ready to start your business.
Consider this list as a personal assessment guide to know if you are truly ready to start a business now, or later. If you find these qualities in yourself then you are well on your way to a promising start.
Mohamed Saleem is the founder of Enrich Management Consulting. He has an experience of 12 years in the finance industry with extensive experience in management consultancy and finance and accounts. Connect with @enrichco on Twitter.
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