Being your own boss and having control over your time is what every human out there craves. A fat bank account, success stories and being tagged ‘a business guru’ are the perks of being an entrepreneur.
However, most startup owners are usually faced with ‘transition shock’ especially after they quit their day jobs to float their businesses. Are you thinking of leaving your mundane job to chase a passion you have always wanted to do? Wait a minute, or some more and do a thorough soul-searching by answering these questions.
Are you financially secure?
Starting a business is not all bread and butter, it will set you back on some wads of dollars. After investing the capital, you will have to handle other costs like rentals, stationeries and some other miscellaneous. All these expenses can cause a dent in your finances. Before floating a start-up, make sure you have saved up some amount of money somewhere.
How reliable is your support system?
The phrase ‘no man is an Island’ comes to play here. The thought of being your own boss is very appealing but how strong is your backbone? How many persons are willing to believe in your dreams? Friends and family members are your best bet during the times when your business is still at its baby steps. If things get difficult, they can help you steer your ship back on track. It is also important to get a mentor especially one in your field of business so that he/she can always help to lead you to and through the right path.
Do you have a concrete business plan?
Having a business plan is essential. You do not need just a business plan but a very, very solid one. You need to write out your goals and objectives. You need to analyze the business and identify its strengths and weaknesses. Identify your marketing strategy and what your main selling point will be. Research to know the current demand for the product/services you are aiming to float. The fact that an idea sounds cool or intriguing does not necessarily mean it will convert to profit. It is better not to jump on the entrepreneur bandwagon if you are not sure of a ready market.
Will you be able to weather the storm?
As an entrepreneur who plans to be successful, you should be remarkably resilient. How prepared are you for setbacks and obstacles? Will you be able to scale every hurdle that comes your way? Will you close shop and abandon your dreams and aspirations if things do not go as planned. One of the mistakes entrepreneurs make is not understanding the fact that businesses are susceptible to failures, what matters is how you handle them. The most successful businessmen and women are those who stood back up after they fell.
To become the next big thing, you must be willing to make all the sacrifices and be ready to learn while on the go.