The thought of being your own boss is exciting – you have the freedom to take all important decisions, you are the one who will delegate and prioritize tasks, the one who will close the deals. So, you have decided to start your own business?
It sounds so appealing, right? But before you make the leap to starting your own business, you need to prepare mentally for all responsibilities. Here are five things you should consider before becoming your own boss:
Know who you are
Align your business with your personality. It is important to be passionate about what you do. If you are going to be your own boss for the first time, it is important to really love and enjoy what you do. When reality hits you and you realize that entrepreneurship isn’t just sunshine and rainbows, you need to be able to keep moving forward. When you are driven by passion, it becomes easier to overcome the obstacles. If you don’t enjoy what you do, you will soon give up.
Know who your customers are
If you have a great idea but you can’t sell it, you will fail. Before you spend years of building and improving your product, make sure that there is a market for it. Know your customers, know the competition, know what makes you better than the rest. Identify the need for the business, the value you bring and the problem you solve – then think about moving forward.
If you think that you know it all and don’t need to have a detailed action plan, think again. Running a business is very challenging – there will be so many things that you have to take care of, things that you’ve overlooked. If you don’t have a well-defined action plan, you may get lost and focus on unimportant aspects while you miss the things that truly matter.
Build your network
Running your business as a one-man-show is extremely challenging. Of course, it is doable, but the challenges are many. You will need the support of a strong network of fellow entrepreneurs, mentors, advisors, other professionals. Start building your network long before you launch your startup – this is the best investment you can make.
Understand the financial aspect
Many entrepreneurs don’t have the right financial knowledge when they jump into the startup world. You need to know how to manage your money, how to understand basic accounting, how to read financial statements, how to negotiate investment terms. Before you become your own boss, make sure that you understand the financial aspect of running a business.