Many entrepreneurs give in to doubt before they start their business ventures, yet once they overcome this awful feeling of self-doubt and their companies pick up and achieve growth many of the founders start to ask themselves the question: Why haven’t I started earlier? Imagine that – you’ve had “this amazing idea” for years but found the courage to act on it just recently to find out how successful of a business it becomes. What was holding you back all that time?
Well, don’t be so harsh on yourself! The fact is that one of the most important elements of startup success is the right time to launch. Timing can be the main difference between a major success and an epic fail. It is that important so make sure that you know the odds are with you, not against you.
Starting a business is very risky and requires a lot of effort, time and money, not to mention the tremendous amount of dedication. In theory many startup ideas sound flawless and the entrepreneurs go over their heads and start executing without to be ready for the things to come.
The reasons why people decide to start their own businesses are many and vary from person to person and from situation to situation. Some people are natural born entrepreneurs and others begin their entrepreneurial journeys because the circumstances demand it. The reasons for starting a business can be many and, surprisingly for some, having an awesome idea is not the number one.
Waiting too long to start acting on your ideas is not something that you should do, but jumping into the whirlpool of entrepreneurship when the timing is wrong will kill not only your enthusiasm very fast, but will also destroy your business, self-esteem and sometimes even your reputation.
The right timing is everything. But how can you know if the timing is right? There isn’t one strict formula to follow, yet there are some ingredients the right combination of which can give you a better look over your current situation. The combination of right preparation and adequate experience, having enough time and motivation to devote to the venture, clear vision and mission statements that will shape the course of your startup and so on can give interesting perspective on the current situation and will help the entrepreneurs to evaluate better their chances of success.
The fear of failure is one of the main reasons why many people with potential never take the leap and stick to their corporate jobs. The fear that they will risk that much – stable income, benefits and the comfort of working from 9 to 5, stops them from acting on their ideas. The risks are many yet the benefits can be even more – the only thing that you need to do is to look for the reason why you want to start a business.
Many get lured by the idea of being their own boss and having the freedom to take all important decisions themselves. Well, these perks are pretty awesome, but there are other things that are “deal-breakers” for many and the lack of stability, the endless work flow, the stress, the lack of personal time are just some of the long list. By having clear goal and by being completely honest with stating the reasons that motivate you to begin your entrepreneurial journey, you will become more confident, will feel more prepared, will be able to see clearly the circumstances and will be able to evaluate more realistically the odds to success.
As many startup founders are too busy to create business plans, to do the right market and competition research and to put the foundations of their business ventures, many forget to take under consideration the most important element – the timing. Is the world ready for the product that you are launching? To help you evaluate better your current situation, answer to yourself the following two main questions that will help you get a better perspective.
What is the current market situation? The circumstances will never be perfect but this is not the most important part. What matters is the way you are able to take advantage of the current situation. Do your research and make sure that you have what it takes to secure the market share that you need, that there will be demand for your product and the target customer group will be able to pay the price you offer. It is always a good idea to look at the competition and see how they are doing under the given circumstances.
Is the time right for me? Understanding the potential of the idea is a great way to start, but you should also have a realistic view over your current situation. You should know if you are ready to give 100% of your attention to the business, if you are able to spend enough time on executing your idea, if you are motivated and devoted enough to face all challenges, stressful situations and setbacks that the entrepreneurial journey will present to you.
On personal terms: Are you able to take the risk and to jump into a venture that will make you feel financially insecure for a long period of time? Determine if you have the ability to give the required dedication, support and even personal funds to the venture, in order to get a better perspective if this is the right timing for you to begin your business.
On professional terms: Are you prepared technically for the venture? Do you know where you are heading and how you can get there? Of course, you can’t know it all from the beginning, but at least you should know where to start from. And the best place to start from is the very beginning. Keep moving and get ahead one step at a time!