Starting a business is a dream for many people, who are sick and tired of working from 9 to 5 and can’t stand any longer to be lead by bad management. They just want to take everything in their own hands and become the master of their time. But how could a person know when they are actually ready to launch their businesses? There are many things that should be taken under consideration before you take the leap. Here you will find five key aspects to evaluate, which can help you determine if you are ready to deep dive into the world of entrepreneurship and launch your business.
The “stable job” factor
Leaving your stable job and regular paycheck and entering the adventurous world of entrepreneurship sounds too scary for many people. It is understandable – security matters. But then here come the rest – the restless, the innovators, the ambitious and passionate enthusiasts, who believe that they can change the world. For them, the 9 to 5 job seems like a waste of time, a dead end and like the place where their talents, skills and ideas will never get the recognition they deserve. If you belong to the second group of people and you don’t bother to worry about your stable job, it may be taken as the first sign that you are ready to launch your startup.
The highs and lows
The mental preparation matters a lot when you are to make the decision of starting your own business. The life of an entrepreneur is full of stressful situations, countless challenges and many bitter failures and setbacks. So, ask yourself honestly the question: Am I mentally and emotionally ready to become an entrepreneur? If you feel strong enough and motivated to handle the highs and lows, which the roller coaster of entrepreneurship will present to you, then you should go for it. Your confidence in the ability to thrive emotionally in stressful situations is a symbol of success.
Identifying and solving problems
Many entrepreneurs have great ideas, which they strongly believe in and trust with all of their hearts that these ideas will be the “next big thing”. Ideas are important, but even the coolest and most innovative of them worth nothing if they can’t be turned into profitable businesses. So, instead of focusing on your ideas, try to focus on the identification of important problems and try to figure out useful and applicable solutions to these problems. If you have just an idea, you may not be completely ready to start your business. But if you have the answer to a problem, which can truly make a difference, you should go for it!
Money talks
We already mentioned the importance of receiving steady pay check in the end of the week for many people. But, if you choose to follow your entrepreneurial path, you should be ready to get real about the financial situation you are putting yourself into. If you rely only on investor funding for the launching and growing your company, you are most likely to have a really bad time. Many startups are not fortunate enough to win the attention and trust of the right investors, especially when these startups are in very early stage. The money may not come, but the expenses are always there. You should be able to handle the payment of your employees, the rent and the utility bills without any problem. Ask yourself: “Am I financially able to begin my entrepreneurial venture?” If the answer is YES, even though you know that you have to make a lot of sacrifices, you are ready to jump into the whirlpool of entrepreneurship. Great risks bring great rewards.
Experience matters
It is difficult to start building a product and a company in a field that you have little or no experience. Not to mention how unreliable the whole venture will sound to the investors if you lack the right experience and knowledge of the market you want to enter. Working in a field for years before you decide to launch your company will allow you to learn a lot, to improve the skills that will be in such a great value for your startup and to build extremely strong support system and powerful network. The right experience matters and you should try to build solid foundation in the niche before you pursue your startup ambition.
