Thinking of taking that little risky leap to chase your dreams? No matter how much you hate your boss, believe your business plan is a guaranteed win, or can’t wait to leave your unfulfilling job; there is a right and a wrong way to start a business. Regardless of whether you intend to juggle your startup with your current job, or plan to leave your job and fully dedicate yourself to your business, you must make sure to be fully prepared and make the right moves.
If you think you have a solid plan for a business but are unsure if you have enough investment, or if your investment might end up going to waste; here are questions you must ask yourself to achieve success in your venture.
Is your idea good enough?
Before determining whether you will have enough capital for your start-up, the most primary question you must ask yourself is: Will your idea fly? Many entrepreneurs make the mistake of starting small companies without doing enough research while putting in risky investments. Are you making sure to ask the hard questions and delving into whether your plan is likely to succeed? Successful entrepreneurs have always made sure that the product or service they are selling is something that people actually want or need, and that their idea will be able attract enough consumers to entice business away from competitors.
Are you willing to make compromises?
Putting in investments from your current job is guaranteed to be a risky move. Initially, as someone venturing into a new industry altogether, you must make sure you are ready to make financial cuts and compromises in your life, to be able to fund your idea. Putting it simply, are you ready to be broke for a couple of months, or even a year? This is where you can expect to rely on your current job, though. If you work for someone else, you always get your pay at the end of the month, regardless of how their business is doing. Not so much with your own startup.
Do you have the experience?
The urge to run back to your cubicle and its safety might strike way too strongly if you do not have sufficient experience. Have you acquired enough experience over the years to be able to solve problems and overcome obstacles on your own? The corporate support system you might be currently working in will not exist in your own business. As an employee, you will be used to having access to the company’s resources. You can usually assume your manager or someone else among your coworkers will intervene and help you out in the problems that get in your way. In a brand-new enterprise, however, you must get used to doing things on your own, while being under intense pressure to produce efficient outcomes.
Can you manage your time?
Starting your business will not just require monetary investment; it demands your time and attention. Are you ready to give up a life outside of work? And, if you have a family, how do they feel about it? As an entrepreneur, you will always be on call and working, including nights, weekends, and holidays. If you intend to continue your job alongside, the pressure and responsibility is bound to increase even more. Unless you make sure you have the skills to juggle your current work with your start-up; you are setting yourself up for failure, and your investment will be futile.
Feel free to join my Facebook group Groomed for Excellency Tribe to connect with other working professional who desire to start their faith based business.
Until next time, continue to take steps of excellency and you will leave behind a trail of greatness.
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