Being the Founder and CEO of your own company always sounds like the most proud and rewarding thing ever in both your personal and professional life right? To be able to turn your passion into your legacy is something most people dream of. However, there is a reason why it is something to dream about because the reality of starting your own business is a harsh one.
Having said that, most successful businesses and corporations in the world right now all begin as startups and they would never be where they are without the great efforts from the founders. It may not be for anyone (and that is absolutely okay!) but for those who still carry this dream with them the moment you start your career, when you’re at the height of it, or when you’re already even retired, we’d encourage you to go for it, chase that dream, give it your all. Nevertheless, before heading in that direction, here are a few questions to carefully consider and ask yourself to make sure that you are making the right decisions before everything in your life changes.
7 questions to ask before starting your own business
Are you ready for the startup lifestyle?
Starting your own business can be thrilling and exciting, but also daunting. If you are currently an employee of another company, then starting your own as an entrepreneur is a lifestyle change. Don’t make the mistake of assuming it is a way to get rich quick, or an escape from all problems. Starting a business is hard work, requires a lot of determination and learning, and only pays off in the long term. Take an honest look at yourself before leaping.
Are there customers with real pain and money?
Your own conviction that if you love the idea, everyone will love the solution, is necessary but not sufficient. Customers may “like” a product, but will generally only pay for things they “need,” physically or emotionally. Or maybe the people who really need the product don’t have any money. Talk to experts in this domain and listen for hidden requirements and challenges.
Is the market opportunity large and growing?
Starting your own business involves planning, making financial decisions, doing market research, and acquiring knowledge in areas you never thought you would learn about before. Don’t trust your own judgment and passion on this one. Look for market analysis data from a credible unbiased third party. Dig deeper and truly understand what those data is showing you.
Is this a crowded space already?
Use search engines to look for existing solutions to this problem. If you find ten competitors who already have this offering, it’s probably not worth going any further.
Can you build a motivated and qualified team?
It’s hard to build a business as the Lone Ranger. You need to assemble, motivate, and manage a team — development, sales, partners, and customers. Startups are tough on even the most dedicated and passionate founders — others will likely fail, and definitely be unhappy. Headstrong introverts probably won’t do well here.
Have you looked realistically at the costs?
Passionate entrepreneurs tend to develop rose-colored plans, over-estimating early sales and underestimating costs. To convert your passion into tangible business value, write a business plan that makes financial sense for the needs and future goals of your startup, and have it checked by an expert.
Do you have stamina and skills?
When starting your own business, remember that the buck always stops with you. There is no room for the blame game. Contributing factors aside, most startups fail because they just give up, not because they run out of money or time. Focus on building personal staying power, maximize learning, and improvements. If you have had problems with several companies, you may be part of the problem.
Going “from” rather than “to”?
If you are desperate to get out of an existing role, you may just be lurching into entrepreneurship, only to find it more stressful and unsatisfying. People who feel competent but unsatisfied or bored in their current job make better entrepreneurs than people who feel overworked, under-appreciated, and over-stressed. Remember, the grass always looks greener on the other side of the fence.
In conclusion
Answering these questions can help you figure out if entrepreneurship is really the way to go. If you find yourself saying no to many of them, know that it is absolutely okay to not go into that path even if you can be so passionate about a certain idea or product. That life is not for everyone and you can contribute more when working with bigger corporations that allow you the resources and facilities to truly maximize your talents and utilize your skills. It is not “giving up on your dreams” when you’re carrying those dreams alongside people who can mentor and support you. And if you find yourself saying yes to all of them, then we hope you always find the fire to keep going even when it gets hard. Starting your own business is not an easy journey, we hope you get to where you truly want to be, even if it may not be the destination.
Source: Forbes
JobHopin Team