Is starting a business right for me?
Thinking of starting your own business? Are you ready to join the ranks of budding entrepreneurs?
Okay, let’s figure it out. Here are three important things to consider:
- Starting a business and managing a business deserve equal amounts of commitment and attention. While starting a business is certainly an exciting adventure, running a business often requires equal amounts of dedication. Not to mention resources, time, commitment, patience, vision, leadership and a lot more. Just like a marriage—even the good ones—the real work comes after the honeymoon phase upon your efforts to sustain and grow it to the point where it can flourish. If you nurture your business, and stick with it, it most certainly will.
- Recognize what resources you need, both financial and human, to start and sustain a business. You may have heard that many businesses lose money for years before they break even or turn a profit. Though opening a business can be challenging, you may have decided it’s a challenge you are willing to take. Determine if you have the patience and resources to sustain your venture through the lean times. Consider the amounts needed for your initial investment and to stay afloat as you build your enterprise. Seek out mentors who are already a proven success in your chosen field. With incubators and accelerators serving entrepreneurs worldwide, it’s an excellent time to try your hand at applying to those that best align with what you’re striving to bring into the world.
- Be honest and logical about why you want to start a business and why you are the best person to do so. If you are starting a business because it merely sounds like a better alternative than your current job, or provides you a way out of working for others, then you might want to rethink your decision. Regardless of what else is going on in your life, good or bad, opening a business is an important decision all by itself, one you should be passionate about. You should possess the personality and characteristics conducive to operating a business over time, and you should engage in effective and applicable self-assessment processes before your commercial train leaves the station. Make sure it’s a good fit for you and, if there are gaps, make sure you hire the appropriate and reliable personnel to fill in the necessary roles and requirements. If you have the type of personality that is persistent and undaunted by struggle, and that realizes it is all part of a larger vision, then starting a business just might be right for you. Be prepared to stretch yourself intellectually, psychologically and financially in ways you’ve never been challenged before. The opportunity to create a product or service that is right for our cultural moment, and that will evolve with change as the market demands, may be your calling and the adventure of a lifetime.