Entrepreneurship is the most happening thing among today’s youngsters. Gone are the days when students struggle with books that are full of logical interview questions and tensed to know if they cracked the interview or not! Today’s youngsters want to be job givers rather than job seekers.
We are now living in the trend where youngster prefer being a boss rather than to work under one. They want to make their own rules and their own style of working rather than adjusting to one.
Entrepreneurship is excitement to talk about; it’s a lot harder to be about. However, the reality is that starting your own business is one of the hardest things you can do and it requires one to develop their leadership skills. Unfortunately not many turn out to be successful, according to few facts it says, almost 8 out of 10 businesses fail.
Entrepreneurship isn’t for everyone, only few can outshine in this. Nothing seems to be easy. You should be ready to play all the roles in the initial stage of establishment. Only after constant struggles one gets to enjoy the taste of its fruits.
So before you dive head into entrepreneurship, first answer yourself for these questions
1. Are you really ready to take the step?
You might have been dreaming about becoming a business person since you were young, with visions of one day running your own extremely profitable lemonade stand. Over time, the role of entrepreneur has been glamorized and glorified, especially with all the stories of young, ambitious individuals becoming millionaires. One has to be prepared for all the realities of entrepreneurship. It is never a cake walk, especially during initial stage of establishment. So, make sure that you are really ready to take this step by willing to work for about 80 hours a week by avoiding 40 hours per week.
2. Have enough patience?
Growing a company takes a long time and your patience will be tested. There is no get rich quick plan with entrepreneurship. It takes serious conviction and dedication to a long-term plan for your business and life.
3. Is your idea worthwhile?
Billions of ideas are born every day. However, not every idea can be transformed into a business. You need to spend a lot of time researching the viability of your idea. Answer questions like: “Can it be produced effectively?”, “Is there a market for it?”, “Who is my potential competition?”. Equally important is to find out whether someone else has tried this in the past, and if so, why they failed. Make sure that your idea is completely out of the box, if not the idea make the implementation unique.
4. Did you talk to people about your idea?
The first thing you should do is talk to people. Talk to your partner, your friends, your mentor, and other entrepreneurs. This will help you to assess whether you are ready to take the risk.
Not only is it good to talk about how entrepreneurship will affect your current lifestyle, it’s also helpful to talk through your business idea with others.
Entrepreneurs are often concerned about sharing their ideas with too many people. You might be protective of your idea, making sure nobody steals it from you.
Nevertheless, it’s better to share ideas than to isolate yourself.
5. Is your financial plan ready? Have any backup plans too?
Let me clear you a big misconception about entrepreneurs, that they earn big fat amount which is completely not true. And though that may be true one day, it won’t be for a while. Initially, your business probably won’t make any money, and when it starts to, you’ll want to reinvest profits into growth. You need to have a strong grasp on your finances, as it could be months or even years sometimes before you make revenue. Your income will be inconsistent during this time, so your finances need to be prepared for that. If you cannot figure out answers by yourself, get a financial expert to help you.
6. Is your plan mapped out completely?
Few entrepreneurs can assimilate and hone a complete plan in their head. That’s why I believe the process of writing down your plan is more valuable than the result. Also, a written plan multiplies your ability to communicate to constituents, and facilitates parallel feedback.
7. Are you willing to ditch gatherings from now on?
Happy hours and movie nights aren’t for you anymore. One of the truths about building a business is that it takes serious time. You will be confronted with decisions daily on things like, “Should I go meet my friends at the bar or do another few hours of prospecting?” Your friends may not understand and pressure you to come out, you will have to learn to say no and double down on your business.