Check list: Are you ready to have your own business (take the plunge) ? hesitating?
Are you planning to open your own business? Are you ready ? Do you even know what to expect ?
Alot of young and 1st time entrepreneurs take the plunge (as we call it) due to failing in finding a job, but is it a good idea? Some take it because they like the glamour associated with it! And some become entrepreneurs because they are fed-up with their job!
I admit, 8 years ago, when i decided to have my own firm, it was partly because of the glamour … I liked telling people, when they asked me “what you do in life”, that i am an entrepreneur. I never realized how stupid it was for someone in his early 20’s to describe himself as an entrepreneur… Since, i chose a more humble answer for that question, now i say i have a small start-up …. Yes it’s funny that in both cases i gave the wrong answer, 8 years ago i wasn’t an entrepreneur but someone trying to be! And now i can’t say i have a startup when it’s older than my 5 yr old son!
So what did i learn during these 8 years, about taking the plunge and opening one’s own business?
Here’s some points that can be used to validate your choice to start (or not) your own business:
1- The most important lesson i have learned is have a product/ service that people actually want, and to which you have not much competition. So as i always said: Build a product, test the product if successful then promote the product; else move on. If you do not have neither a service nor a product, you should maybe reconsider your decision!
2- Do you have any skills related to your business of choice? If you want to open a plumbing business, you should have some plumbing skills, if you want to open a design company, you should have some design skills … Sure if you have enough cash, you can hire some employees to do that, but if you have no idea what can be done then you are starting the wrong way!
3- Capital, let’s be honest if you do not have at least a small amount of money put aside for your business then you’ll probably either fail or take more time than usual to start having normal operations …. You need money for branding, advertising, image of your company (website, logo, bureau, phone, etc …), this point is not very decisive when it comes to tech companies).
4- Are you ready to work hard 24/7, with minimum revenue for many months even years ? Because that’s how business is created, don’t expect the moment you open your doors, cash will start flowing! No it won’t, you’ll need to fight with your teeth for every dime!
5- Are you ready to be put under pressure? You will have a thousand and one problem and unexpected issues, are you able to handle the pressure?
6- Are you ready to kiss your client’s Butt? You will have nice clients and customers, but sometimes you get some obnoxious, vicious, manipulative ones, and you’ll have to kiss their butts or suffer from online reputation damage.
7- Do you have the 3 P’s ? Passion, persistence and a problem solution/product. If you have none, then Entrepreneurship is not a good choice for you.
8- Are you ready to accept and acknowledge failure when it comes? surely you’ll fail somewhere on the road, if you are unable to stand up again, then it’s better to forget about being an entrepreneur!
To sum it up, being a business owner is extremely hard, it’s not for everyone, and most people fail, but some do succeed and you can too!
This image sums entrepreneurship and taking the risk / plunge: Hesitate hesitate and Fail 🙂