If you are someone who keeps snoozing the alarm before getting up for work every morning while fantasising about your dream business, it’s time you seriously give entrepreneurship a shot.
Here are a few things you can consider before you take that leap of faith to be an entrepreneur
1. You have an idea already
If your morning prayer every single day is about hoping nobody implements your BIG business idea before you do, it’s time you stop sitting on it and implement it RIGHT now! Whether it is an innovative way to transform homes, using AI to change the payment industry or a groundbreaking way of eating food without gaining weight (oh, we so wish!), get on to it now!
2. You have enough savings
Starting a new business means giving up your precious monthly salary for something really uncertain. Some businesses take years to break even! The question you need to ask yourself is whether you have enough savings to support you and your family through these times. If you do, then there is nothing stopping you.
3. You cannot tolerate your boss anymore
They say most people leave their jobs not because of their roles or company policies but because of their managers. If your manager is a logical, understanding person, chances are that you will sail through the toughest times at work easily and vice-versa. So, if your business is the only thing that can save you from your boss from hell, quit now!
4. You are ready to let go of your inhibitions
You might have the swankiest cabin in your office or hold meetings at the most affluent restaurants, but it may all end (at least temporarily) when you start your own business. Say hello to new co-working space, or a desk with no view. Establishing a new business requires a lot of sweat, dirty hands and an ego that’s on vacation perpetually. From asking for funds to negotiating till you are out of breath!
5. You cannot imagine yourself doing what you do now in future
Right now, you are at your desk, replying to boring emails, sipping your third cup of coffee and waiting to end the day. Fast forward five years. Can you imagine yourself doing the same thing – maybe in the same company or a similar one? If no, you have to implement that business idea NOW!
6. You do not fear change
If you find change more exciting than scary, quitting your mundane job for a thrilling business is just for you. However, your business turns out, at least you would get high on taking the plunge and not holding back.
7. You have a village to support you
If your family and friends are supportive of your major decision to quit your job for your dream idea, you might as well try it out. After all, nothing motivates one to succeed more than a bunch of optimistic people backing the plan.
8. You have a passion for your business idea
You have a fire within you when it comes to your business idea. You cannot stop thinking about it and get completely excited while discussing it with someone. You are also willing to give all your time, effort and even money to make it successful. If you cannot stop nodding your head, you are ready to be an entrepreneur.
9. You know your business plan well
We agree that having passion for your business is important but you must also do your homework enough. If you think you have researched well, planned thoroughly and created a fool-proof business strategy, it’s a good idea to start execution now!
10. You are self-motivated
If you don’t have to be pushed to achieve your goals at work and are known to be a self-starter, you will surely do wonders with your business too. As an entrepreneur, self-motivation is the only paycheck you will be cashing in every day.
11. You are ready to face failure
Businesses are risky. You might succeed immediately or fall right on your face. If you are ready to accept it, without your self-esteem getting butchered, it is time to start your own gig.
12. You want to be your own boss
You know the journey will be tough but it’ll be well worth it. In the end, nothing beats the pleasure of not working for anyone and being your own boss!
13. You are dying to spend more time with your family
If your job is too hectic and attaining work-life balance looks like a far-fetched dream, you must quit it now and start your own business. We are sure there will be hard work but at least it’ll be on your terms. So, you can forget about missing your daughter’s next sports day at school.
14. You are open to learning
Starting your own business sometimes means changing your field of work completely. In other words, you might have to enter a new sector and start your learning from scratch. If you are willing to get back to the basics, go ahead!
15. You believe in yourself
Deep down in your heart, you know you will work hard for your business to be successful and even if you face hurdles or fail, you will get up and only try harder this time. You are ready to quit your job and start your business if you are ready to go all in happily!
16. You are willing to work like there is no tomorrow
There will be just you initially, or a partner at best. No teams, no interns to get coffee and no subordinates to take on the drudgery of routine work. You will pretty much be on your own and as a result, work a lot. Works?
17. Hearing a ‘No’ doesn’t break your heart
Entrepreneurship is not for the emotionally fragile. You will have more doors shut on your face than you had ever imagined. People may laugh at your idea or pity your low-income status. This ‘doing your own thing’ is not for the faint-hearted.
18. You want to make a difference
Your idea may work, or it may not. But during the journey, you will make a difference to a lot of lives. People you serve through your product or service, or the ones you hire. If you like having a bigger purpose to work, then entrepreneurship gives you that purpose.
19. Routine kills you
A life of an entrepreneur has no set pattern. Love the adrenaline rush of doing 30 things in 45 minutes, while ensuring the house doesn’t catch fire, and would have it no other way? You are set.
20. Being lonely is not a deal breaker
Not always, but more often than not, entrepreneurship is lonely. No excited co-workers to pep you up, no one ordering in pizzas when you are coding late into the night and no office gossip to snigger about.
21. You enjoy meeting people
Ahh yes! This one goes right there with being okay with the loneliness. When you set up a business, you are setting yourself up for loads of networking meetings, pitches or as some crudely put it, getting ready to sell your wares whenever a need arises. Hate people? Think twice before you choose this journey.
Not sure you’re 100% ready yet? Start a side business first while working full-time, with the aim of finding a way out. You’ll know when you’re ready to take the plunge.