Being your own boss may sound like an exciting proposition, but it’s important to remember that running your own business is also a lot of hard work. I quit my full time job in 2017 to kickstart my business, and have not looked back since. However, it also took me a number of years to feel genuinely ready before making the pivot as an entrepreneur.
How do you determine if you will be able to build a successful start-up? Everyone has their own view of the right personal attributes and right business conditions to jump in, so the real challenge is to do some soul searching before taking the plunge.
You’re passionate about running a business
Passion may seem overrated. It shouldn’t be the only reason that motivates you to start a business, but it definitely is essential. Passion for your business will give you the ability to weather through the storms and a willingness to face the risks.
You have a clear idea and have done your market research
The product or service that you are intending to build should ideally have market fit. Market fit means being in a good market with a product or service that addresses and solves a problem or need that exists.
This is usually the first step to building a successful venture, and to do so, you might need to have a minimum viable product that you can ‘test’ by gathering feedback and gauging interest from early adopters.
You have a plan
Cashing out on your life savings to back your new idea is not the wisest thing to do. Before leaving your job, it’s always good to have a business plan in place so you know what’s ahead of you. That means that you’re not afraid to make decisions, put a plan together and execute it.
You’re ready to learn
The experience of starting a business will teach you more than you will ever learn at a nine-to-five job, but it also means that you’ll need to keep an open mind and put aside that ego. If you love to learn new things, and are stimulated by change, you will love that every day is different — from dealing with creative elements, financial challenges, marketing and sales. Being an entrepreneur means that you have to be a jack of all trades — so get ready to get your hands dirty.
Failure does not daunt you
Being an entrepreneur means that you’ll need to embrace failure. In fact, failure can help you succeed in business. Failures provide a valuable benefit — they can help you to develop an entrepreneurial mindset that allows you to keep pushing forward.
You’re a good time manager
Being in business takes lots of self-discipline and if you are a master at managing your own time, you’ll know how to set deadlines and manage your own priorities. Self-motivation is the key as you’re now in total control of your own schedule and milestones.
While this is not a comprehensive list, it is a good place to determine whether you’re ready to start a business. If you’re not, why not work on these aspects to help you get to where you want to be?