So many people have the desire to start a business, but it’s a big leap of faith that many of us are afraid of making. The risks to starting a business extend beyond financial, as entrepreneurs have to put their heart and sole into a business idea in order to make it successful. There are so many factors at play that affect whether or not a business will be successful. Whilst no one can ever guarantee you success, for those itching to start their own business, here are some signs that you may be ready to be an entrepreneur.
1. You have a “big” idea
It all boils down to an idea. The “big” idea that inspires anyone to start a business has to be both lucrative and original. You have to consider the bigger players in the market you’re attempting to break into. The concept itself has to either provide a new benefit or service to people, or revolutionise an already existing market. Consider what makes your idea unique and original. Run your idea by friends, family, colleagues and people with business knowledge to see just how good an idea it is.
2. You have business knowledge
No matter how passionate you are, if you don’t have the business savvy to succeed, your business idea is lost. Even if you don’t have a business degree, you need to have an understanding of the basics of running a business. What legalities you need to consider, basic finance and accounting practices, how to hire people and how to network and create business contacts. Talk to other entrepreneurs or people specialising in these fields to better understand what you’re facing.
3. You have the passion
This may sound trivial, but it is one of the most paramount keys to success. Your idea might be fantastic and you may be business savvy, but if you fail to choose a market or area of interest that you are irrevocably passionate about, your idea will lose steam. Consider how passionate you have been in the past about this field and whether this dream is enough to pull you through the inevitable highs and lows of entrepreneurship. If not, jump ship now before you’re in too deep.
4. You have people willing to help you
Deciding to start a business will consume the majority of your time – your work will no longer be constrained to business hours. If you have a family, you need to have their full support – emotionally and financially – and an honest discussion needs to be had. You also need to have professional networks that will enable you to call on favours when you need them and provide you with contacts to help you find people to start working for your business. You will also need amazing friends who don’t mind sharing a bottle of wine on a Friday evening!
5. You’re willing and prepared to fail
Whilst you should always look towards your business idea with a vision for success, a smart business owner will have an ‘out’. Preparing a fail strategy is just as important as preparing for success, meaning that you may have more financial stability or assurance. Importantly, you need to feel passionately enough about your idea and enjoy working with people that you love, so that if something does go wrong, you can count it as experience. Whilst many first businesses may not work out, some of the most successful businesses have been the result or second, third or tenth attempts! Grow and learn from this amazing experience!
If you’ve been itching to have your own business for years and you feel like you have an original business concept, it is always worth consulting a professional opinion as to whether your idea could take off – you never know how rewarding the experience will be until you take the leap.
WORDS BY CYNDALL MCINERNEY. If you’re interested in starting your own business, why not pair up with a mentor who is an entrepreneur to gain personalised and personal advice.
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