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Starting your own business. Is it the answer?

Category: Enterpreneurship

Views2305

Have you given starting you own business a thought? Have you thought of leaving your present job for you own personal business? Whether starting your own business is something you have always dreamed of or it is one option after an unexpected layoff or after a long period of job search, there are several points to consider before striking out on your own.
A new business is like a new baby. Starting your own business is like giving birth to a new baby and taking care of your baby. A baby is very tender therefore you need to take adequate care of the baby. Taking care of a baby in the real sense can lead to a lot changes in your lifestyle. For example : you many stop keeping late night or maybe stop smoking at home or stop seeing a number of friends .The same principle applies to your business start-up . Your new “baby” requires constant attention and will keep you up at night. But with your commitment, time and energy, it will grow and hopefully make you proud.
Being an entrepreneur does not mean success You may be very passionate about being a business owner, but take a minute, putting your passion aside, ask your self these questions:

  • Do people want my product or service?
    Take an unbiased opinion poll of what your supposed market thinks about your product or service. Do people really need what you are about doing. Can the product or service drive the market? What is the future of the business? Will it die off soon?
  • Do you have the interest and ability to constantly market it to new consumers?
    Interest without ability won’t work and vice-versa, with the ability and interest, your business will grow. Your start-up and your business skills must carry it to success.
  • Do I have entrepreneurship traits?
    Not everyone is an entrepreneur If you cannot live with uncertainty, you cannot make a good entrepreneur. If you can’t control people or be a good team lead then starting up a business is not for you. If you possess the traits listed below, you can live in uncertainty:
    • You are not sure of your pay at the end of the month. Your income depends on your effort and “fate”
    • You can delay gratification: starting a business may mean investing “all” or nearly all you have in the business. This may leave you broke for a period of time.
    • You are persistent: You do not give up easily. You can try doing the same thing, different ways many times, even if it is not smooth.
    • You can bounce back after disappointment
      If disappointment does not deter you from doing what you want to do ,then you can make an entrepreneur.
    • You can find creative solution to problems
    • You are in good health-Running your own business can be exerting. It is not advisable for people with ailments that worsen under immense stress to run their own business because the success and failure of the business depends on “you.”
    • You have an optimistic mindset.
      Entrepreneurs need stamina to persevere in the face of setbacks and failures they will inevitably face. Be honest you can live the life of a not -yet -successful business person.
  • The boss cleans the trash.
    Working for yourself can be liberating – no boss to answer to or office gossip to listen to .But there is no receptionist to screen your calls or attend to people, no cleaning service to tidy up your office and no messenger to run errands.
    New entrepreneurs often neglect to prepare their minds for the unwanted roles they must take on to keep their business up and running. If your ego cannot handle these stuffs, you may have problems adjusting.
  • It is going to cost you.
    Starting a business can be a huge financial drain until you become profitable. Think seriously about whether you have enough money saved to survive without an income for one or two years. Not only will you be spending money on this new venture, but you will also be spending a great deal of time on it. If you do not have support and encouragement from the important people in your life (wife, parents, siblings,etc), your starting may be a lonely, uphill battle.

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