A lot of people are more aware now of entrepreneurship. Furthermore, they want to be entrepreneurs themselves due to the growth of social media, the internet, and the freelance economy which has created a wave of excitement around entrepreneurship. But does that mean we all can take the Leap into Entrepreneurship?
The fact that technology is updated frequently and new markets are emerging has made it easier and more accessible to a larger group of people. And there are countless books and courses on various aspects of entrepreneurship, as it has become one of the highest trending topics of our time.
Yet, despite all the hype, Do you have what it takes to become one? When to take the Leap into Entrepreneurship? This article is for those who want to be their own boss, here are five important questions you should ask yourself before taking the leap into entrepreneurship:
1- What’s my risk tolerance?
If you aren’t willing to embrace risk, you may want to rethink being an entrepreneur. Risk is an inherent part of business ownership and only people who embrace it will always have a competitive advantage. The willingness to experiment with new ideas is key to business growth, even if you fail at times.
You will often have to make decisions that will impact not only your business but also the families who are supported by the business. These decisions can be tough and uncomfortable at times.
2- Do I have emotional and physical stamina?
Business is as mentally and physically draining as any competitive sport. You must be prepared for the stress it will place on your mind, body, and relationships. You certainly cannot build a successful business if you are sick or don’t have the mental capacity to deal with the challenges that lie ahead. So taking care of your self-body and mind– is essential because starting a business can be a life-altering event.
3- How comfortable am I with selling?
As an entrepreneur, you are the primary salesperson of the company. Generating revenue is your responsibility because any business does not happen unless something is sold. Your ability to sell to your customers, vendors, and partners is the most important skill you will need as an entrepreneur.
The better you are at selling, the more successful you will become in business. And if you can not sell make sure to learn various strategies to choose your best fit out them.
4- Is my product or service in demand?
You must determine how marketable your offering is to your target market. Is there even a market for what you’re selling? It is wiser and easier to ride the wave of demand that has already been established than to try to create the market.
Focus on solving customers’ problems and improving their experience. Your unique skills and proficiency can be the differentiator between you and your competitors.
5- Do I have enough funding set aside?
You need to have a solid financial plan in place when leaving a 9-to-5 job to start a business. If to take this decision make sure you have enough capital to not only fund the business but also take care of yourself at least for a year.
Keep in mind that the income generated by the business is not for personal use and you’ll need other means to support your everyday living. You must also determine how much funding is needed for working capital and operational costs. You need also to think about funding your business for the first years; borrowing money from family or friends and using personal credit are typical funding strategies that entrepreneurs use at the beginning also known as bootstrap.
My Conclusion? Think twice before taking that decision because it’s a life-altering one but at every step of the way instaDeel is here to support you and your startup to Grow… Big… Fast.