Starting a business can be a very daunting task, riddled with a lot of uncertainties, self doubt and trepidation. For many it is a step in the right direction, for some its a no-no. So before you take that blind leap, here are questions you should ask yourself.
Are you willing to work very hard for very little pay for a while?
Many entrepreneurs find that they have to work very hard on very little pay when their businesses are at infancy. It will take time for a business to break even, in order to be able to pay its running cost and turn a handsome profit. This could be within a year and can take as long as 3-4 years.
Are you a risk taker?
Entrepreneurs are generally risk takers. They seem to head in first, even if they aren't sure of the depth of the water they are diving into. A vast majority wing it as the day comes. Not to say they are unorganized, but more often than not, its a shot in the dark. Owning a business is not for unadventurous or lily livered.
Do you have the skills needed to succeed?!
Skill in any job is of utmost importance. Skills needed by an entrepreneur will determine if the ship will sink or float. Bookkeeping skills, organizational skills, marketing skills, negotiation skills and managerial skills are essential as most start up will need the entrepreneur to function in more than one capacity.
What need does your business meet?!
The most successful business identifies a need and meets it. Humans have numerous needs and there a lot of ways to meet them. A business is more likely to succeed If it caters to a direct or personal need such as the need for food or childcare or recreation.
Now you have decided to sack your boss....here's my advice for you
Have a plan! A goal without a plan is just a wish. Write down in details what your expectations are at definite milestones. Have a plan A -Z. You may be lucky enough to stop at E.
Do not wait for everything to be perfect. It will never be. Take baby steps, one at a time. Be willing to start small and grow. The journey of a thousand years starts with a step.
Keep your day job for as long as you can. Take the time to learn the ropes, test the waters and you will need the funds whilst you start that business except you have a healthy nest somewhere to fund it.
Network! Network!! Network!!! A tree doesn't make a forest and isolation will only ensure you are extinct. Surround yourself with business men and women like yourself, for moral support and insider tips.
Know when to cut your losses and call it a day. Do not take failure personally. Because you failed at this business doesn't make you a failure. Explore other aspects of you. What you will succeed at, is on the inside of you.
Are you still willing to sack your boss?
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