The Best Time to Start a Business

Going the distance between an amazing idea and a successful startup based on it is not a cakewalk. Before taking a plunge into the business world, it is crucial to take a step back and analyze the elements that need to go into the making of a good brand and whether you would be able to channelize them into fruition. From keeping a check on the latest trends in the area to planning your finances well in advance and from deciding where the makeshift office is going to be to preparing yourself mentally for the tough times ahead, here are some questions you need to ask yourself first:

Do you have what it takes to be an entrepreneur?

Being an entrepreneur requires you to take risks and be ready for the numerous challenges that you are going to face. You do not just need to build a business from scratch, you also need to create a strong team and be an efficient leader. While passion for what you intend to do is the ultimate motivation, there is going to be a lot of responsibility on your shoulder.

Is there a market for your product or idea?

While your idea may seem big enough to buy you a building filled with gold coins to swim in, it is a very likely that there already exists one in the market and that too with patents and copyrights. Even if you do manage to test the competition in the market, you should be prepared to keep yourself updated with the current trends and rapid changes and how you could use them to your advantage.

Do you have the finances to sustain without funding?

Before shelling out all your savings into your business, take a step back and plan how you are going to use every single penny. You could take help if you need, but this is one area that you should have utmost clarity about- are the current and future economic standards going to help your business flourish or is it going to be another bump in the startup road?

Are you prepared for the fact that you might be in a worse place than your current job?

The most common notion that anyone has when they think about starting their own venture is that ‘I am going to be my own boss’. While that is true, it is also just the tip of the iceberg, so if this is the sole reason you are planning to work independently, we suggest you talk to a few first-time entrepreneurs for a reality check. Not only would you be responsible for yourself, but for the jobs that you have created. You might have to take certain stern decisions that may make your boss seem like an angel sent from heaven.

Do you have the mentors required?

Ideas need to be given shape in order for them to thrive into a business. Having the right mentors will give you the guidance that you need in order to move forward in the right direction and be prepared for both the best and worst that is yet to come. Socialize with a few experts in the field and read as many books or articles that you could find from scholars in the domain. It is always smart to test the waters before diving in and if you have a coach to teach you, even better!

Have you planned for the future, holistically, not just financially?

It is not just your fixed salary that you are going to give up when you take the entrepreneurial road; you are also going to have to give up a lot of time, your full concentration and energy to your business. Apart from your company’s future, you also need to be sure of where you see yourself in the next two, five and ten years.

What are the other criteria that could make you an entrepreneur? Please share your views.

 

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