Signs You’re Ready to Become an Entrepreneur and Fly the Nest
If you woke up one morning thinking ‘I want to start my own business’, then you’re not alone. In fact, there are 550,000 new entrepreneurs across the US every month and 50% of people want to be their own boss! Starting your own business can bring on a wave of mixed emotions. On one shoulder sits excitement, while the devil on the other brings on fears of doubt. You’ll need to listen to both and time your business venture appropriately. Don’t jump before you can swim, but also, don’t wait until your days are numbered.
You could have the best idea in the world, but you won’t get far if you don’t have the tools to execute it. You have to pick your timing wisely. Even if you’re bored or dissatisfied at your current job, you shouldn’t start a business just for the sake of starting one. Being your own boss will come with its own set of challenges and when things go south, you’re the only one to blame.
If you’re asking yourself ‘am I ready to start my own business?’ chances are you’re halfway there. Here are some signs to look for…
1. You have more than just a great idea
It all starts with that light bulb moment. Your idea should be one that you’re ready to dedicate your life to. An idea alone, however, doesn’t necessarily mean you’re ready. Make sure you have a detailed business plan (including market research, a marketing plan and a company profile) so that your business doesn’t come crashing down before it’s even gotten up.
A good business person will also know that you need more than just one idea to keep a business running in the long run. You need to be ready to adapt and adjust to changing situations, to build on your idea, and to perhaps even have a backup plan B for if things don’t go the way you expected.
2. You’ve got some moolah saved up
We all know the saying, it takes money to make money – well it couldn’t be truer when it comes to starting your very own business venture. Even if you have an unbelievable idea, you won’t get far at all if you don’t have some money under your belt, or at the very least a sturdy fundraising plan be it from your friends and family, crowd-funding or in the form of start up loans.
3. You’re not afraid to fail
Think about a time that really changed you, it probably wasn’t when everything was smooth sailing but rather a difficult period in your life, a ‘failure’ or mishap. Failure is an inevitable part of life that also builds character and makes us stronger. No matter how hard you work, failures are inevitable when starting your very first business. The key to success is in embracing those failures, learning from them what not to do in the future and continuing to push through.
4. You aren’t afraid to ask for help
You don’t have to do this all alone. Yes, you’re the one that has to have the initial drive and burning passion to set up the business in the first place, but starting a business is going to take more than just you to get off the ground. Learn to accept help be it emotionally from friends and family, a business partner, a mentor, or even taking some extra classes to build your knowledge.
On top of the emotional support you’ll need money and if you don’t have the benefit of being born into riches or haven’t managed to save up as much as you need, it doesn’t mean you should quit before you’ve begun. Not all the financing has to come directly from your pocket. There are plenty of alternative funding opportunities out there if crowdfunding or asking your friends and family didn’t work out including unsecured business loans and commercial business loans.
5. You just want to start a business
At the end of the day, it’s your passion and drive to start a new business that will take you to new business heights. All of the other things mentioned here can be learned and built upon, but if you don’t have the desire to start a successful business and really give it your all, then there’s no point of even starting. This is not something that can be learned, it’s something that is simply instilled in all successful entrepreneurs.
If you’re thinking ‘that’s me, I want to start my own business!’ then put that thought into action!
I’m ready to start my own business! Alright, hold your horses, first you’ll need to:
- Devise a long-term business plan
- Figure out your means of funding
- Take a leap of faith
To find funding solutions for starting your own business and get access to easy business loans that spell everything out for you, head over to Become.
Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.