Many people find it difficult to deal with corporate workplace rules, company internal politics and regulations. They’re dreaming about working on their own project and in their own way. They desire to have full control over their time and goals. But for most people this will actually stay what it is. A dream. But how do you know if you are ready to stop dreaming, start doing and to build your own business?
Especially when you’re young, the hurdles to start are a bit lower. You don’t have a family to feed or a house to pay off. So below 30 is probably the best time in your live to start your own company, because you have very little risk and a lot of time and energy.
It seems like such a big deal to start your own business. But it’s not about just one big step, but about making many small steps that are required to start your entrepreneurial journey. In the very beginning you’ll need a good business idea, a basic business plan, maybe funding, and the courage to take some risk. Do you have what it takes? Are you ready?
Below we’re listing 8 signs that will tell you whether you are ready to start your entrepreneurial journey, or not.
1. You are frustrated with working for someone else
You might like the work that you do, and even the company you work for, but chances are that you just don’t like to work for someone else than for yourself. Over a longer period of time this causes frustration and an increasing desire to get more freedom and eventually to become your own boss. And before things escalate or before you become too frustrated it’s often better to just give it a try and to start something of your own. Even if it goes wrong, you’ll have at least tried and no regrets when your old.
2. You strongly believe in your idea
In order to create a successful business, you have to trust in yourself and in your business idea. You did enough market research and figured there is a real need for the product or service you’re going to offer. You thought about how to position it in the market, you know about the industry and you’re sure that people are going to pay for it. If you have strong faith that your idea will work and that your product or service will turn into a profitable business, then you’re likely being able to path on this faith also to other team members.
3. You are passionate, motivated and self-disciplined
You’re not considering starting a company because you want to work less. You’re aware that it will be hard and you’re motivated and self-disciplined enough to do it. Having a good business idea is great, but it’s nothing without great execution.
In the early days of your business you will not make a lot of money and you might need a lot of patience before things get going. Without passion for what you’re doing you might give up too fast.
4. You perform best when working on your own schedule
A regular 9 to 5 (or 9 to 6) job is not for everyone. If you have your own “productive hours” and want to work in your own way, becoming your own boss might make sense. Running your own business lets you decide for yourself whether when and how to work. In order to be successful, you might still work much more than you used to while being employed, but you can do it on your own schedule. However, there are also such types of businesses in which you have to work according to your customer’s demand like when you are running a restaurant or other types of service businesses.
5. You enjoy learning and personal growth
You have an open mind and the right skill set to start your own business? Remember, it’s not just enough that you’re able to create a great product. You also need to be a good communicator, a good decision maker and a good boss. If you put all the responsibilities on your staff and you yourself are hesitating to take tough calls and meetings, your business will suffer. Some lucky people have natural talent in these fields but others should have the will for learning them. Entrepreneurs are the people who are learning constantly new skills and have contact with many different people to learn from. Start your business only if you are ready for this journey and if you have a growth mindset.
6. You have a business plan
Before starting a business, you should have proper idea about the costs involved with starting and running a company of the type you’re going to create. In the end, planning is guessing, and it won’t turn out to be how you planned, but thinking about the details gives you a better understanding on how the future of your business could actually look like. So, make sure to calculate a basic business budget by analysing the supplies, expenses, and utilities and create a roadmap for them. Your business plan’s most important part is about the financial aspects. As a general rule of thumb, costs turn out to be higher than expected and revenues turn out to be lower that you hoped for. Keep that in mind when working on your business plan.
7. You have good connections in your industry
If you’re starting your own business, domain expertise and connections are king. If you don’t have a strong network yes in the industry you’re going to target, make sure to step up your networking efforts by attending the right business and startup events. Make sure to talk to as many people as possible and analyse the thoughts and opinions of your potential customers. Ask them for their advice, and listen carefully when they share their concerns and ideas. Best case you’re establishing strong relationships with potential clients even before your product or service is on the market yet.
8. You’re aware of the risks
Starting and running your own business involves many risks. You could loose your entire seed capital (which most likely comes out of your own pocket). You might end up spending much less time with your family and friends, and they might even criticise you for what you are doing. Keep in mind that your business may require a long phase of hard work in order to make it a success. If you’re aware of these risks and are ready to face them, it’s a good sign that you might be ready to start your own business. Just give it a try!