Thanks to the IPO gold rush several youngsters in their 20’s became millionaires overnight. But you can’t launch a business hoping that you will be able to emulate their success. The truth is that not every entrepreneur makes millions. Some do; several others don’t.
There is no point in starting a business to escape a negative situation. If you are launching a business to escape from a bad workplace or a terrible boss, your motivation is unlikely to be strong. You should have a business idea you are passionate about. Without passion, you are unlikely to survive the first few years, which are going to be extremely tough.
If you are passionate about the idea, and you can see its growth potential, you may
consider launching your business. Leaving an uninspiring job or a particular boss should never be the motivation to launch a business. If that is your concern, you should consider finding a different job instead of starting a new business.
You should start with your true passion and then find ways to pursue it. Also, you should not quit your job just because you have an idea. An idea isn’t enough. No one will fund an idea. If you want to get investors you should have customers and income.
So, what does it take to be an entrepreneur? First, you have to answer these questions.
HAVE YOU GOT ANYTHING TO PROVE THAT YOUR BUSINESS IDEA WILL SUCCEED?
Too many people start their own businesses without asking enough questions or doing enough research. That is a mistake. Before you start out, you need to ensure that your service or product is something people actually want to use. You should be able to snatch business from your competitors. You should try out your idea without quitting your current job. Consider launching it on the side. Work on it in your spare time till you are certain that it will succeed.
WOULD YOU MIND BEING BROKE FOR A FEW YEARS?
When you build a business with your own savings, you will need to live a frugal life. Worse, during the first few years, you are unlikely to get any income out of your venture. Are you willing to deal with that situation? If you are an employee, you can rest assured that you will get paid no matter what. That is not the case with a startup.
CAN YOU SOLVE PROBLEMS ON YOUR OWN?
When you are an employee, you will have access to your company’s resources. If you get into trouble, you can expect your manager to take care of the situation. But when you launch a business, you will be doing everything. You will also be under tremendous pressure to generate income.
ARE YOU WILLING TO DEVOTE YOUR WHOLE TIME TO YOUR BUSINESS?
When you run a startup you can’t have holidays. You will have to miss birthdays and other family functions. Your family may be unhappy with this. Many entrepreneurs feel that they are married to their business ventures. This may not be your thing.