5 ways to analyze if entrepreneurship is right for you
Entrepreneur's New Year’s Guide
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Starting a business is initially tough but eventually a beautiful and rewarding journey. It is somewhat like having a child who you can nurture and help in growing.
It is not only an emotional but a financial investment too that will have constant needs even when it gets mature.
However, the voyage towards entrepreneurship related goals is not always smooth. Before starting your own business, weigh the pros and cons. Things to ponder upon:
1. Enthusiasm for your product or service or idea?
A budding entrepreneur needs to understand that the starting phase will be difficult and tedious. In fact, the person or team that is starting the business has to perform many tasks at the same time- whether that is taking care of the complete sales & promotion process, tax preparation, getting investors, hiring talented people who can help you, etc.
The team that is pulling up the startup has to be very passionate about the idea or product. Only then, they can convince others to believe in them.
Customers will place trust only when you have trust in your service. Moreover, the rewards or profits might be lean in the initial period. That should not deter you from your path.
Maintaining enthusiasm during rough patches is the primary challenge of building any flourishing business in the long term.
2. Are you risk-averse?
Quitting a secure job and investing tons of money for starting a business is almost like jumping off a cliff. Inspite of all the preparations, you might either end up at the bottom of the pit or with a thriving business; depends on the opportunities you get as an entrepreneur and how sharply you scrutinize or grab them.
However, this also means taking a huge risk even if it is a measured one. There is no fool-proof assurance of success. Can you still give it your best? If the answer is Yes...You surely are on the right path to success.
3. Fast yet precise decision- making quality?
Starting a new business means taking quick but correct decisions at every turn. These decisions will ultimately decide the fate of your entrepreneurship dreams.
Which office should I lease? What kind of people or employees I will hire? Do i have enough money to invest? Which campaign or promotion strategy will be better? Numerous questions like these will keep cropping up frequently.
A successful entrepreneur is one who can take precise decisions confidently but swiftly so that it does not turn out to be a missed opportunity.
For a startup, decisions and choices that a team makes will either lead to a downfall or increased returns.
4. Is multi-tasking your forte?
If an individual is working in a particular organization as an employee, he just needs to know his job well and complete the designated task in a proper way.
On the contrary, an entrepreneur starting his business has to be versatile and take on extra responsibilities unless he can afford to hire additional people with experience.
If you are starting solo, then your daily routine will include juggling many roles, even minute roles like collecting and keeping all the bills safely.
Financial knowledge to some extent is quite essential for running a business, irrespective of the fact whether it’s on a small-scale or large-scale.
If managing innumerable things together makes you uncomfortable, think before you leave that well-paid job to start a business.
5. Cope up with a hectic lifestyle?
Running a business will not be a cake-walk with work spanning seven days a week. There are no weekends like in a 9-to-5 job. Initially building up the business from scratch can even mean no time for friends and other interests.
Although work-personal life balance is necessary, at the early stages, devoting more time to your professional life might become essential.
Ponder upon these questions; spend some time soul-searching...Only then step up to make your dreams a reality. The courage and hard work that you put in to run a business will soon be evident from the larger-than-life returns. Patience is the keyword!