3 Signs That It's Time to Start Your Own Company
Waiting for the perfect time to start your own company? Here are 3 reasons why that the time is now.
Not everyone was cut out to work in a traditional job. Then again, not everyone is made to be an entrepreneur. If you do have that entrepreneurial itch, many struggle to know when the right time is to take the leap and start your own company.
With 62% of Americans wanting to own their own business, there’s no doubt that many are waiting for the right time to fulfill their dream. I worked a variety of jobs before I decided to start my company, so I understand the hesitation. There were many reasons why I knew it was time for me to start my business, but here are some of the surefire signs that you are ready to go down your own path of entrepreneurship.
1. You have the desire to solve a problem that needs better solutions
This was the biggest signal to start my own company. As a parent, I constantly worried about the time my kids might spend on their phones and whether I could monitor and protect them from every danger on the Internet.
Realistically, I knew that no matter how vigilant I was, the phone, which I wanted my kids to have so they could contact me when they needed, was also going to be a problem. When I couldn’t find any solution, I knew it was time to start my own company and create my own solution. It was something that was on the minds of parents in our social circle and everywhere I looked, so I knew it was time to make a difference.
It’s the right time when you trust in yourself to transform that idea into a viable product or service because you’ve been studying the industry, market, and business landscape. Your free time has been about researching your audience and their needs as well as designing the concept for how you will position that idea.
2. You have the motivation and self-discipline to strike out on your own
I was ready to start my own company because I was ready to put in the work to make my idea happen. There was this burning inside to keep executing and a strong desire to succeed.
It was this motivation to keep working that also led to wanting to set my own hours to work on what I wanted, when I wanted. I could only truly do this if I started my own company. Otherwise, I would still be on someone’s clock and feel compelled to stick to those working hours.
That self-discipline includes knowing when to log off the computer, set down the phone, and ignore that email until the next day. If you’re going to be an entrepreneur and start your dream company, you need the self-discipline to balance work and your life, otherwise your work will completely overtake every second.
3. You have the ability to accept and absorb risk
To really be in the right place to start your own company, you need to be comfortable with risk. There are significant risks in jumping from the security of a weekly paycheck from a traditional job to potentially nothing while you build your company from the ground up.
Entrepreneurship isn’t for the faint of heart. Any entrepreneur will tell you it is scary to start your own company, but if you make it past that initial fear, you’ll be in for the ride of your life.
A big part of this is the willingness to learn and make mistakes. I knew striking out on my own would help introduce me to new things, expand my knowledge and skills, and further develop me as a person. But no one is perfect, and mistakes happen along the way. If you are willing to still do it, given that risk of making mistakes and having it be a learning process, then it’s time to take that plunge.
Related: How to Take the Right Risks
Now’s the time to get started
It’s not necessary to have most or all of these sensations to start your own business. A few signals can be the impetus to begin exploring the options and opportunities available.
Although some of these signals involve emotion and “your gut,” it’s still critical to do your homework, research what’s possible, and get advice and feedback from those you love, including family and friends. Only then will you have a complete picture of whether you should strike out on your own.
Entrepreneur Leadership Network Writer