Looking at history, you will find so many companies that got wild fame within a few years or maybe months of launching. But between these successful ones, there are also many that have failed, even though they had great ideas.
Before you risk everything on this new business that you are so eager to start, here’s a quick guide to gauge whether entrepreneurship is really something for you or not.
1: Do You Have a Burning Desire?
Why are you so eager to start a business? Is there a deep desire burning inside of you that is encouraging you to become an entrepreneur or is it something you are just feeling compelled to do?
The answer to these questions will determine your success. The stronger your desire, the more interested you would be. Let says you want to start a sales recruiting firm. Background experience is important to get started but so is a burning desire.
Starting a business and going through different phases to make it a successful day in and out isn’t’ a walk in the park. Study the stories of top sales recruiting firms and you will be surprised to learn what they went through to be this successful. You will have to keep on trying even if you fail because your vision is something bigger. This desire will force you to keep going during bad days.
2: Have You Started Anything from Scratch in Your Life?
You are launching a business which is huge. Therefore, it’s important to know what kind of patience, resilience, and determination you have.
It could be anything, a book club, selling something through girl/boy’s scout, etc. Whether or not you were successful at that is one thing. We are trying to measure your determination here. So even if you failed, that’s not a deal-breaker.
Most successful entrepreneurs do startup stuff at an early age. This is why all parents must encourage their kids to start something from a young age. Going from nothing to something requires a lot of action and thought.
3: Can You Live with Uncertainty?
Keep in mind starting a new business means you are stepping in a dynamic environment that’s full of uncertainly and disorder. Do you think you can handle that?
Entrepreneurs have to go through a hard time to stay organized. They have to be open to the idea that running a business is chaotic. Things may be structured in big organizations but that’s not the case with startups.
A startup can even change up to 50% in a day. Adaptability is the key to survival. You will be swimming in a river of change and uncertainly. Before you take the plunge, make sure you have got what it takes to wither the storm.
4: Are You Risk Aggressive?
Success requires a unique skill set. You have to suffer injustices, take the hard pill and be nice to others. At the same time, you have to be politically savvy to catch the attention of key stakeholders. If you are not risk-aggressive, and you prefer taking the safe road, you won’t even last for a month.
Running a business is like gambling. You are constantly struggling against the odds. Unless you have the survival mechanism, you won’t survive, let alone thrive.
People romanticize entrepreneurs. But the thing is when you are starting one, you are actually stepping into a cage of untamed monkeys. If you can’t take the mess, you will be outnumbered in no time.
5: Have You Ever Failed at Something?
Those who haven’t tasted failure will find it hard to run a business. Entrepreneurship is based on trial and error. And it’s only from the errors that you learn. In fact, you can’t succeed if you haven’t failed ever.
Unfortunately, we are trying to build a society that safeguards our loved ones against failure. We are afraid to fail in many things and raising children is one of them. Too much protection and pampering would discourage them to take a risk in life.
If you have failed at something and that too in public, you have a shot at running a business. Why, you ask? Because you must know how to turn that failure into success. Maybe you couldn’t fix it immediately, but now you know how to prevent the same mistake from happening in the future.
6: Can You Raise Funds?
Well, of course, you will need funds to get started. But do you know how you are going to raise those funds? What are your options: bank loan, factoring, crowdfunding or do you have enough savings? You can also encourage friends and family to invest in your idea.
Starting a business is no easy game and that is clear to all. You will have good days and bad days. In both cases, have a recovery plan in place. My friend, for instance, decided if his business doesn’t go well, he will reach out to recruiters offering temporary employment services. He was willing to work temporarily and meet his expenses but he wasn’t ready to give up. You will need the same kind of contingency plan to survive.