Things to know before you start your own business

As much as we all love our job, almost all of us would have thought about launching our own business at some point. I mean, who doesn’t want to be their own boss? I know I do. And according to Guidant Financial, an American small business financing company, about 26% of Entrepreneurs start their own business because they want to be their own boss.

But how do we know we are ready to start a business?

Now that’s a tough question to answer. There is no accurate answer to this since it varies from person to person. However, there are six common signs that show that you might be ready to start your own business.

#1: You are passionate about the idea:

Almost all successful entrepreneurs have one thing in common. They are all passionate about their idea, obsessed even. There is nothing wrong with obsessing over your idea. After all, it is your brain baby. So, make sure you are passionate about your idea, and you don’t see it as just a way to earn money.

#2: There is a demand for your idea:

According to 2019 statistics, the main reason why businesses fail is that there is no demand for it in the market. Even if you have the best product or service, people won’t come to you if there is no need for it. So, if there is no demand for your idea in the market, then it is better to wait until things change.

#3: You can pivot it slightly to meet the current demands:

So, you have an idea. It is in demand now. Everything goes great for a few months. But what happens when it changes? What happens next? Can you pivot or change it to meet the new demands? Business is full of uncertainties and sudden changes. You should be ready to adjust the sails to weather the storm.

#4: You have your dream team:

Even the most brilliant idea won’t yield the expected results if you don’t have the right team. So, make sure you have the right people ready to join you.

#5: You have the capital amount:

Having the capital is the first step to start a business. According to Guidant Financial, about 24% of entrepreneurs rely on various loans and credits to start their business, 13% use the fund from their 401(k) retirement plan and apply for a loan when they want to expand their business. 

#6: You are ready to deal with failures:

Let’s be real. Life is not all rainbows and unicorns. Almost all of us would face failure at some point, no matter how good we are. And it is alright. What matters is how we deal with that failure and what we learned from it. 

Like I said earlier, there is no accurate way to figure out if someone is ready to start a business. But the above list covers almost all the important points to consider before starting a business. So, use it as a guide to the steps you need to take to start a business.

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