Is entrepreneurship right for you?
Starting a business is more than the zeal to monetize on a successful idea. It involves a lot of emotional preparation before taking the plunge. The entrepreneur must be prepared to meet all its needs from the start-up’s initial days to the time the company is well-established.
Here are a couple of question to mull over before taking the decision to start a business:
1. Does the product or service entice me?
Launching a startup is not an easy ride — it proves to be stressful, even during periods of much excitement. The first few days might see long hours and dim profits. What changes this lean phase? The entrepreneur’s adept ability at selling the product or service to customers. The business owner’s enthusiasm for the product can go a long way in making the business tick. Although the initial phase sometimes sees rough patches, it’s the entrepreneur’s passion for the product that drives the start-up.
2. My risk appetite:
Starting a new business requires a good amount of risk — whether it is quitting your day job or renting a new office space. The decision to start a business venture does not promise ready success or a steady paycheck. If one is averse to taking risks, entrepreneurship might not be the right option.
3. Am I a good decision-maker?
There are several decisions to make when starting a business — it could be anything between deciding to hire partners or employees to raising money for the business. Over time, these decisions tend to get more complicated, and the choices made can either prompt success or failure. The business owner needs to be an able, confident decision-maker to make the right call.
4. Can I shoulder multiple responsibilities?
An entrepreneur needs to be actively engaged in multiple roles, which could range from managing the finances, hiring new employees, and marketing, amongst many others. Unlike a regular corporate employee who works on a specific role, an entrepreneur’s responsibility is much larger, especially during its initial start-up days. Although it might appear overwhelming initially, it sure has its perks. The entrepreneur gains ample knowledge across various functions, an important factor that comes in handy during times of uncertainty.
5. Avoiding burnout — can I do it?
Every entrepreneur’s dream is to kick-start a revolutionary business idea. Most often, this sees them working seven days a week, divorcing any hobbies or interests, and not being able to spend time with friends or family. What does this trigger? An ambitious phase, but with poor health and social well-being. This takes a toll on the entrepreneur’s creativity and energy. For a business leader to thrive, this situation is best avoided. The business can fail, along with their personal life. Maintaining a good work-life balance might prove tricky for those who enjoy spending long hours with their work, but it is an essential move that can better the business and the personal space.
Bringing it all together
Launching a business can be one of the biggest decisions to make — it can be promising, and throw up uncertainties. To decide if it is indeed the right calling, take some time to introspect. If you think you have what it takes to be an entrepreneur, go for it.
