Are you a victim of the entrepreneurial bug? Do you feel like an 8-to-5 employee who is bored to death at work and longs for something more? Here are some indicators to help you determine if you are ready to start your own business.
1. You know what you are getting into.
You’ve considered the pros and cons of starting a business, and you have assessed your fit for the industry. You’ve also considered the risks of losing your steady paycheck and calculated the risk-reward equation of starting a business.
2. Deep support is shown by family, friends, and loved ones.
If your family, friends, and relatives have shown support by donating their time and resources to help you start the business, it is a sign that they believe you are capable of achieving the goals.
3. I Have gained enough from working.
You must have already learned so much from working in another company’s business over the years. It’s much better to be able to work in multiple departments to get a feel for how sales, marketing, finance, and administration all work together to achieve the company’s goals. You’ll also benefit from exposure to other companies, as this will give you an understanding of the problems and solutions that are encountered in different organizations.
4. That purpose is what you are looking for in your life.
You feel like you have lost your passion for your job and want to do more with your life. You might also find a way to help your community by creating jobs or products that are environmentally friendly.
5. You are aware of a product/service that is not yet on the market.
This strategy is known as the blue ocean strategy by marketing professionals. You can identify an untapped market and enjoy the benefits of being the first product that serves a particular customer segment or meets a specific need. You would still need high-quality products even if your product idea can be easily replicated.
6. You are confident that your business idea is technically and marketable.
You have conducted market research and technical feasibility. The business has potential markets, and you have devised strategies to expand and gain market share. You have also created an operational framework to guide you in running the business.
7. You are familiar with where to look for financial resources to help you start your business.
You must also know where you can get capital financing and emergency funds in case your company needs additional cash. It doesn’t matter how innovative the product idea is, and it won’t work if you don’t plan the finances.
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