Are you dreaming of starting your own business, but you are not sure you have what it takes? There are 6 questions to ask yourself before you take the leap into entrepreneurship.
As a University Professor, I have looked into the eyes of dreamy students that can’t wait to get out of the classroom and into their career. Their dreams are ginormous and their passion is on steroids. They want to make a living doing what they love, but once they graduate and get that dream job, they quickly learn of the limitations of working for someone else. Are you feeling those limitations as well? Are you tired of working in someone else’s dream? Maybe it’s time to be bold and follow your own dream of starting a business.
With the introduction of social media marketing and the digital age, there has never been a better time to start a business. There are loads of free resources at our fingertips. The technology we have access to on our phone and laptops allows us to enter the arena with the best IT geniuses in the world. If you have a question, YouTube and Google are your new best friends. Many new entrepreneurs are using these tools and starting a business with minimal startup costs from their own kitchen table. The possibilities are endless.
Don’t get me wrong, it’s not easy starting your own business. There are days when your technology is not working, the ideas are dried up, and frankly you would rather snuggle your dog on the couch and watch Netflix. As a small business owner and entrepreneur, I have been there, but I don’t let myself stay in that place for long.
I have noticed that there are a few key indicators that will help determine if you will be successful in your entrepreneurial journey. Let’s dive in to find out if you are ready to start that business of your dreams.
1. Is your potential business solving a problem or need?
Of course, we want to follow our dreams and work in the area we are passionate about, but the bottom line is that you want to be solving a problem or meeting a need of your customer. This will help you be successful.
2. Do you know your ideal customer?
Can you name them? No really, give them a name and say it out loud. Document their age, occupation, demographics and more importantly, what their pain point is. If you truly know your ideal target customer, you can solve their problems with your product or service.
3. Do you have the financial resources?
As I mentioned earlier, there has never been a better time to start a business, and that goes for the start-up fees as well. Depending on your industry, your initial investment could be minimal, especially if you are in the online arena with free social media marketing and digital business platform tools. Have you identified all the basics costs such as accounting, website, promotion and product or service development. Researching your competitor’s costs will help you have a clear and realistic picture of the business feasibility.
4. Do you have the time?
Your business may be a #sidehustle or you could be planning to shift to your new business as a full-time gig. Either way, you will want to identify the time commitment needed to get this project off the ground. A few simple tweaks to your schedule by cutting out nonessential activities, can free up the motherload of time. According to recent stats the average person wastes hours a day on social media. Limiting your silly cat YouTube videos and Netflix binging could be a lucrative move for your new business.
5. Are you an action taker?
One of my favorite quotes is “hard work beats talent, when talent doesn’t work hard”. You don’t have to be the best in the industry or the smartest. You need to be able to make a decision and take action. The people that keep moving, will be the ones that are successful.
6. Can you pivot when things go sideways?
This question is challenging for perfectionists. Rarely do things in business go as planned. Entrepreneurs need to quickly reassess the situational needs and adjust the plan. Being able to bounce back and redirect resources is a vital tool for successful businesses.
So, how did you do with these 6 questions? The beauty of this list is that no one is asking if you have a fancy college degree. The knowledge you need is already in your head and at your fingertips. If you can’t answer yes to these 6 questions, you can still be a successful entrepreneur. It just may take a few extra steps. That never stopped a go-getter like yourself!
I encourage you to be bold and go for it! Blessings to you as you take action to reach your dreams.
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