This is undoubtedly a question that many entrepreneurs wonder before starting their own company. Starting a company can be scary as it involves leaving behind the security of a salary for the unknown. On one hand, you get to be your own boss and may ultimately make more money, but on the other, it could end in failure. Many entrepreneurs unsurprisingly are filled with fear and doubt. However, there are certainly some things that you should consider before taking this step.
Do you have enough time?
A new business requires dedication. It may mean that you'll have to work unconventional or extra hours. Yes, even sometimes weekends and evenings. It will probably also require your complete attention. Therefore, if you're undergoing other major life changes, such as starting a family, it may not be the ideal time.
Despite the intense time requirement, you'll also need to make sure that you have a good support system in place. This support system needs to be able to help you achieve some balance so that, regardless of the long hours, you also have enough time to relax and avoid burnout.
Are you good at making decisions?
A successful entrepreneur must be able to make decisions – both large and small. Unlike conventional jobs, you'll be in charge of making all or almost all of the decisions. These decisions will greatly impact the future of your company and will involve some risks.
You should be able to consider all the potential pitfalls and benefits of a decision to ensure your company progresses in the right direction. Most successful entrepreneurs, therefore, can think analytically as well as creatively and incorporate both of these aspects into their decision-making process.
Not only should you be able to make smart decisions and have a clear vision of your company's direction, but you must also be able to make these decisions within intense or stressful situations. With the success of your company resting on your shoulders, stress will be unavoidable.
How well do you know your potential company?
Starting a business requires a great degree of confidence and belief. In order to remain confident in the face of criticism and rejection, thoroughly understanding the product or service you are trying to sell is essential. This understanding will also allow you to identify your unique selling point, which will greatly shape how you market and sell your company. It will also help you to identify gaps within the market, your target audience, and create an effective business plan. This doesn't mean that your direction can't and won't change. In fact, your vision and understanding should constantly evolve alongside the growth and development of your company.
Anything else to consider?
These are only some of the questions that should be considered to determine if you are capable of starting your own business. There are plenty of other questions and logistics that must be addressed before taking the first step and no business venture should be undertaken without careful consideration.
The OM Team