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1. Am I motivated correctly?
Everyone will have their own correct motivation – the one that gives determination, readiness to face difficulties and fight for their cause.
But this does not mean that any motivation will work well and will last long. For example, in Russian society there is a certain cult of the “don’t work for your uncle” attitude. It seems like the one who is hired is a loser, and only an entrepreneur reaches the top of the social pyramid. However, often an individual entrepreneur can earn less than the average IT specialist. Only the latter still has lunch delivered to the office at the company’s expense and the working day is relatively rationed.
Entrepreneurship is hard work, no matter what the bloggers selling success courses say. And starting your own business is a pretty serious life choice. Therefore, it is important to make sure that you are doing it because you are going towards something, and not running away from something.
Maybe you are tired of your job, or rather, your activities in a particular company. You’re burned out, tired and don’t know what to do next. Your own business is not the only alternative, and often it’s not even what you need. Perhaps you are simply not happy with the way things are now, but there are conditions under which you would abandon the idea of a business. In this case, it is worth thinking about staying in the profession, but with different introductory factors.
Sometimes motivation can come from outside. People around you advise you to get out of your comfort zone, try to turn your hobby into a job, and so on. But if this is not accompanied by an internal need, it will be difficult, and perhaps unbearable.
If you are looking and don’t find reasons to stay employed or the arguments in favor of your business are stronger, and your thoughts are already in the future, where you will realize your dreams, then it’s time for a change.
2. Do I have a plan?
Dreaming about business and doing it are two different things. To achieve success, you need an action plan that is backed by numbers and research.
For example, you decided to monetize your hobby and sell your paintings. It sounds good, because someone is doing this on a commercial basis, why can’t you follow the same path. But if you study the market and understand how in demand the service is, evaluate the costs and potential profits, read the laws that relate to entrepreneurship, it may turn out that at the dream stage it looked much rosier.
3. Do I have enough knowledge?
Learning by doing is, of course, good, but it is not easy and is associated with negative consequences. Of course, if you once fail to submit an important document to the tax office on time and face a fine, you will be more punctual in the future. But a large amount can put the business at risk.
A businessman needs to know many things, and not only those related to legislation. So, managing people is also a skill. He helps build teams that enthusiastically help develop the business. Otherwise, you may encounter turnover, sabotage, theft…
Therefore, it is good to study the issue in advance, understand where your gaps are, and fill them. And, perhaps, in the process, you will change your mind about becoming a businessman or, conversely, become stronger in this idea.
4. Do I have a financial cushion?
You need to be prepared for the fact that you will have to invest immediately, but the profit may not come in the first months. Therefore, it is important to have not only initial capital for the business, but also a reserve of money for living. Until you earn a decent income, you will still have to eat, pay for utilities, and so on. A financial cushion will allow you not to be nervous about these expenses. Because business will give you plenty of reasons to worry and there is no need to increase stress.
5. Am I willing to take risks?
Business is stressful. There is no certainty, guarantees, ready-made solutions, or support. This activity is for those who are willing to take risks and face the consequences. For some this is a feasible task, for others it is unbearable.
Despite what they say on social media, not everyone is cut out for business. This doesn’t make a person worse or better, it’s just that everyone has positions where they can express themselves most effectively.
Even with favorable developments, there will be many failures. Therefore, it is important to understand your attitude towards them at the start. If any mistake unsettles you for a long time, if any decision is difficult, perhaps entrepreneurship will become an overwhelming test for you.
6. Am I ready to take responsibility on my own?
This is also important when working in hiring. But owning your own business requires responsibility on a completely different level. The only person who makes decisions and faces their consequences is you. It will not be possible to share responsibility with colleagues, ask for help from your superiors, write everything off as “I didn’t touch anything, it just did it,” and so on.
This seems obvious, but in reality, not everyone is ready to accept that the cause of many events in life and work is the person himself. Without this, running a business will be difficult.
7. Am I attentive to detail enough?
Some people are more meticulous, others less. Again, no one is better or worse. But if a person is not very attentive to details, he will face problems in business. A document with the wrong date, an incorrectly executed invoice – all this can jeopardize processes. If there are problems with attentiveness, this does not put an end to entrepreneurship. Then you just need to take into account the costs of specialists who will take care of the little things for you.
8. Am I ready to change my usual life for the sake of business?
Work for hire, even very creative work, is quite routine. Fixed working hours, clear tasks, weekends, vacation. Business, at least in the early stages, until the processes are built, does not imply such luxury. Therefore, you need to be prepared that life will change. Most likely, entrepreneurship will take much more time than working for hire, so you will have to give up a lot. This is important to understand. If you are not happy with this prospect now, perhaps this is not the best time to start your own business.
9. What will I do if nothing works out?
Not every endeavor ends in success. Of course, there is no need to prepare yourself for mandatory failure. But it’s good to understand what you will do if the business doesn’t work out.
Weigh the pros and cons 📌