Guide For Starting a Business

Is Entrepreneurship Appropriate For You?

 What Do You Love Doing? Or Love Doing In Your Job?

Consider your passions and what you enjoy doing. Many success stories have come from the fact that people pursued their passions and dreams. Think about this- would you be happy working 40+ hours a week on a job that you don’t like or would you rather spend those hours working on something you love doing.

Are You Excited About Your Idea?

Enthusiasm will be extremely important to the success of your idea. After all, if you do not get excited or generate enthusiasm by thinking of starting your own business or your idea, then how will it be different to your current job? Your enthusiasm will make others sit up and take notice of your idea/business.

Is Different Enough?

Many people are under the illusion that there are no new ideas out there.  While that is not true, you have to consider the fact that very few businesses are 100% different from others. What you need is an idea that Target Segment cares for and is willing to pay for it.

Look at the Ford Company for example. Cars were being manufactured before, so making cars was not a revolutionary idea. They modified the manufacturing process and reaped huge benefits. The lesson here is - Improving upon an existing business model could be a great strategy.

Would it Pain You if You Never Pursued the Idea?

Regretting not following up on your business idea can be as painful as the fear of failure. While this doesn’t mean that you should pursue every single idea you have, give yourself a chance to succeed with the one that you truly care about.

Is it Worth Giving Something Else Up?

This is a very subjective question. Each person will look at it differently. Sacrifices may include giving up the perks that come with a corporate job. Since you will have to invest a lot of time in your start-up, this may mean that you would have to sacrifice spending time with family, friends. Starting your own business may also mean that you will have to live on a tightened budget for a while.  You need to look at the potential sacrifices you will have to make. If the list is too long, or you cannot cope with the sacrifices then it may be that you are not ready for entrepreneurship just as yet.

What Have Your Life Experiences Been?

Your past experiences will help determine if you should consider entrepreneurship. If you are unhappy with your current job, or face limited career prospects, then you should consider becoming an entrepreneur.

How Strong is the Feedback?

Feedback is essential to the development of your idea from just a thought to a full-fledged business. Try to see how people react when you present your idea to them. Receiving feedback from discussions with people may mean that your idea has interested them. Developing your idea is an on-going process and if your  idea is garnering interest then you are on the right track.