Are You Ready To Start Your Own Business?

by Irune

Starting a business is easy, but what many people forget is that it's easy to fail within the first 12 months. Consider if you are prepared to be an entrepreneur.

Each year more than 500.000 new businesses are created but 50% of those will fail before the first year. Starting your own business is, beyond question, a challenge that cannot be faced unprepared, but it can also be an extremely rewarding alternative to working for somebody else. Don't leave your job to start your new business without considering the following:

Warning Signs

If you are setting up a business venture but can recognize yourself on too many of the immediately following assertions, putting it on hold or redesigning your plan of action may be less risky.- You have altogether no experience running a company.

  • You are convinced that your idea will be a success, but haven't had time to sit down and do numbers. When somebody asks, you answers are usually "I know it will work", "Obviously, everybody wants to buy this" and "Nobody believed in the guys at Google when they were working from their garage!"
  • You just quit your job and want to prove to your boss, dear ones and everybody else that you can be successful by yourself.
  • You like busy office environments, under strong management and having an established role at work. You hate having to multitask or having to do things outside your comfort zone.
  • The thought of marketing is something you hate. Making a cold call to a lead is just slightly less scary than going to the dentist.
  • You like knowing exactly how much your income will be per month. And when will it arrive to your bank account.
  • You don't have saved money and are not sure about how to get money to start a business, but you hope the bank will give you a loan.
  • You cannot give time estimates on when your business will be profitable because you don't really know the market yet.

Go Ahead!

Launching a freelancing business has a higher chance of success if you can identify easily with the following sentences:

  • You have researched your business idea with or without professional help
  • Your business idea is clearly defined.
  • You have goals and are have a back-up plan in case your new business doesn't perform as it should.
  • You have done market research involving more than just a couple Google searches.
  • You have an estimated sales for the first 6 months
  • You can live with little money for the next 3 to 6 months, or have an alternative income source
  • You have back-up ideas to make money just in case you need  to supplement your income until your first clients pay.
  • You know your skills and negatives and how will they affect your new venture
  • You are self-reliant and enjoy setting your own goals and deadlines
  • The lack of financial stability doesn't stress you out too much.
  • Learning new things is something you love.
Updated: 10/18/2011, Irune
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