Millions of college students and members of the workforce have aspirations to start their own firm, but lack the time, confidence and resources to get their idea off the ground and in motion.
"New entrepreneurs are not confident about their own competencies, and thus aren't sure if it would be the right decision," Hao Zhao, associate professor of management and entrepreneurship at Rensselaer Polytechnic Institute, told Entrepreneur Magazine. "Such hesitation is normal."
Success isn't achieved overnight, and many entrepreneurs have to work countless hours weeks on end to keep their business from going under. However, there is no better feeling for an entrepreneur than to see the firm expand and become an active part of the marketplace. Below are a few thinking points for would-be business owners who are deciding if the time is right for them to start their own firm.
What do your family and friends think?
Your most trusted loved ones won't steer you wrong when you are deciding whether to venture in the world of entrepreneurship. Not only can family and friends provide guidance on potentially opening a new business, they also have the best insights on personal strengths and weakness, which you can use to fall back on when deciding how the firm will operate.
"Many people cannot name their own natural talents," psychologist Paula Caligiuri told the magazine. "Family and friends can help us see what we are good at and what our challenges might be as entrepreneurs."
What are your passions?
When people enjoy what they do, it's easier for them to get up and go to work every day. This is exactly why people start their own business: to do what they love and use their passion for their monetary benefit. You need to think about that if you start a business, are you truly passionate about it? Or, are you going to treat it as if it was any other job? Entrepreneurs need to dig deep and think about whether they have the motivation and drive to have their own business.
"Be honest with yourself about whether you have the tenacity to be an entrepreneur," Caligiuri told the magazine. "You'll eventually need it to push yourself beyond your comfort zone and persevere when the tasks become challenging."
What would your competition look like?
Aspiring entrepreneurs can't enter a market with several large corporations as competitors because they will most likely be quickly bullied out of the marketplace by their opponents. Instead, you should scope out a sector where success is realistic. Creating a business projection for six months to a year down the road will help you understand if your business plan will lead to a favorable outcome. Having an accurate picture of your company's long-term future is essential to effectively game planning during the short term.
"Success requires expertise with the product and market, as well as careful planning and execution," Zhao told the magazine.
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