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Financial News

7 Signs That You’re Ready To Become An Entrepreneur

March 24, 2022 Comments Off on 7 Signs That You’re Ready To Become An Entrepreneur

Have you been bitten by the entrepreneurial bug? Are you an 8-to-5 employee bored to death at work wishing you could do something more in your life? If you’ve already got a rough sketch of your business plan but still undecided if you will push through, here are some signs to check if you’re ready to pave the way to entrepreneurship.
1. You’re sure of what you’re getting into.
You have thought about the pros and cons of entering into business and have carefully assessed your suitability to the industry that you’re pursuing. You have also weighed the consequences of losing that constant paycheck from your day job and have calculated the risk-reward ratio of getting into business.
2. Family, friends, and relatives show deep support.
If you’re family, relatives, and friends have been showing support by devoting their time and resources to helping you set-up the business, then it means that they are very confident in what you’re establishing and believe that you have the right skills and dedication to go through the start-up phase.
3. Have learned enough from being employed.
After working for someone else’s business for how many years, you must have learned so much already. Much better if you were able to rotate across different departments so you’ll have an idea on how the operations, sales & marketing, finance, and administrative departments work hand-in-hand to accomplish the company’s objectives. It’s also better if you’ve had exposure in several companies as it gives you an idea of how different organizations deal with problems and issues they encounter.
4. You’re searching for that purpose in life.
You’ve suddenly lost passion in your day job and feel that you want to do something more in your life – something that you love doing and at the same time be a source of income for you. It may also be something that can help the community by giving jobs to people or making environment-friendly products.
5. You know a product or service not yet available in the market.
This is what marketing professionals call the blue ocean strategy. Identifying an untapped market and enjoying the benefits of being the only product to serve a specific customer segment or a specific need. Of course you would still need to ensure high-quality products, especially if the product concept can easily be replicated.
6. You know that the business idea is market- and technically feasible.
You have done both a market and technical feasibility, have found that the business has a potential market and have developed strategies to gain and expand market share. In addition, you have designed an operational framework that will serve as guide on how you’ll run the business.
7. You know where to find financial resources to start the business.
Last but not the least, you have to know where to get capital funding and sources of emergency funds just in case your business would need that additional cash to sustain itself. No matter how spectacular the product concept is, it will not succeed without properly planning the business’ finances.

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Business Week

8 Questions to Ask Yourself Before You Become an Entrepreneur

March 13, 2022 Comments Off on 8 Questions to Ask Yourself Before You Become an Entrepreneur

One of the biggest mistakes that aspiring business owners make is overlooking the importance of digging deep into what their true motivations are for starting a business and if their life is truly ready for this change. They get so busy in trying to figure out the logistics involved in getting their idea off the ground that they don’t pay attention to some of these very vital aspects that are crucial before you launch your business.
Following are the top eight questions you must ask yourself if you want to succeed –
1. “What are my motivations behind wanting to be an Entrepreneur?”
If you are toying with the idea of starting your own business, you need to begin by laying a strong foundation to your thinking and to your actions. The place to start is to question your true intentions and motivations behind wanting to undertake this endeavor. Your reasoning needs to be strong and meaningful in order to ensure that your business house won’t crumble with the ups and downs of the experience. We all know that running a business has its good and bad times; and when you go through the rough times, that (your reasoning and motivations) which propelled you to start your business in the first place, will serve as your sustaining power.
2. “Do I have a personal vision and a plan?”
Often we think that our work is somehow separate from our personal life. We forget that in order for things to go smoothly, our personal and professional lives need to be in alignment. The work that we do has a great impact on how happy or unhappy we feel. After all, we spend eight to ten hours each day, five days a week, doing our job. Your business venture needs to incorporate what you love to do, what you enjoy, and who you are. When you are making a conscious decision to become an Entrepreneur, you need to make sure that your personal vision has a place for that business and can make adjustments if need be.
3. “How will my family feel about me starting this business?”
If you do decide to pursue your dreams and become an Entrepreneur and you are married with a family, you’re going to want to discuss this with them. How would they feel about this change? Would they be ready for this change? Would they be supportive?
If you are single, how would your friends and family members in your support circle feel about this change? Do they feel this is the right step for you?
4. “Do I have the right personality?”
It’s a known fact that not all of us are capable of being Entrepreneurs even though we may have a desire to. People can have great ideas, even have a passion supporting these ideas, but being a successful Entrepreneur requires more; it requires very specific personality traits. Some of us are born with these; others may have them dormant and may need to develop them. Pay attention to your strengths and weaknesses ‘” determination, creativity, persistence, patience, flexibility, and ability to keep learning are some of these necessary traits.
5. “Do I have a clear business idea?”
Businesses cannot be built on a fuzzy idea. Your idea should be clear and well-defined. It can expand and evolve over time, but you have to start from a point that is sound and strong. Start by clearly defining concepts: what you want to do; what services and products are you going to be involved in; what the advantages are and benefits your business will provide.
6. “What would I like to do for the rest of my life?”
When you think about your ideal work, what comes to mind? Was there something you always wanted to do but didn’t get the chance to follow through? You will want to connect with your ideals.
7. “Do I have the background and experience for what I’m trying to create?”
Although it’s not always necessary to be skilled or have prior background with the business idea that you are working on, it is definitely important that you know what you’re doing. If you’re already experienced, that’s great; you’re ready to put that experience to work. If not, then you must work on acquiring whatever skills are necessary in the specific area needed for your business.
8. “What about my finances?”
Every business needs start up capital. How and where will you get yours? Will you dip into your personal savings or get a loan from the bank or somewhere else?
It takes a year or two, sometimes even more, to start bringing in money. It typically takes twelve to eighteen months to break even, and two to three years for profits. Do you think you are financially prepared for this? Do you think you are ready for giving up a steady check?