In our immediate society today, almost every person – mostly youth and even the aged wants to be an entrepreneur. Yet, entrepreneurship presents a lot of challenges day-in-day-out; an entrepreneur could either be unsuccessful or thrive. The road to business success is filled with confrontations that most aspiring entrepreneurs would never have imagined.
However, taking the first faltering step into the world of private enterprise and probably leaving or retaining a job that provides one with a source of steady income to pursue one’s passion is no child’s play –as cliché as it may sound, it requires a whole lot of hard work, focus and determination.
Entrepreneurship is not a venture anyone would wake up any other day and dive into it. Still, it has it gains too such as having the independence to make your own decisions without having the boss countering the idea, flexibility for a better work/life balance and personal pleasure from motivating change.
Just like any other phase of career planning, a great deal of thought should be put into making the decision to becoming an entrepreneur. Nevertheless, what most entrepreneurs fail to understand is that not everyone is cut out to work for themselves. Even if you work for yourself, you will take some time off at some point; maybe on a family vacation, time out with friends, business trip and all.
Conversely, it is crucial that every entrepreneur should put into deliberation some cogent factors before venturing into entrepreneurship. Although, before you consider these factors be sure you’ve assessed yourself and figured if entrepreneurship is really for you.
Having said this, what factors should then be considered before kicking off the business subsequent to self-assessment? Here we have it;
- What’s the drive for?
Often times, we take some actions for the wrong reasons or without thinking of the consequences of our actions. Being an entrepreneur, it is relevant to ask yourself the motivation behind starting a self-owned business. Before changing phase in your career path, think about if you’re being enticed by the benefits or profits that are associated with being a business owner. No doubt you want to be rich and famous like Elon Musk, Mark Cuban, Bill Gates, Michael Dell and other well-known entrepreneurs who had made a name for themselves in their respective fields.
Make certain that you aren’t venturing into business for the money or fame. As an entrepreneur, you shouldn’t be stirred to venture into business solely to make money or else the business might fail and you will eventually miss the big picture for the business.
- Do you have the capital to start with?
According to research, most entrepreneurs usually have problems with raising capital to start their businesses. Some entrepreneurs can decide to continue with their current jobs or freelance so that could fetch them some money to fund their business.
However, it is important that the financial aspect of starting a business is put into consideration. This means, look out for multiple ways to raise capital to start your business – either taking up side jobs that would provide some cash as said earlier or a loan.
Also, it is essential to have a well-prepared budget as this will help position your business aright for financing when you get investors to fund the business.
- What industry are you looking to have your business in?
Starting a business is much of a big deal but getting into the specific industry is the real focus. The main point should be who the target audience is, how to get through to them. There are definitely other business owners who have started in that particular industry, so it is an excellent idea to have a good business relationship with them or even form alliances as they could be helpful in knowing how it all works and breaking through that particular industry.
- What skills set do you possess?
In spite of the work experience you have from your previous job, an entrepreneur should put into deliberation the type of skills you possess that would fit the kind of business you want to venture into. For a budding entrepreneur, possessing sales skill is essential because this will help in generating revenue for the company.
Having financial skills are also fundamental as this will come in handy for the basic financial aspects of the business before an accountant is hired in the early days of starting.
- How do I intend to keep the customers happy?
The success of every business lies on the customer because they play a significant role in it. Any business will survive if only the customers are satisfied with the service received or products they purchase. Customer reviews could go a long way in to either make or mar the business. Therefore, every entrepreneur should figure how to satisfy their customers; give them a unique experience that is different from others.
When these few things are being considered, move forward with your business; learn from other company’s obstacles, keep pressing on. Know that you’re going to fail but that is just part of the knowledge acquired in the school of entrepreneurship. Keep going.