Entrepreneur — To Be or Not To Be

 

Entrepreneur — To Be or Not To Be

The age of entrepreneurship is upon us. We are now seeing the highest rate of new business creation in over a decade, and many of these companies are being started by first-time entrepreneurs. As technology advances and creates an abundance of new and exciting opportunities, more and more people are mustering up the courage to abandon a career that they don’t really like in order to embrace one that is deeply meaningful.

However, it takes more than hunger and desire to achieve success — and great effort also comes with great challenges.

Based on available data, more than half of small businesses fail within the first five years — a number that will only continue to rise. For those businesses that do survive, many will struggle to ver achieve significant growth. So why do entrepreneurs have such a difficult time getting their ventures off the ground? Could it be a shortage of capital? A lack of connections?

The greatest hurdle standing in the way of the first-time small business owner is a general lack of knowledge and know-how: Tangible information and experience about how to create, maintain and grow a company.

True, starting your own business can sometimes be remarkably liberating and fulfilling, no question about that. it’s also true that hard work and dedication can turn an eager hope into a successful entrepreneur. However, a word of caution: just because you CAN start a business doesn’t mean you SHOULD start a business or that you WILL certainly enjoy it.

Is entrepreneurship the right choice for you? Do your ideas have the potential to become a business? Launching a business is an adventure that begins with that important first step.

Before you can begin building the next great company, you must first consider these five important questions:

  1. What kind of business do I want to start?

Are you looking to open a small boutique firm, or your goal is to create fast and furious growth? Do you want to start a service-based business or is your idea centered primarily on a product? While one type of business isn’t necessarily better than the other, it’s crucial to research your industry and market thoroughly before launching a business. 

2. Why am I starting this business?

Do you want to start a business to avoid working for someone else? Do you have a great idea that you feel would perform well in the market? Are you out of work and looking to gain financial independence? The “why” behind your business will play a major role in many of the decisions you make as an entrepreneur.

3. Am I willing to invest the time and energy it will take to succeed?

Owning a small business — especially at the beginning — is a 24/7 job. From strategy and development to balancing the books and sweeping the floors, it’s likely you’ll be a one-man band, at least in the beginning. Don’tfool yourself into thinking that you’ll start a business next week and sell the company for millions of dollars next year. For most entrepreneurs, the road is long and challenging — in fact, a useful rule of thumb is to estimate how much time and energy you think you’ll need to invest in your new venture and then double that number.

4. What skills or training must I need before opening my business?

Do you know what are your strengths and weaknesses? Take a moment to list down what kind of training or skills you may need to make your company work, and find out whether they are available to learn and acquire.

5. What happens if my business fails?

Optimism is important, especially for the first-time entrepreneur — but so is pragmatism. Since half of all new companies fail within the first five years, you owe it to yourself to consider what might happen if your business faces a similar fate. Will you be financially wiped out, or do you have another source of income? Will you be able to get your old job back, or will you face long-term unemployment? While you shouldn’t let fear of the unknown deter you from starting a business, you must also not let ignorance lead you down a dangerous path. It’s just as important to anticipate failure as it is to prepare for success.

Having the answers to these questions will provide tremendous value as you begin o shape your business idea. Launching a business — especially for the first time is a major undertaking and preparation is absolutely critical to ensuring at least some measure of success.

That’s all for now, my friends. See you all in my next article.

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