Everyone is born with a purpose, but is yours in line with creating job opportunities for others while building wealth for yourself?
So you have a great idea that you want to turn into a business? Or perhaps you are fed up with being an employee and feel it’s time to make money on your own terms. If you were to ask people why they want to have their own businesses, you would get really interesting answers. Some would love to travel the world while their PAs keep them updated on the daily operations of their businesses and others merely see a need or problem in the market and take a profitable advantage of it. Whatever the reason anyone with the drive, passion, and resilience can be an entrepreneur. Being a young business person is not for the faint-hearted. Often you need to ‘man up’ and prove yourself in the boardroom to potential investors who feel you need more experience before branching out on your own. Ask any successful entrepreneur and they will tell you the road to success wasn’t easy, but it was worth it. Before you jump into the deep end of the business ocean, ask yourself these five questions to see if you have what it takes to be a boss:
- What are my strengths and weaknesses? Your strengths are the best things to capitalise on when starting a business. To know your strengths tap into your past personal or professional achievements and what it took for you to reach them. Was it your negotiation skills? Or leadership skills? Also, list your personal attributes; are you driven? A people’s person or a loner? If, like me, you are an introvert, a business that needs a lot of customer interaction would not be for you. Starting out on a small business means you have to wear many caps, but it doesn’t mean you have to drown yourself on things you feel are not in line with your skills. Identify areas where you know you are competent and plan whether you can afford to outsource areas of your business that you need assistance in, from marketing to social media or finance.
- What will set my services apart regarding the problem I want to solve: Unless you have a revolutionary, technological invention that will change how the world interacts, there are few unique ideas out there. You will perhaps enter into a business field that offers the same services as you do, your homework is to ask yourself what will set you apart from those who are already in the game?
- Do I have the resources to get off the ground? Most entrepreneurs make the mistake of thinking that they need thousands of Rands to fully operate. Some of the leading global brands such as Apple, Google and Amazon.com started off in their garages. Starting small, with the resources you have and the conviction that you will succeed is all you need to get started.
- What are the chances that my business will succeed? The only way to know is to do a market research. Is there a demand for what you are offering? What kind of customers do you want to draw to your business, how will you promote your business? Is it quality? Pricing or customer relationships,
- Do I have a backup or exit plan? Be honest with yourself when answering this question. Do you have plan B if your business folds? Will you try another business venture or go to a job market to earn money?
Starting a business takes a lot of guts and being able to outweigh your fears with passion. With this said the right time to start your business was yesterday and the next best time is today.
What prompted you to start your business?