When you consider some of the most popular reasons to start a business, including a business that has the flexibility to grow with you, working toward financial independence, and investing in yourself it's no wonder that so many small businesses exist. But despite all the amazing articles online, not everyone is meant to be an entrepreneur. Entrepreneurship can lead to a life of freedom or, it can be a disaster if someone isn’t ready.
In fact, only about two-thirds of businesses with employees survive at least two years, and about half survive five years stated by the Small Business Association. You may be in for a real challenge when you decide to take the plunge if you are not prepared. Before going further, you need to know that starting a business will require some dedication and sacrifice. You might have to work long hours, cut down your personal expenses, or take out a loan.
It is important that you ask yourself why you want to start your own business. Some reasons may be better than others, however, be aware that there are trade offs. For example, you may be able to escape the daily “9 to 5” routine, but you may end up working from 5 a.m. to 9 p.m. instead.
You must be self-motivated to complete tasks, especially when you don't feel like it. If you are the type of person who needs a boss telling you what’s next, you are not ready to start your own business. Before you consider leaving that steady paycheck, you should have a foundation established. This foundation includes proper training, passion and a strong financial base.
Be aware that passion isn’t enough to build a business but you better believe it’s an important part of the equation. There are times when a business feels like a job. Your passion is what reminds you of what you have. It helps you continue to move forward. If you don’t have a passion for any one thing, you are not ready for entrepreneurship. How can you improve your odds you ask?
Start with the questions below, they will help you decide if you are ready. Once the answer is yes, start asking yourself even more questions to help you figure out the type of business you should consider.
Are you ready to do whatever it takes to succeed?
are you really committed to your future business?
Why do you want to start a business?
What skills do you have?
Where does your passion lie?
Where is your area of expertise?
How much can you afford to spend?
How much capital do you need?
What sort of lifestyle do you want to live?
Are you even ready to be an entrepreneur?
Most often the foundation needed to start a business is not created first which leads to failure, so making sure you answer those questions and you are honest with yourself is very important. Don't cut corners follow all of the necessary steps when starting your business it can the deciding factor between failure and success. It's is extremely important that you are honest with yourself about whether or not entrepreneurship is right for you, and when you’re ready, there are many solid training programs available for entrepreneurs.
Starting a business will not be easy if it was everybody would be a millionaire. But it is 100% doable if you commit to your business, learn about how to start a business right, and try as hard as you can! If you have the drive, the rest will follow. Find and follow a system to avoid wasting time. You can build a business without following a proven system, but why would you want to take on so much unnecessary risk? We recommend you start with our webinar page for the foundation needed to get you ready for entrepreneurship.