Starting a new business? Check to see if you are ready
Are you thinking of starting your own business? Excited, but also worried to death about how it's going to turn out? Having thoughts as ‘’Am I meant to be an entrepreneur, or is this just going to be a big flop?’’ Well, you are not the only one. Professionals like you who take that step feel the same in the beginning...
Nowadays, starting your own business seems to be more common than ever, and the reality is, entrepreneurship can have a great impact on your life and those who surround you. It can challenge you to grow and be a better version of yourself.
But, truth to be said, entrepreneurship is no walk in the park. Building your own business can be one of the toughest things you can do. However, most business owners say that the hardships of the process are completely worth it.
Even when the process of entrepreneurship and building a company is so different for each person, you know that you have the basics to succeed when you can answer ‘’yes’’ to some of these statements:
1. ‘’I’m fully committed to my project’’
This might not feel like big advice, right? But it is! Are you prepared to keep pushing forward even if you do not see results coming on the short term? Consistency and focus are key! No amount of university or working experience can prepare you for what entrepreneurship and building your own business is going to demand. That's why it is important to go all in, knowing it is going to require compromise and sacrifice. You will need to be ready to overcome your limiting beliefs and self-imposed boundaries on a daily basis. What will keep you going when nothing is happening as planned?
2. ‘’I will fail several times before I succeed and it's ok’’
You are going to fail again and again! If you are not ok with that, then probably you need to reconsider entrepreneurship! There will be a lot of ups and downs, be prepared to take it all in. If you are ready to accept it as a learning experience, a growth opportunity, then you are on the right track! Be kind to yourself. The more you focus on solutions rather than blaming, the faster you will reach your destination.
3. ‘’I have a support network and I can build a great team’’
In the beginning, you might push yourself to do everything by yourself. However, finding people with drive and the abilities you lack will be a great advantage when starting your company. Likewise, having a ‘’support network’’ is just as important, or maybe even more. People that will be there to listen and encourage you mentally, psychologically and practically when needed. Knowing when to ask for help is a sign of power, not weakness. Having someone to champion your journey is one of the best things that can happen to you.
4. ‘’I have a detailed plan ’’
You need a plan, and you know that, this is not new to you! The tricky point thought — that most entrepreneurs fail to do- is developing a detailed, actionable and realistic plan. A plan that will need to be reviewed and adapted as you evolve, be comfortable with change. Furthermore, choosing the structure of your business will dictate most of the processes you will need to carry on in the future.
5. ‘’I have a 6 months - 1 year budget’’
No matter how good your idea is and your skills to make it happen, you cannot grow your business if your mind is always around how to pay your monthly bills or survive! Fear and worry will slow you down and distract you more than you can imagine. Make sure you have the resources to live for at least 6 months — 1 year without generating profits from the business.
Feeling lost? Do you sometimes wish to partner with someone with business experience? Someone to share your journey with and make it smoother and more fruitful? Then let’s talk! Feel free to book a discovery session.
Your Business Growth coach