Every business comes with a risk. That’s why starting a business requires courage. Besides careful planning and critical thinking, many entrepreneurs lack a brave heart to push through with their business. It could result in missing the right opportunity to start up though they’re fully ready. Numerous business-minded people are actually more prepared than they think they are. If you’re planning to venture on an entrepreneurial journey, but you’re not sure when to start, here are 5 signs saying that time is now.
#1 You know you’ll never be truly ready
In business, being ready doesn’t necessarily mean you are completely prepared. Seasoned entrepreneurs know that it’s impossible to be ready for everything that can come ahead. While it’s true that there are principal factors that needs to be fixed before your grand opening, these are just the basic points that you probably already know. Many entrepreneurs fail to realize that what they have is enough for a good start. They keep revising their current plan and recede from making their dreams a reality. However, this doesn’t mean that you should not give your best shot when venturing on a business. Just keep in mind that continuous tweaking could result in added costs (both financial and time), wasted revenues, and eluded opportunities.
#2 You’re good at selling
Knowing how to sell is paramount to every business success. Everything else is just secondary. You have to be aware that engaging in an entrepreneurial journey requires the ability to sell. If you think you know how to sell, it means you almost have all the things you need for your business. However, selling doesn’t solely mean you know how to talk to customers. A good seller knows how to lay into words what he wants to communicate with others, so they will take ownership of what he offers. Besides your product, you must also know how to sell investors, partners, employees, as well as family and friends. It doesn’t mean you will manipulate people, but you can share with them your passion, and its importance to their life.
#3 You have a back-up financial plan
The biggest risk when starting a business is the financial stake. This is the same factor why many business-minded people never get to be real entrepreneurs. However, how you handle this risk predicts your future whether it’ll be a failure or a success.
In some cases, it’s possible to keep a full time job and a business. A regular paycheck and benefits from an employer can help you grow your business without worrying where to find a steady source of income. However, it may result in a slower business growth, if your full time job allows you to do your entrepreneurial tasks for only small windows of time.
If your business is highly demanding of your time and focus, you may want to build a financial reserve that can cover your expenses. Create a sturdy financial plan that you can follow for 6 months, one year, or whatever will give a peace of mind. This way you can focus on scaling your business instead of worrying about your expenses.
#4 You got rid of your ego
Your biggest enemy towards success is yourself. If you think it’s more important to be always right than to learn, you may want to think twice about starting up. One of the first steps to being a successful entrepreneur, is to let go of your ego. Establishing a business involves exploring unfamiliar territories, it entails mistakes. You should be willing to listen and seek help from others if you want to reach the highest point of triumph. You must accept the fact that being an entrepreneur is a lifelong learning. You must be prepared to become a student again and again, rather than proclaim yourself as an expert.
You must be willing to do everything for your business; including humbling tasks. Be ready to do things that you have little or no interest, and those you think that are below your abilities. Such as, if you’re opening a business because you love to cook, you must be aware that you will do other chores than cooking. You will also clean the bathroom or work with vendors. If you think you can accept all these, and you have fired your ego for good, then you’re ready to be an entrepreneur.
#5 You have created your business plan
Writing a business plan is necessary for every starting venture. However, not all entrepreneurs make one. Some people tend to get too overwhelmed when creating a plan. Thus, they end up quitting even before they start. Other aspiring entrepreneurs believe they don’t need a business plan because they are so sure about themselves. They claim that instead of writing a business plan, the time can be used to ‘actually work on the business.’
There are two reasons why creating a business plan is mandatory. First, writing a business plan will allow you to see the entirety of your venture — clear and precise. When building a business, it’s important to narrow down the generalities, so you can accurately target your goals. Typically, you cannot see the specifics until you write it down. Second, your business plan can also be your planning tool for the future. As your business strives and grows, your well-written plan can be your living business documentation, which evolves yearly. Your business plan will as well serve as your grounds for business monitoring. Thus, helping you see which tweaks must be added or removed.