Are you ready to quit your job? Success stories about people’s decisions to quit their full-time job and create business empires are encouraging. Seemingly, all it takes is one revolutionary idea along with the heart of a champion.
This, however, sounds simplistic and discredits the hard work by entrepreneurs to succeed. Behind this enormous decision — quitting your job to taking full reins of a venture — are 10 questions that could very well determine if you are set out for your first online business or start up.
Do you know what you’re getting into?
This is a sweeping but a basic question to ask yourself. Working as an employee and becoming your own boss are entirely two different things.
As an employee, you require your immediate boss’s approval on just about anything. But as the boss/owner, you are required to be on top of everything that concerns your business.
Do you have the discipline?
While motivation helps you pursue a goal, discipline keeps you going no matter the odds. Are you self-disciplined enough to work on your goals without people watching over you?
Be prepared to do everything, whether it’s big or small tasks, when engaged in a business.
What’s your motivation to start a business?
Is it for financial stability, growth, retirement, family, independence? Be clear on what you aim to accomplish should you quit your job one day to follow your entrepreneurial spirit.
These motivations can anchor the direction of your company, its mission and vision so to speak.
Is your hobby ready for business?
Some businesses are borne out of a hobby or a passion for cooking, adventure, blogging, photography, writing, etc. Are you ready to turn your hobby into a full-fledged business?
Are you confident of its quality for wider consumption? Most importantly, how viable is it to become a business?
Are you ready to take on risks?
Risk is inherent in any business. Start-ups, established companies, brick and mortar stores, online businesses face risks to gain rewards or revenues or to grow, perhaps.
How much risk can you take for your business? How do you deal with risks?
Are you open to change?
Suppose your idea didn’t work or products didn’t sell as you hoped. How flexible are you to explore ideas that could work for your business?
Change in the form of advertising channels, preferences, market conditions, are inevitable. As an entrepreneur, your ability to deal with it is regularly tested.
Do you have the means to support your business?
Money forms the crux of any business endeavor. Aside from the usual costs of doing a business, e.g. price of raw materials, labor, lease, and the unseen costs can negatively affect your bottom line.
It’s actually a challenge on how to deal with these hidden costs as they come and prepare for them.
How well-connected are you?
Participating in trade shows, fairs, or marketplaces (offline and online) are a good strategy to test your market and know people who are engaged in a similar line of business.
You can certainly pick up insights from fellow entrepreneurs and form ties with your network or community to help spread the word around.
What is your leadership style?
Taking ownership of your company means dealing constantly with your employees and finding ways you get them motivated.
Whether you are a born leader or about to learn the ropes, explore this side of your personality.
Is the entrepreneurial spirit stronger than ever?
As one Forbes article puts it, the entrepreneurial spirit is a mindset, an approach, and an attitude to go get it.
Is the call of being an entrepreneur too strong to ignore this time? Clearly, you know yourself better than anyone else. So what’s the answer?