Think you’ve got what it takes to take on entrepreneurship by the horns?
Being your own boss may sound appealing to most but it certainly is not for everyone. Most simply hurl themselves into entrepreneurship and realize that it does not suit them only when it is too late. Most break under the workload while others give up due to the stress of having to continually be at it to nurture a young business from the bud.
People launch into new businesses all the time for various reasons – and a big, bright idea isn’t always one of them. In order to know if you are indeed, doing the right thing, ask yourself these questions before you dive head first, just to be sure.
Why am I doing this?
What is the reason behind starting this venture? Is it because you feel trapped working for someone else, making their dreams a reality? Is it because you crave more financial freedom to earn more and not be limited within a paycheck? Is it because you are bored with your life? Or is it because you have this potentially world changing idea and you want to have a go at it? Whatever it is, make sure that you have a valid reason for going forward with it and you also have a strong enough reason to hold on to whenever things get a little rough and you need something to hang on to.
Am I solving a problem by this venture?
If you are not, then step back and really think about it. It is crucial that your business idea provides a solution to a problem that the society is facing and the more urgent this problem is, the better. The more crucial the problem is, the higher the value of your business would be!
It’s a little like having an itch and then scratching it really. For example, if hair loss is your itch, a hair growth solution should be your scratch. Here, functionality plays a large role. It is also noteworthy that needs, although not very obvious can also be of great value. It is important to identify these needs and grab the chance when it presents itself.
Do I have the necessary funds?
However much a brilliant business idea that you may have, it is also important to have sufficient funds to support that business idea. First and foremost, your business needs to have a financial plan and you need to calculate the basic cost that you absolutely cannot do without to kickstart your business. Do you have enough savings? Is borrowing from friends and family a choice? Can you obtain a bank loan? These things must be figured out before you venture out to anything else.
Also note that there are indispensable costs and then there are the costs that you don’t need to shoulder right now. For example, if your business idea is to launch a bakery, you do not need to have the sufficient funds to open up a shop front to sell your products. You can start your bakery sales through a Facebook page where you deliver your products as per order, you can sell your goods through other vendors such as supermarkets and large chain bakeries.
Who else is in my playing field?
Plainly put, you need to figure out who your competitors are. Just because someone is doing the same thing that you plan on doing, that doesn’t mean that you can’t get right in there and get down and dirty. Playing a game requires that you know your players and know them well. What are their weaknesses and strengths? How large is their customer base? How can I make my offering better than theirs? Conduct a Google search. Know all about what makes their businesses tick.
What makes me special?
What can you offer your customers that your competitors cannot offer? What will have them coming back for more over and over again? Ask yourself “What can I offer my customers that nobody out there can offer? What is the reason that they should come to me and not to them?” Figure out this query and stick to your answers. That will be what differentiates you from your competitors and will be your winning edge.