One of the biggest mistakes that aspiring business owners make is overlooking the importance of digging deep into what their motivations are for starting a business and if their overall life is truly ready for this change. They get so busy in trying to figure out the logistics involved in getting their idea off the ground that they forget to pay attention to some very vital aspects that are crucial to one's success.
Following are the top eight questions you must ask yourself -
1. "What are my motivations behind wanting to be an Entrepreneur?"
If you are toying with the idea of starting your own business, you need to begin by laying a strong foundation to your thinking and to your actions. The place to start is to question your true intentions and motivations behind wanting to undertake this endeavor. Your reasoning needs to be strong and meaningful in order to ensure that your business house won't crumble with the ups and downs of the experience. We all know that running a business has its good and bad times and when you go through the rough times, what (your reasoning and motivations) propelled you to start your business in the first place will serve as your sustaining power.
2. "Do I have a personal vision and a plan?"
Often we think that our work is somehow separate from our personal life. We forget that in order for things to go smoothly, our personal and professional lives need to be in comfortable alignment. The work that we do has a great impact on how happy or unhappy we feel. After all, we spend eight to ten hours each day, five days a week, working. Your business venture needs to incorporate what you love to do, what you enjoy, and who you are. When you are making a conscious decision to become an Entrepreneur, you need to make sure that your personal vision has a place for that business and can make adjustments if need be.
3. "How will my family feel about me starting this business?"
If you do decide to pursue your dreams to become an Entrepreneur and you are married or have a family, you're going to want to discuss this with them. How will they feel about this change? Will they be ready for this change? Will they be supportive?
If you are single, how would your friends and family members in your support circle feel about this change? Do they feel this is the right step for you?
4. "Do I have the right personality?"
It's a known fact that not everyone is capable of being an Entrepreneur. People can have great ideas, even have a passion supporting these ideas, but being a successful Entrepreneur requires more; it requires very specific personality traits. Some of us are born with these; others may have them dormant and may need to develop them. Pay attention to your strengths and weaknesses – determination, creativity, persistence, patience, flexibility, and the ability to keep learning are some of these necessary traits.
5. "Do I have a clear business idea?"
Businesses cannot be built on fuzzy ideas. Your idea should be clear and well-defined. It can expand and evolve over time, but you have to start at a point that is sound and strong. Start by clearly defining concepts: what you want to do; what services and products are you going to be involved in; what the advantages are and benefits your business will provide.
6. "What would I like to do for the rest of my life?"
When you think about your ideal work, what comes to mind? Was there something you always wanted to do but didn't get the chance to follow through? You will want to connect with your ideals.
7. "Do I have the background and experience for what I want to create?"
Although it's not always necessary to be skilled or have prior background in the business idea that you are working on, it is definitely important that you know what you're doing. If you're already experienced, that’s great–you're ready to put that experience to work. If not, then you must work on acquiring whatever skills are necessary in the specific area needed for your business.
8. "What about my finances?"
Every business needs start up capital. How and where will you get yours? Will you dip into your personal savings or get a loan from the bank or somewhere else?
It takes a year or two, sometimes even more, to start bringing in money. It typically takes twelve to eighteen months to break even, and two to three years for profits. Do you think you are financially prepared for this?
Are you ready to make the transition from earning a steady paycheck to possibly not making anything for a year or more? Do you have enough personal savings to help tide you over until your business starts producing steady revenue?
Ruchira Agrawal is a Personal and Professional development Coach, Mindset and Intuition expert, Author, CEO of InnerVeda Communications. She works with individuals who are at a life and career crossroads looking to change careers discover their Right work. Her eBook- Before You Launch Your Business: How to decide if being an Entrepreneur is for you is available at Amazon’s Kindle store. For her coaching programs and services, please visit her website: www.innerveda.com.