30
Sep

Are you ready for Entrepreneurship?

What is ONE word that comes to mind when you think about entrepreneurship?

  1. More time?
  2. More money?
  3. More freedom?

Great goals to achieve but … before you can get more time, more money and more freedom … let’s find out whether you are ready for the journey. 

What is your definition  of “entrepreneurship”?

After talking to many business owners, my definition of entrepreneurship is

“Entrepreneurship = Innovation + Action (regardless of the risk)  —>  profit”

As such, to find out whether you are ready for entrepreneurship, honestly answering these questions.

 

(1) Do you have a great idea for a product or service?

If you answer, “Yes, I’ve got a great idea”, wonderful!. Now your next step is to share this idea to your prospective  customers … are they equally convinced that your idea is the best in the marketplace?

If your answer is no, don’t panic.

You can consider a franchise model.  Choose a franchise model that comes with proven systems and structures that you can just follow. The only set back if that these successful franchise models can be quite costly.

For lower start-up cost, you might want to be part of a multi-level marketing network.  Working with established networks that have proven products, services and business structure will provide you with the initial support, education and skills required to build a business. Learn from the ‘experts’ on basic marketing and closing skills while exploring your own business ideas.

 

(2) Do you have enough savings or a steady income?

Do you get nervous at the idea of unpredictable income? If yes, then consider holding on to your full time job, while pursuing entrepreneurship on a part-time basis.

Do you have 6 – 12 months of reserve in your saving accounts, to cater for on-going personal and family expenses? If yes, you are more ready to purse entrepreneurship. Next step is to do your personal and business plan with financial projection.

While entrepreneurs do take risk but they do not take foolish risks.  They are very detailed with money and understand the cost and reward of risks.  They want to lose their employee status but they are also realistic that immediate profit from their businesses may be unrealistic.

 

(3) Do you work well independently and feeling motivated most of the time?

Do you feel lost when there is nobody to plan your day or give you instruction and feedback? If yes, you might not enjoy a lonely journey.

Are you self-motivated, self-managed, creative, and able to solve problems? Do you constantly ask, “Is there a better way to accomplish this?” If yes to both questions, you will enjoy the challenge.

 

(4) Do you think that you can do everything by myself?

The journey of entrepreneurship can be rough at times. . A major role change is going to be stressful, no matter how positive it may be.

You need someone to lean on for advice, accountability and support.  Finding a mentor, business coach or trade organization of fellow professionals can be invaluable. Having a support system will give you perspective and lead to stronger choices earlier in your transition.

 

(5) Are you always waiting for the perfect plan before making a move?

Employees are always waiting for the perfect plan before making a move.  In their minds, the world is perfect, the best time to take action happens when the stars of the universe align perfectly.  Unfortunately, this does not happen in real life. Certainly, not in the life of an entrepreneur.

Planning is good but the minute you put something on paper, it will need adjustment.

So, just start with what you have now … whether it is your new project, business, or venture.  It is not going to finish itself, and it will never go as you plan. And that is perfectly “OKAY” in the world of the entrepreneur. As Patton’s puts in very nicely “A good plan violently executed now is better than a perfect plan executed next week.”

 

In the end, if you don’t have a firm business idea, hate the thought of unpredictable income, need the feedback of a supervisor, not willing to get the support of a mentor or coach and still waiting for the perfect plan,  you may not be ready to take the leap into business ownership a this moment.

Consider a side business while keeping your day job. Build your experience, build your savings, build network with successful business owners and start learning from them. Build a different circle of influence that comprises of entrepreneurs who will inspire your mindset change from that of an employee to an entrepreneur.

With the new mindset, you will be more ready for the life of an entrepreneur.

Wishing you all success in your entrepreneurship journey.