When it comes to starting your own business, the news isn’t all doom and gloom. Commercial real estate is down, making office space more affordable to lease. Thanks to the Internet, setting up an effective online marketing campaign is fast and inexpensive.
It is also attractive to those who are itching to break out of the nine-to-five and pursue their passions as their occupations.
If you have started to consider that now or sometime down the road you might branch out on your own, here are some questions to help you consider how ready you are, both mentally and logistically, to handle the risks and potential outcomes of entrepreneurship:
- What kind of capital do you have to fund start-up costs?
- Do you have enough savings to buffer your personal expenses while the business is starting, and do you have a realistic sense of how long that will take?
- Do you consider yourself disciplined, self-motivated and driven to succeed?
- Do you prefer taking direction or giving direction?
Review your responses. Do you see any trends that give you pause about pursuing an entrepreneurial endeavor?
“Successful entrepreneurship is about focusing on what problems you can solve, doing your homework and learning how to fail, successfully.”
Financial concerns and a lack of confidence are the major reasons why people are backing away from entrepreneurial paths.
When you take an entrepreneurial leap, even your best-laid plans are subject to greater than normal instances of Murphy Law ; that is to say, if it can go wrong, it will. So if you are planning to make the leap, you need to plan for extra resources to handle the inevitable arrival of unanticipated costs. Before you get started, it’s not a bad idea to double or even triple what you think you might need to be on the safe side.
I can’t tell you that there is no risk to starting your own business. In any economy, some ventures will succeed and some will fail. Others will plug along until the creator moves on to a new project or sells it to someone who can make it succeed. How yours would fare is a matter of a million factors, including preparation, determination, passion and a healthy dose of luck.
You are going to work harder since you are not working for someone else, but if you are doing what you love it doesn’t feel like work. Because 24/7, you are getting the word out on your business. And if you do that, you can quickly build a following and a living.