To be or Not To be – William Shakespeare
X: I am so fed up of this job, I rather start my own business.
Me: What business do you want to do?
X: I don’t know, but I will figure out once I am free from this job stress.
Me: So, you will quit first and then figure out what you want to do?
Me: Have you done any research about what problem you can solve?
X: I don’t have the time because of the job.
Me: Do you have sufficient funds to last you atleast one year at the current standard of living
X: I do have funds, maybe not the same standard of living, but I am willing to cut-down a bit for a while.
Me: What about your family? Are they ok with the cut-down and the uncertainty?
And thus X realised he was being totally unrealistic. Have you also got such thoughts, when the pressure and stress at work becomes too much to handle, a business looks like a dream prospect?
The reality is very different. Starting your own business is also very stressful and there is no guaranteed salary at the end of every month. A business is not an escape route for running away from a job. You should take that step when you are passionate about solving a problem or filling in a gap. A business is meaningful when you have a product or service idea which you will be able to take to the market.
Following are some points you should thoroughly consider, before taking the plunge:
- Are you clear about what you want to do? Lack of clarity is one of the biggest reason why start-ups fail. A lot of research and preparation goes behind launching your own business.
- Are you doing this because you are in love with your idea, or do you see a real problem being solved? Sometimes entrepreneurs are so much in love with their idea, they forget to check if there is a market for it.
- Are there competing products or services already available? If yes, how will you be better?
- Is there risk of obsolescence? In today’s fast-moving world, this is extremely important to consider. Entrepreneurs need to have a vision beyond the current needs and solutions.
- How will you fund the initial stage till you have ‘Proof of Concept’? Have you created a sufficient war-chest to bootstrap the initial phase. Here you should also consider if you have any other responsibilities you need to provide for.
- Will you need new skillsets? Identify a mentor, take a class, attend workshops, practice your solution on friends and family. In this case, it’s your investment of time that’ll help you make true progress.
Above all, entrepreneurship needs an attitude of ‘never give up’.
It’s normal to experience dips in motivation, to want to procrastinate instead of deal with the mountain of work that lies ahead. But at the end of the day, true entrepreneurs know that you have to push past those feelings and force yourself to do what’s difficult at times. It takes a lot of emotional intelligence and courage.
There’s sacrifice, hard work and a lot of hustling ahead. Are you ready for it?
Khyati Shah is a Transformation Coach and seasoned professional dedicated to helping people overcome limiting beliefs and balance the demands of life and career more effectively. You can reach her on firstname.lastname@example.org.