We’ve all heard that phrase, ‘Your salary is the bribe they give you to forget your dreams’ but not everyone is cut out for entrepreneurship. It’s a cut-throat business that might as well drain you for all you’ve got if you’re not prepared.
Some people think that leaving a 9-5 is the ultimate gateway to loads of money and no boss breathing down your neck, but before you quit that job, ask yourself these questions:
1. Do I have a plan?
Entrepreneurship needs preparation. It needs planning, it needs resources, it needs time; besides having a detailed plan will give you the confidence and assurance you need to move forward.
If it’s a business you want to venture into, know that it will be difficult to start your own business unless you care about it a whole bunch. That doesn’t mean there can’t be other things you care about — there should be. But your business has to be up in your top two or three. If it’s not important enough, the daily grind and to-do lists will push your business to the bottom of the heap and you’ll never give it the focus it needs to thrive.
The happiest and most successful people in the world are entrepreneurs and that’s because they have answered yes to creating a business and a life they are passionate about.
2. Are you money ready?
The thing with having a business/quitting employment is you might not get subsequent cash flow in your first year, sometimes they take time to bring in money you can live off. Have a cash reserve of about 6 months of money that you can live on before your business starts cashing in. If possible, have a year’s cash reserve.
3. Are you mentally ready?
One of the things entrepreneurs should be able to do is quickly adapt. You need to be ready to adapt to changes in your field, in technology and in how often money comes in.
Although you believe in your product or service, you may be questioning if you can handle the stress of standing behind it. Having a business plan should help alleviate the anxiety out of entrepreneurship and doubt that may come up.
4. Is the new gig sustainable?
Too many entrepreneurs land a contract — even a big contract — out of pure drive and enthusiasm. Many times this seems like a sign of what is to come, but unfortunately it may not indicate the future.
Consistent contracts and good business over a period of time are more indicative that the business will support the entrepreneur. Be sure, even to the point of exhaustion, that the business can be sustained.
5. Are you okay with accepting responsibility, including the failure that comes your way?
When I first started blogging, I was under the wings of other people, so I didn’t see the failure that came their way since it wasn’t my responsibility. Now that I have my own blog, I’ve learnt to accept that failure is mandatory and it’s also important. Without failure I won’t know where I’ve gone wrong and I won’t be brave enough to stand up and fix it. Unlike some organisations where your immediate boss might take the fall for your actions, this one is all on you. Are you ready to take up failure as a learning experience in your road to entrepreneurship?