You might think you’re ready to join the lifestyle of entrepreneurs, but take a look at these quick questions and answer them honestly—you might be surprised with the result.
So you’ve decided to be an entrepreneur and start your own thing? And you’re ready to break free of the corporate chains and own your own life? Good!
You have an idea which you think will be successful and make you rich in no time. You will be the leader in the market.
But hold on for a second. Do you really know how involved the process is to fulfill your dreams? Do you have any idea of what is ahead of you? Being passionate and enthusiastic is great and needed for entrepreneurs, but ask yourself the below questions before you really go ahead.
Think about it: Are you really ready to adopt the lifestyle of entrepreneurs.
- Are you ready and prepared for the entrepreneur way of life?
Think about it: Are you really ready to adopt the lifestyle of entrepreneurship? You are heading to an unknown destination here. You’ll need to spend a lot of time, money, thoughts, and passion along the path for some time. You’ll also need to sacrifice few things here and there to stand on your feet.
- Have you done your homework on the market you are addressing?
The fact that not everybody is getting into the Karak business (traditional Bahraini tea with milk) does not mean opening a Karak shop is going to be successful. In fact, projecting whether a business is going to be successful involves more than that.
You need to know more about the type of startup you are about to run, your target market, your competition etc., so you minimize your chances of failure.
- Are you really up to the challenges and nonsense you are going to face?
The whole process of opening a business might be a nightmare.
Think about the amount of paperwork you’ll need to do, the visits to authorities, and getting your own space (and more, of course). These tasks might just drive you crazy at some point and you might just quit.
You need to have the patience, tolerance, and persistence to begin your operations.
Are you really passionate about your idea and really want to build on it? Or are you just riding the bandwagon of entrepreneurship?
- How passionate are you really about your idea?Are you really passionate about your idea and really want to build on it? Or are you just riding the bandwagon of entrepreneurship?
You’ve got to be in love with your idea so you can really make it happen by setting the right plans, measuring your progress until it becomes a reality and following your dream to fruition.
- Do you have the money?
Fundraising can be a hurdle; that’s why many entrepreneurs choose to bootstrap (self-funding).
But can you get financial support from others if you don’t have the money? Low-interest bank loans? Governmental support? What are your options? In all cases, spending too much at the beginning of your startup journey could kill it. So you’d better be willing to plan your course of action for financing and then reap the rewards.
Now, after asking yourself these questions and honestly answering them, you hopefully have a sense of whether you have what it takes to start your own business. This article is not intended to scare you at all; it’s just an honest attempt to measure how ready you are to face challenges along the way.
