10 Questions to prove You Are Ready to Start Your Own Business?

Starting your own business isnt easy, ás you leave a paying job to go out on your own. Here's 10 questions to see if you are ready or not
When you are ready to start your own business

When it comes to major career moves, it can be tricky to navigate timing. And, the fact of the matter is, intuition and fear aren’t the best ways to gauge whether or not you’re ready to jump into something new like starting a business. Here are 10 ways to know you have the chops (both hard and soft skills) to create a thriving business.

Are you Ready to start your own Business

1. You Ooze Passion – And Have a Solid Business Plan

Without a doubt, being passionate about your business idea is important. Does the idea inspire you to get up every morning? Are you excited to see how your company will change the world? However, passion needs to be tempered with a well thought out plan and drive to succeed. In order to do this, research companies that are doing similar things and examine the current market with a fine-toothed comb.

2. You’ve Figured Out Your Brand’s Voice

The voice of a business does a lot of the heavy lifting. From witty, tongue-in-cheek emails to a crisp, no nonsense “About Us” page, there are a lot of different forms a brand’s voice can come across. When you think about the voice of your business, consider what would complement your product and what would appeal to your target demographic. Obviously, a 20-something dating app would have a different voice than a company revitalizing how retirement is done.

3. You’re Resilient and “Fortitude” is Basically Your Middle Name

Successful businesses don’t just happen overnight with a snap (but wouldn’t it be awesome if they did?). A strong sense of self – and business – is essential to weather the ups and downs and roadblocks that come with people saying “no.” It also doesn’t hurt to have strategies to deal with rejection, like indulging in a Netflix favorite, zen-ing out with yoga, or reassuring yourself with journaling.

4. You Have the Money to Get Started

This can be tricky. You don’t necessarily need thousands of dollars to be set, but having personal finance concerns, such as a stack of debt, isn’t ideal. If you want a stable foundation for your business, make sure you’re stable first. Of course, perfection isn’t a requirement; you just don’t want to have to deal with money stressors across the board.

5. You Are Surrounded By People Who Have Your Back

While you’ll be required to do a lot of work, all the weight doesn’t have to fall on your shoulders. Talk to friends and family about your business, your concerns, and your fears. A support network can help you feel that even the most difficult, complicated tasks are manageable. Plus, it doesn’t hurt to have people you can kick back with and enjoy a couple beers (or whatever your drink of choice is).

6. You Need a Change

No matter if you’ve been hitting the 9 to 5 grindstone for 3 years or 10 years, you’ve undoubtedly picked up knowledge along the way. In your current job, are you able to use all of your skills? Would you be happier with a promotion or a different type of job? Or is a new business the right pick? This choice takes a lot of careful reflection and consideration, and your support network can definitely help.

7. You Have the Right Balance of Experience and Desire to Learn

It’s common to hear that experience with a field is a good idea before jumping into it headfirst. That’s true. Though, it can be easy to think, “There’s so much information out there and thing to learn, so I shouldn’t start a business yet.” Thanks to the internet, the world is always teeming with information, and at some point, on-the-job learning is just as practical as pre-business launch learning. (Handy tip: If you’ve nodded down the list so far, you probably have the right balance.)

8. You Take Criticism Well But Don’t Let it Define You

When you start a business, you’re opening yourself up to criticism or feedback, be it from your support network or the media. This can be useful. Who knows, it may help you refine your idea or get your product in front of the right eyes. Unfortunately, it can be damaging or unproductive, too. Take what you need, and let everything else fall away.

9. You Understand the Risks

Any way you slice it, a new business is never risk free. For that reason, it’s a savvy move to consider the potential outcomes of a business venture. If it doesn’t work out, how will it impact your personal finances or potential investors? What if legal issues come up? On the other side of the coin, it’s just as savvy to consider how you’ll deal with success. What if you have to hire a ton of people in a short amount of time? How would you deal with scaling your product over a larger area.

10. You Have a Long Term Vision That Extends Beyond One Business

Business ventures from a hip startup idea to a restaurant won’t always achieve standout success. Business-ready entrepreneurs realize that one foray isn’t the be all and end all. As cheesy as it is to say, it’s a learning experience, and there are many more chances for that elusive, groundbreaking success. Having a long term vision, even if it’s general, is imperative. 

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Abhi is a 29 yr old Indian, on FIRE to retire by 40. He has been investing and learning Finance for the past 12 years. After completing Mechanical engineering, he started working in a multi-national Bank and grew to become an AVP. Currently with an IT MNC as a VP. He lives in Bangalore with his wife and their 1 year old daughter. In his free time, Abhi loves to game on the Xbox, watch movies, read and blog.

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