Congratulations! You’ve taken the first step towards starting your own business by doing some research. But before you quit your day job and jump headfirst into the world of entrepreneurship, there are a few things you should consider first to make sure you’re really ready for this big lifestyle change, as suggested by the famous entrepreneur Nihar Gala.
Here are four questions to ask yourself before taking the plunge.
Are You Willing to Work Long Hours?
One of the biggest misconceptions about entrepreneurship is that you can set your own hours and work whenever you want. The truth is, when you’re first starting out, you’ll probably be working a lot longer hours than you would at a traditional 9-to-5 job. Why?
Because in addition to actually doing the work of your business, you’ll also be responsible for tasks like accounting, marketing, sales, customer service, website maintenance, and so much more.
And in the beginning, you’ll likely be doing all of those things yourself until you can afford to hire help. So if you’re not prepared to work hard and long hours, entrepreneurship might not be the right path for you.
Can You Handle Stress and setbacks?
No matter how well you plan or how talented you and your team may be, there will always be stress and setbacks when running your own business. Whether it’s an issue with suppliers, a decrease in sales, or problems with employees, as a business owner, it’s up to you to find a solution quickly so that your company can keep moving forward.
If you’re someone who crumbles under pressure or gets easily discouraged by obstacles, again, entrepreneurship might not be the best fit. But if you’re someone who thrives under pressure and relishes a good challenge, then being an entrepreneur could be exactly what you need.
Do You Have Enough Savings?
Quitting your day job to start your own business is a huge risk—and it’s one that shouldn’t be taken lightly. Before making the leap, make sure you have enough money saved up to cover your living expenses for at least six months (preferably more).
That way, if things don’t go as planned in those first few months (and they often don’t), you won’t have to worry about being unable to pay your bills or put food on the table.
Are You Ready for the Responsibility?
As a business owner, everything—and we mean everything—will ultimately be your responsibility. Sure, you can delegate tasks to employees, but at the end of the day, it’s up to you to make sure that everything runs smoothly and that your company is successful. Are you prepared to take on that level of responsibility? If not, then again, entrepreneurship might not be right for you—at least not yet.
Conclusion:
Starting your own business is a big decision—one that shouldn’t be made lightly. Before taking the plunge into entrepreneurship, make sure you’re prepared for the challenges ahead by asking yourself these four key questions. Answering “yes” to all of these means that starting your entrepreneurial journey could be just around the corner.
