Singapore has bounced back from a dip in new business formations posted in the previous…
Have you always dreamed of starting your own business? The folks over at findmyworkspace.com share signs that you might be ready to turn your dream into reality!
Being your own boss may sound like the perfect job description for you, but it also comes with a lot of hard work, responsibilities and heartache.
Are you ready to make the sacrifices and build your business venture with your own two hands? Here are the signs that you are ready for this life-changing challenge:
This is the most important characteristic of a strong entrepreneur. You have to have the passion, heart and soul for what you are doing- these will push you forward during times when your goals seem to be getting farther, instead of nearer.
Believing in your products and services is not enough- you have to be passionate about them. You have to be convinced without a doubt why consumers need your products and services- and you will do your best to communicate that to your market.
2. Healthy self esteem
There is a 100% chance that you will experience rejection. Not 50%, not 75%.
When you have a healthy self esteem, you will not be daunted by the fear of failure. You see rejection as a challenge to get better and you do not give up easily.
When you are in it to win and you can thrive in a highly-competitive environment, then you have the makings of a successful entrepreneur.
3. Product or service
Your big break often comes in an opportunity to offer a product or service you love or have the specialized skill for. And there is a reachable market for what you are selling.
If you know you have reliable, steady suppliers and good profitability for your chosen product or service, it might be a good time to give your entrepreneurial venture the go-ahead.
4. Financial resources
You need a certain amount of capital to start any business venture. Also keep in mind that for any startup, it will take time before you can expect a stable stream of income. For the first two years of operations, it is advisable to invest back your profits for the use of the company so that you can maximize your growth opportunities.
If you have the needed funds available on hand or you are sure that you can get an immediate business loan if needed, you’re more equipped than someone with limited resources.
5. Concrete plans
Jumping into the entrepreneurial bandwagon means it’s time to work hard in planning and generating ideas for your prospective business.
Do you have a concrete and clear plan for your venture? Do you have specific action plans for each of the 7 P’s: product (or service), price, promotion, place, packaging, positioning and people?
If you have a promising product or service, as well as relevant and achievable plans for each of the P’s- you are starting your venture from a very strong position.
6. Experience / Skills
If your background and past experiences are highly aligned with the industry and target market of your products and services, that is definitely an asset.
Familiarity can lessen the surprises and stress associated with starting your own business. It also gives you the upper hand in knowing how to manage the quirks of each market niche or industry.
7. People management skills
Being efficient and effective in your tasks makes you a model employee. But if you want to succeed as an entrepreneur, you absolutely need good people management skills.
You will now work closely with different groups of people: suppliers, customers, employees, investors, etc. Be ready to communicate and present your vision well and you will build your credibility.
If you know how to work well with individuals from all walks of life, if you have the charm to attract people to your products, company and ideas- you have the edge over your competitors.
8. You have a good idea what you are getting into
Sleepless nights, lack of motivation, massive stress, difficult and unpopular decisions- these are just some of the challenges faced by a startup entrepreneur.
Having your own business can be very rewarding, but it is not a walk in the park- especially when you are just starting. Now, you have to motivate and discipline yourself.
If you know this is the path that you want and you are ready to embrace the hardships and tears that come with it, you are ready to take the next step towards being your own boss.
Were you able to tick off everything on the list above? If you find yourself lacking in one or two aspects, assess yourself and check what you can do to fully prepare yourself for this new role. Take the time you need. Once you begin, there is no turning back: being an entrepreneur is not a job- it is a commitment and a lifestyle.
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- 8 Signs That Say You Are Ready To Start Your Own Business - December 18, 2016