The preparation phase is the make or break of a business. How you get yourself ready now will have so much impact on the growth of your venture later. That’s why just like any other big decision, you need to dedicate time for some soul-searching if indeed you have what it takes to run a business.
Here are some questions that can help guide your self-reflection.
Are you a good decision-maker?
At every turn in the business life, there’s going to be a decision that has to be done. In terms of finances: cash out all your savings or borrow money? In terms of work structure: at home or a rented office space? In terms of customer focus: men or women, young or old, masses or ultra-rich? Every choice would lead to a different path, and you have little assurance of how it’s going to turn out.
This nature of entrepreneurship would mean that you should be ready to take on the challenge of making tough decisions and embracing risks, confident that you’re choosing what will benefit you, your employees and your clients. If you don’t have that firm conviction yet on your abilities, you might find it helpful to consider franchise opportunities. With the training programs franchisors provide, you can gain decision-making skills. Consider sub shop franchises, one of the fastest-growing businesses today.
What’s your passion?
Passion is a crucial ingredient in starting a business because it will compel you to start stuff and see it through. In entrepreneurship, there are different shades of passion. Some can be turned into business ideas. For instance, people who are passionate about baking have built million-dollar cookie businesses out of their hobby. Others’ passions take on the form of inspirations when times get tough.
In the same manner, you should find your own passion as well, your reason for taking on this huge, time-consuming, life-draining endeavor. Your motivation for starting a business shouldn’t just be all about money. Otherwise, you’d grow tired easily, give up eventually, when you see the slump on sales or the sacrifices on finances you’d definitely make at the first months of your operation. The point is, find a drive that’s bigger than earning more money.
Can you deal with burnout?
The business industry can be a cruel world. You always have to be one step ahead of the competition. You constantly have to get things right for customers. You have to innovate, innovate, innovate unless you want to be left behind. This cutthroat nature of the job makes entrepreneurs prone to burnout. They get sick. They lose their zeal for their venture. They get frustrated and give up altogether.
As early as now, you should acknowledge that burnout can happen to you, even though you feel like you’re in the best of health. Only when you recognize that it’s a possibility can you draw up ways that would let you guard yourself against it. So before diving into business, find the resolve to say no to opportunities, take a break now and then, and resist the urge to open e-mails on vacation. Have a plan against burnout.
Entrepreneurship is a tough job that requires a lot of preparation. Before fully committing to this one hell of a job, ask yourself, “Do I have what it takes to run a business?” If yes, then go for it.