Entrepreneurship is a word that has been thrown around so much over the past decade that few people really and truly realize the magnitude of every endeavor that goes under it. Its very essence is the pursuit of a business founded upon an ingenious product or service. But who really are the ones worthy of being called ‘entrepreneurs’? What does it entail and are you ready to be one?
Here are a few things to consider when you’re planning to make the jump from employee to entrepreneur:
- What is your big idea?
Going into business is probably one of the toughest things anyone can do. Harvard statistics show that 75% of startups fail. As for products, 90% fail. Make sure you have a solid concept and plan to develop a product or service that can literally – change the world.
- Why are you doing it?
If your answer is fame and money, you probably need to re-think this move. Being an entrepreneur requires time, effort and sacrifice. No one, except lottery winners, gains millions overnight. Ask yourself if you’re still willing to work the daily grind for your business 2, 5, or 10 years from now.
- How do you feel about the financial risk?
As much as it might be free to dream, actually building the dream requires capital. When there’s capital, there’s always the possibility of loss. Consult with a seasoned business and sales consultant on how to go about creating financial projections and proper scaling of your business to ensure that you start out on a viable and sustainable footing.
This is just the beginning. Are you ready to see the journey through? Tell me what you think!