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Things To Consider Before Starting A Business

Published in Advice, Career, Lifestyle, Start-ups Be the first to comment on this article ►

1030721_people_5We hear a lot about following your dreams to becoming an entrepreneur. We talk about it. Sometimes we act on it, but if we do, we do it with very large challenges facing us. If you are working in a job you kind of like, but that itch to start a business is always there, remember that it isn’t easy to just pick up and leave that career for possible greener pastures. Possible is the operative word here. There is always risk. All businesses present risk. Are you ready to face risk from day one?

Many follow their dream and just do it. If you do something you really believe you love, you may very well succeed beyond your expectations. Before you jump into a new life as an entrepreneur there are a few things to consider.

Know Yourself

Do you really know yourself? This is an important question. have you taken a path of minimal resistance all your life? Are you ready for real change? Set your objectives as realistically as you can. Know your real motives for going into business. You may be happier staying in your day job, or finding a better job. Not everyone is or should be an entrepreneur. If you decide that business is where you’re going, prepare yourself and your family for what you sense lies ahead. It can be all good. It will also be tough.

Play it Safe

Going from what you know to something new and strange is a risky proposition. Be prepared to see a sizable drop in your earnings. The regular paycheque will be gone. Many new business people stay in their paying job for the early stages of the new business. If you can do this, do it. You have to have some assurance that your bills will be paid and your family will be okay.

Research

You have to be cautious going into any business. Before you leap research the industry or sector that interests you. Determine if there’s room for a new competitor. Look for markets that show growth and by all means study the existing businesses that are there. Get some sense of how they operate.

Be Who You Are

Don’t try to be what you’re not. Be true to yourself. Starting a new business means discovering a new you. Take what you’ve learned in your previous life into the new venture. It can help. There are people who make extreme left turns and go from something like engineering into sales. However, going from a sales environment into a sales oriented new business gives you a lot of experience to bring with you. It will help. You can’t change yourself completely and be happy. Bring who you are to the table and you stand a better chance of making it work.

Solve Problems

Successful businesses are businesses that solve problems for people. It really all comes down to that. Bankers will ask you if your idea for a business solves problems. Solving problems is the catch phrase of modern business. Are you qualified to solve the problems you identify? You’d better be if you plan on succeeding. Create a business that you are confident will eliminate customer pain. People seek solutions when they buy.

Team Up

There is strength in numbers. It may be best for you to find someone to partner with. Two heads are better than one. Some of the great business success stories involve two people. Steve Jobs had Woz. Larry Page had Sergey Brin (Google!). Creating a strong team can be a key to success. Everyone needs a support system in place and one other person can provide it.

We talk about it a lot. The halls of every company in Canada are full of self proclaimed boy or girl wonders ready to take the world by storm. Idealism is great. Dreams are great. Just don’t quit your day job until you’ve done the deep thinking.

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