Should I start my own business?

Enough of this job! I want to do something of my own. What should I do?”

As an entrepreneur, I get this question asked very frequently.

I believe somewhere everyone has a deep desire of doing and creating something of their own. Whenever they see a success story, they get inspired and want to ask this question.

In today’s digital world, people keep hearing success stories like Google, Facebook or some new app and they want to replicate the same. They keep thinking that their idea has to be original and unique. Please note that most of the time you don’t need an original idea. If you have an original idea, that is awesome, but any idea if executed the right way can put you on the right path.

I have a very simple 4 point checklist to help make the decision to start your own business:

  1. Experience in the area: What will you be doing and how much experience do you have in that area? Do you understand the nuances of the business you are aiming for? For example, I have seen people from one background try a totally new industry; foodservice/restaurant is one such favorite. I have seen many people fail because they don’t understand the business and they take a dive without sufficient knowledge in that field. Unless you know the inner traits of the business, don’t try your hands in it.
  2. Mentor: When you start the business, you are all alone and may hesitate in making some crucial decisions like spending money on big-ticket items, big picture, etc. which could be crucial for the success of the business long term. If you have a mentor who has done this already, it is much easier to make those tough decisions.
  3. Single-minded focus: Do you have single-minded focus? Many people don’t want to dive straight into a new venture; they want to do it on the side and think that whenever picks up they will leave their job. My recommendation is NO. A new business requires a lot of time, wearing many hats, creative thinking, etc. No client will take you seriously unless you are serious about it yourself. Have a single-minded focus and only then can you succeed.
  4. Financial strength: Do you have money to survive a minimum of one year?  You don’t need more than one year. The first 6-9 months will give you a clear indication of where you are heading and that will open many doors for you. Maybe you cannot see those doors today but you will see them in time when they open up.

If you have all these 4 points covered, then it is worth taking a plunge. There is no good or bad time to start a business. If you are committed and focused it will happen. The journey is awesome and the fruits are really sweet. If this is the 100th article you have read on this topic then please get back to your job. Your boss is looking for you!

Should I start my own business?

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