The definition of an entrepreneur is a person who organizes, operates, and assumes the risk for a business venture.
In order to become an entrepreneur, a person has to make the decision with dedication, motivation, discipline, and commitment to jump into the game. Go all in.
Startup your business slowly and not quit your day job just yet. You need to have yourself set up financially to get through the start up phase of your venture. Work your new business as a side hustle to see how profitable your venture will be.
Here is what you should consider before becoming a business owner and quit your job. I’m not saying give up your job and jump all in to start a business. I recommend should you have employment. If you don’t need the money from the job, then by all means dive into your business idea full time.
Don’t have an idea for a business you can start? Here are some suggestions on what you can ask yourself. Get a note pad and jot down your answers so you can review them.
You need to find your passion and what are you good at? What do you enjoy doing that makes you happy? Take serious assessments of your skills, hobbies, and interests that you would love to do daily.
Would you be willing to work for free or very little financial rewards doing what you love with no real guarantees that you will be successful? Can you self motivate and continue the grind with little money coming in from your small business idea? Can you work your business part time while keeping your day job for income?
Will your idea for a product or service solve a problem or contribute to making the world a better place?
Research your passion to determine if there is a place in the market that indicates moving forward with your idea will be profitable. Keep in mind that just because your idea is your passion does not mean that there is a market for that concept.
You have to gather as much information as possible on your target market. What are they willing to pay for that product or service? Are you tied geographically to a local area or can you be nationwide or global? How strong are the competitors?
Niche markets are an excellent area, but if drill down to a very small niche, you may not have a large audience. Always check for competitors in the area of your interests. If possible, check your competitors by gathering up as much information as possible on them, and how they conduct business.
During this research phase, you may discover that your passion won’t be profitable. You may uncover another business idea that is not your passion that has a lot more potential. Investigate idea. Do not discard anything that you uncover. Ask yourself if you can start up a business in an area that has a need, but not your passion? I’m sure you will develop a passion for that path because of the cash inflow. Don’t be afraid of being flexible and checking out that business path.
Make a decision and execute. Don’t be afraid to act on your idea. Don’t get stuck in the research phase and not come to a point that you can’t make a decision.
Trends indicate that there is a fifty percent chance or more that a small business will either succeed or fail. Regardless of the outcome for you. You must keep positive and remember being the boss is a learning curve. You will learn valuable lessons that can’t be learned in school or through reading a book. Either way, do not give up on your dreams and goals. Success will come to you, be persistent and push through until you succeed.
Continue doing your market research. This act of gathering data will help you to continue to move forward with your dreams. As a calculated educated risk taker, you will be better equipped with experience, skills, as well as knowledge in case you have to jump again.