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The pandemic has represented a turning point for many employees around the world. The time spent indoors, alongside the travel ban and social distancing measures, made us all realize that there is more to life than just spending most of our time in a gray office or bearing long commutes.
So, it does not come as a surprise that millions of employees around the world have already changed their job or are planning for a post-pandemic career change. And, while such future projects can be exciting, it is also essential to look into what you will be doing. For many, this is the perfect time to make their dream of becoming their own boss a reality.
Yet, 40% of new businesses fail within their first few years in operation. To avoid significant losses, it is vital to understand whether you are cut to become an entrepreneur. Undoubtedly, some professionals can also be successful business owners through perseverance and consistency - but going through the checklist below can give you a clear idea of what to expect. Let’s get started.
Do You Have a Business Idea?
There are over 31.7 million small businesses in the US, and the number is much greater when taking into consideration international businesses. No matter whether you are looking to bring to life a small local store for the surrounding community or you wish to launch a startup - you will need to have a business idea.
Naturally, not all business ideas are there to disrupt the market. Indeed, if you are highly trained in a certain field or industry, you might decide to open a practice, studio, or firm that allows you to operate independently and put your knowledge at the community’s disposal.
If you don’t have this experience, your best bet is a startup. Undeniably, each startup has its own story, but they are often born as a response to the industry’s needs.
Before getting started with your business, you will need to be sure about the type of company you are opening, why yours is a winning idea, and what is the goal of your efforts.
Have You Researched the Market?
There are many reasons for small business failures, including poor product design and lack of funding. However, one of the most common issues new business owners face is competition. That is why it is crucial to analyze the market, understand the needs of your audience, and be clear on how your product or offer is different from the others.
This strategy won’t just help you retain your competitive edge, it will also enable you to remain appealing throughout time.
Are You Aware of All Risks Involved?
One of the main reasons for people not to start their own business is that there are plenty of risks involved with this career choice - many more than working as an employee! So, if you have a family that depends on your income, or you have a delicate financial situation, you might need to decide whether you can actually afford the risk.
Nonetheless, whether you are risk-prone or not, there are a few strategies to put in place to secure your business and limit the risks involved with running your own company. For example, you should invest in comprehensive business insurance such as this one https://cjfig.com/business-insurance/general-liability-insurance/, or setting up your business so that any losses and damages will be contained.
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Are You Ready To Invest?
Getting your idea or small business to where it needs to be is not something that happens overnight or without the necessary investment.
Naturally, each entrepreneur and business owner has their own strategies to put in place, and some will be more conservative than others. However, regardless of what business you are launching, your project will require an investment of money, commitment, skills, and time.
While this investment is not so necessary when you are employed by a company, it is vital when running your own business. So, make sure you have all the necessary resources available to you.
Are You Comfortable With Learning New Things?
As an entrepreneur, there won’t be a day spent without learning new things. If you like to feel confident in your skillset and struggle to find your feet when you are in a new environment or situation, this career choice might not be for you.
In fact, while they might have specific knowledge in a field, entrepreneurs are also jacks of all trades that can easily move across the many departments and areas of their business to orchestrate day-to-day operations and long-term strategies.
While you will be learning a lot on the job, you will need to start your entrepreneurial career with two essential skills: the ability of taking quick, efficient decisions, and the ability to know exactly what help you need and where to find it.
Can You Think on Your Feet?
Thinking on your feet as an entrepreneur means that you will use your knowledge of the industry and the field to make efficient but quick decisions. Your employees, stakeholders, suppliers, and customers will be asking you thousands of questions and requests every day, and you can’t always delay the answer to gather more information. And, certainly, delegating is not always the right decision.
Think about the times when you have been in a new situation and you had to solve a problem - were you able to do so quickly and efficiently?
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Does Failure Scare You?
Failure is part of being an entrepreneur. This does not mean that your business will fail or you will never recover. It just means that you will be in charge of driving your business forward and not all the decisions you will take will be positive or successful. Sometimes, you will need to pivot, change direction, and experiment with something new.
At the same time, many first-time entrepreneurs start to feel demotivated and the first obstacle they meet, which might cause their businesses to fail in the long term.
Are You a Salesman at Heart?
Being a salesman is one of the most important skills you will need to have as an entrepreneur. In fact, you won’t just need to sell your product to your customers. You will also need to convince your employees of your ideas and strategies, and create relationships of trust and respect with your suppliers. Creating such a thriving network requires you to exercise your skills as a salesman.
If you have already been part of a sales team in the past, you can be sure to succeed in this aspect of running a business. However, if you don’t have any experience as a salesman, you should look into essential sales skills and start practicing them today.
Are You Creative and Flexible?
Being creative and flexible in your ideas allows you to think outside the box and refine your problem-solving skills. In fact, for a flexible professional who can tap into a pool of skills and knowledge, creative thinking is second nature.
In turn, this allows them to come up with alternative solutions to new and recurring issues. This won’t just give you a unique competitive edge, but it can also be a crucial point to speed up innovation and grow your business.
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Are You Structured and Self-Disciplined?
While creativity and mental flexibility are key to seeing your business thrive, you also need to be structured and self-disciplined. As an entrepreneur, you will not have a set work schedule and tasks that need to be completed each day. So, it is crucial for you to remain motivaìted, put in place a strict routine, and stick to your daily and weekly goals.