There are plenty of encouraging guides on how to start a business online – and you don’t have to look too far to find them. And with all this encouragement going on, it’s no surprise that so many people are taking the plunge and starting out alone. But there is one big question many of these guides miss out – are you responsible enough to be a successful entrepreneur?
It’s a critical question to ask for a whole variety of reasons. And in today’s post, we’re going to go through a few of the key things you need to ask yourself before you invest your life’s savings into a project that you can’t handle. Let’s take a closer look.
Are you good with money?
OK, so you might have heard how easy it is to start a business with no money. But if you want your business to be successful, you will need it – and an awareness of how it works. Financial mismanagement is often the cause of failure for many different startups, in all kinds of sectors. And in most cases, it is down to inexperience, bad financial habits, and a poor grasp of the basics. Accountants or financial advisors can help, of course, but ultimately, your spending habits are down to you – sort them out and become a master of frugality in your personal life before attempting to run a business.
Can you ‘do’ business?
While it’s true you don’t have to be a business guru to start a company, you do need a general know-how if you want to get off to the best possible start. Not having that knowledge can be detrimental in more ways than one. However, a little marketing nous here, some accounting basics there, and ability to talk to people and network is enough to get you started. Finding a mentor to help you through the tricky early phases is also an idea you should consider.
Do you take things seriously?
Starting a business is no joke. It can look like fun, of course – a quick look at a tech startup office will be evidence of that. But there is a lot of serious issues you need to consider before running a business, mostly involving safety and health. As an employer, you need to be aware of the rules and regulations that protect your employees. For example, all businesses have to have a safe working space, whether it’s making checks on electrical office equipment or installing machine guarding on dangerous factory gear. Do not underestimate how much responsibility you have from the second you start a business – or it could result in extreme consequences.
Do you have the time?
Everyone has responsibilities in life – and your ability to succeed in business depends primarily on yours. Can you support your family with little prospect of money appearing for at least a year? Do you have the time to spend working 25 hours a day you need to make your business a success? And, are you prepared to deal with the profound consequences starting a business could have on your life? If not, it doesn’t matter how successful you are with the previous points in this post – it’s going to be devilishly difficult to create a viable business. Good luck!