“Strive not to be a success, but rather to be of value – Albert Einstein”.
Everyone endeavors to be better off to expand the available resources so that they can satisfy more of their wants. In effect, they are getting higher education to pursue the high paid jobs. But this is not enough because the wants one has are increased simultaneously with the expansion of resources. As a result, the spiral of resources and wants goes on to infinity. In order to control the situation to some extent, people try to switch their job and start a new business which they can manage feasibly.
Starting a whole new business is not as easy as it seems. It requires a continuous struggle and an appropriate backup plan. According to C.S Lewis,
“Hardships often prepare ordinary people for an extraordinary destiny”.
If you are willing to set up your own business and to quit your current job, you need to evaluate every aspect of it. Once you have decided to own a business, ensure you have answered the few main questions, such as:
Are you capable to solve the problems on your own?
The problem does not matter, but the way you handle it matters. If you are good at problem-solving and know how to manage the critical situations diplomatically, then you can go through it successfully. Taking wise decisions within time is the key to operate a business effectively.
Do you have enough resources to finance your business?
Finance is considered as a blood to business life. You should ensure that you have sufficient money to run your business feasibly. You may either go for debt financing (borrowing loans from financial institutions such as banks or others) or equity financing (inject your own savings and invite the general public to invest therein), whatever the case may be!
In every stage of business, you will come across an expense which needs to be paid off in a timely manner. You need money to feed the inventories into your business so that the transactions will move smoothly. You have to keep sufficient finance to avoid cash flow difficulties.
Are you confident that your business idea would fetch the desired results?
Business empire cannot be built merely on the dreams. The authentic business plan is required which will strengthen your business. You should, first, decide which type of business you are willing to follow. Then, survey the market in which you are going to establish your business. Then you need to analyze the targeted audience and try to provide unique offers which will keep them satisfied.
As Maria Forleo said
“Never start a business just to make money. Start a business to make a difference”.
Are you ready to bear the heavy losses initially?
Huge profits are the incentives of every entrepreneur or businessman. Besides the perks of a self-owned business, you have to face heavy losses.
“In the business world everyone is paid in two coins: cash and experience. Take the experience first, the cash will come later” – Harold Geneen.
You may not get any monetary rewards in a couple of years. At this time, the business you start up is grooming and gearing up gradually. Once it is set up, your all efforts will be paid off.
Are you ready to curtail your social life?
You have to cut down your social circles, more often you even do not have time for your families, your business needs full attention. So can you? You have to lose something, to gain something.
Who would be your main competitor?
As far as the competition is concerned, you need to evaluate who will become an obstacle in your way and how will you take out of such circumstances. For this, you have to critically examine the market and list the names of those who are going to compete you.
On the other hand, you need to compete with yourself so that your business will furbish and boost with the passage of time. In this scenario, Celine Dion stated;
“I am not in competition with anybody but myself. My goal is to beat my last performance”.