It takes courage and tenacity to translate your big idea into a real business. The risks of entrepreneurship are many, but for those who succeed, the benefits are unlimited. Here are 5 questions to ask yourself before striking out on your own…
- Do you have an idea? It can’t just be any idea. It has to be something you feel deeply passionate about and no one can talk you out of (because they will try).
- Can you implement your idea? An idea alone isn’t enough. It’s in the implementation that businesses succeed or fail. Can you translate that idea in your headspace into a living, breathing business that customers can build a relationship with? Ideas people are very different animals from implementers, so are you the right person to implement your idea? Project management skills with a focus on timelines, cost vs. benefit and quality are core to successful businesses.
- Can you monetize your idea? People need to see value in the concept such that they’re willing to pay money for the products or services your business generates. The crash of many dotcoms serves as a brutal reminder that if your business doesn’t have a solid, monetizable business model backed by sound market research, it won’t succeed.
- Do you have a trusted partner or mentor? Starting a business can be lonely and tough. Doing it with someone else, especially if he or she has skills that complement yours, can make the road smoother and more fun. You also need a trusted person to act as a sounding board for your ideas, someone whose opinion you value who can tell you objectively where your concept needs work.
- Do you thrive without structure? For many, this is the biggest challenge. If you excel when there is no clear path and lots of uncertainty, where you define your own path for others to follow, it may be time to foster your inner entrepreneur.
Good luck if you’re deciding to take the leap. As a fellow entrepreneur I’d love you to share your experiences, so please add your comments to this blog
(With thanks to BCom Connect for the idea)