Launching a business or a startup has its own share of risks, challenges and headaches. However only if you have the desire and correct knowledge it can prove to be one of the best experience in your life.
Before thinking of launching a business here are some basic questions that you need to ask yourself and should be able to answer as well.
These questions help determine if you are ready to take the plunge:
Is there a proof of concept?
Proof of concept means do you have full faith and trust in your idea? Not because your family and foes say it’s a great idea makes it one. Do you believe it will be succesfull?
What do you think are the chances of your idea becoming a success?
If suppose you are launching a product, is there are need for the product in the market? What are the competitors? How do you wish to take on them? A proof of concept is very important for you to convince stakeholders and investors for investing in your idea.
Do you get along well with others?
To be a successful entrepreneur you need to network and get along with a lot of people. A flare for talking is very important when you want to be an entrepreneur or businessperson because that is what builds relations.
You need to build a good repo with your employees too as they are will be the workforce behind your organization.
Will you jump in full-time or start a side hustle?
90% of startups are side hustle as you have a financial to support your life. Working in an office for 9-5 and then dedicating your free time for your business is the most common way how people start their business.
Are you prepared for rejection?
Startups and rejection go hand in hand. If you want to be an entrepreneur or businessperson you have to accept rejections and learn to take it positively.
To learn from your rejections and finding the reasons for the rejection are the key to becoming a successful entrepreneur. Look at rejections as opportunities to hone your message.