ENTREPRENEURSHIP 

10 Signs that you are Ready to be an Entrepreneur

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10 Signs to get Ready for Entrepreneur : In the past 30 years, if you have written, debated and promoted about entrepreneurship. Sometimes there is a little more to say on the subject, there are as many as theories on this subject. I even think that the concept itself is devalued by its own proliferation.

First of all, the truth is that the new entrepreneur ideas is not a profession, it is a lifestyle. It is looking at things, not how to accept how they are used, but questioning and asking ourselves, "why not?"

Entrepreneurship is much more than starting a company or having a leadership load, making choices and striving so that what we really believe can be achieved. Being an entrepreneur is being a problem solver and being able to overcome each day. As a friend said instead of entrepreneurship is for everyone, but it is not for everyone”.

Entrepreneurship exists in all activities, not only in the founders of companies. Whenever we make a decision, more or less important, we are having an entrepreneurial act, this is the purest of truths. Deciding is a resolution, often lonely, but with an impact on others. The entrepreneur has a disruptive vision regarding reality: imagine and create. He is capable of creating a company on the merit of his creative and passionate virtuosity.

10 Signs that You’re Ready to Become an Entrepreneur

1. You have a solid team in place.

Starting a business with a partner or a team of key executives has its benefits. Solo founders take 3.6 times longer to reach the stage of scaling their companies compared to founding teams of two, according to research from the Startup Genome. If you’re starting a business with partners, consider whether your skills and experience complement each other. If you’ve spent 10 years working in marketing, for example, fill out your team with people experienced in accounting or operations.

2. You have a strong support system.

Starting a business is an exhilarating, exhausting ride. Set yourself up for success by making sure you have both personal and business support systems in place. You’re more likely to succeed if your family is 100% behind your efforts. You’ll also want to connect with other business owners who can understand what you’re going through, so start building your network now.

3. You’re in good financial shape.

The most common source of startup financing is personal or family savings. If you don’t have enough money to start the business you envision and keep it going until you begin making a profit, you’ll need to either scale back your plans or find outside financing. Running out of cash is the second-most common reason for small business failure, according to a CB Insights survey of small business owners whose companies failed.

4. You have a business plan.

What is your business model? In other words, how will you make money off your business idea? Your business plan spells out what you’ll sell, who will buy it, how you’ll make or provide it, who will help you, how you’ll sell it, and how much money you’ll need to make this all happen.

5. You have a good brand idea.

Your brand is the way your company connects with the world. Are you irreverent, funny, professional or classic? Make sure you know your brand and how it connects with customers before taking the leap.

6. You have business knowledge and industry experience.

If your new business involves a complete career change—for example, you’re giving up your job as a maritime attorney to open a pie shop—you’ll need to get some experience in retail baking or food sales before you launch. To help you learn the ropes, see if you can get a part-time job on nights and weekends or even a non-paying internship in the industry you want to enter.

7. There is a proven market need for your product or service.

You think your business idea is the best thing since sliced bread, and your family and friends think so, too. Unfortunately, that’s not the foundation of a successful startup. The number one reason businesses fail, according to CB Insights, is that there’s no real market need for what they sell. To start a business, you need to prove that people who don’t know you will actually buy what you sell.

8. You’re persistent.

Are you planning to start a business because you’re sick of the long hours your job requires? Don’t expect a break when you start your business. Entrepreneurs are notorious for poor work-life balance. According to The Alternative Board, 85% of small business owners work more than 40 hours a week.

9. You’re passionate about your idea.

Most successful entrepreneurs are driven not by money but by the desire to make an impact, according to a Startup Genome study of 650 successful companies. When you’re sacrificing personal time, money, and energy for your new business, you’ll need a passion for what you’re doing to keep you motivated.

10. You’re comfortable taking calculated risks.

Entrepreneurs are risk takers—that’s probably why so many well-known entrepreneurs share a fascination for fast cars, small planes, and space travel. You must be willing to embrace risk in order to start a business—but you shouldn’t be foolhardy about it. Before taking a big risk, successful entrepreneurs assess possible outcomes so they know what they’re getting into, and only take a leap if the odds are in their favor.

These were the 10 Signs that You’re Ready to Become an Entrepreneur. However, for this company to grow and not keep in the market, other characteristics and skills are allowed, which often do not live within the same human being, such as patience, strategic thinking, or the eminently analytical spirit, a planning capacity and execute, among
others. This is important for an entrepreneur, who can also be an entrepreneur, but has no competence and appetite for it.

 

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