Becoming an entrepreneur is one of the toughest decisions that you can take for yourself. Find out the top 5 reasons for you to start your own business.
People wish to start a new business for a variety of reasons. Whatever the reason might be, you should not start your own business solely on dreams.
You risk your financial well-being as well as the well-being of your family, when you start your own business. So, you’ll need compelling reasons, if you’re ready to become an entrepreneur today.
Here are the top 5 reasons for you to start your own business:
1. You Have Time to Invest: If you believe that owning your own business entails working 40-hour weeks and having more time to rest, think again. The majority of business owners work more than the normal 40 hours per week, and they may need to work even more during the first year.
Long hours may not be necessary if you have another source of income, but you must prepare yourself if you are going all-in on a new venture. According to entrepreneur Gary Vaynerchuk of Inc., you should be under “code red” in your first year until you start producing a profit.
Most businesses fail in their first two years because “they don’t realise how hard it is, and how all-in you have to be,” he says. This is a terrific incentive to start your own business if working hard is your notion of enjoyment.
2. You Have Some Capital to Get Started: If your business idea does not require capital to get started, it is unlikely to be profitable. Even if it’s simply for a website or some business cards, all businesses require money.Business News Daily suggests at least $3,000 for a micro-business.
It’s wonderful if you have the money on your own. If you don’t, you’ll have to find someone to fund your venture. If strangers are willing to lend you money, you most likely have a brilliant plan to start your own business.
3. You are an expert in your field: Unfortunately, having a fantastic idea for a new business is never enough. Before you can put a concept to the test, you must first gain some market knowledge.
If you already have experience in the market you wish to enter, you’re more than halfway there. If not, investing time and effort in market research can assist you in preparing. You may begin acquiring clients before you even debut, if you already have experience and a network in your industry,
4. You Have Business Knowledge: In Forbes, Mario Peshev, CEO of DevriX and SME digital consultant, offers a few abilities that every entrepreneurs should have: Curiosity; Time management; Efficiency; Resilience; and Strategic thinking.
If you have these business abilities, your friends and family may be questioning why you haven’t started your own business yet. Find someone who can fill in the gaps if you are missing in any of these areas.
5. You’re Prepared to Take a Chance: The harsh reality is that the majority of new small enterprises fail. According to the US Small Business Administration, 80 out of 100 new enterprises survive their first year. After five years, just half are still in business, and after ten years, only one-third are still in company.
If you’re willing to work hard and smart, if you’ve done your homework and created a great business plan, you already have an advantage over millions of others who have started and succeeded with a small business.