5 Points to Consider before starting your own business? [READ THIS]

Entrepreneurship seems to have regained its momentum over the last decade, in part because of the rising number of "self-made" successes widely advertised across social media platforms. E.g. digital nomads, youtubers, dropshippers and influencers.

But also in part because of the business magnates whose rags to riches stories have been recounted, studied and stripped to the minute detail, across Business school case studies, newspapers and even social media. Such are the cases of more well known figures such as Jeff Bezos, Manny Koshbin and George Soros.

What these individuals had in common then and still today is that they have their own businesses. While everyone wants to succeed, and I'm sure you do as much as I or the next person, there are many ways to do so. However, not everyone who thinks of starting their own businesses have a clue of what's really at stake.

HERE ARE 5 THINGS TO CONSIDER BEFORE STARTING YOUR OWN BUSINESS

• Start with Why? Heard of Simon Sinek?Knowing your 'Why' is crucial.

If you don't know why you'd like to start your own business, it is highly unlikely that your drive to succeed will last long. Your 'Why' helps you see the bigger picture and even more importantly, will serve as a reminder on why you started your business, in the face of adversity. Most people give up when faced with obstacles, statistically speaking about 20% of businesses fail in the first year and at least 60% close shop within 5 years (ONS, 2018).

• Understand what success means to you.

Different people, different definitions of success. Whatever your definition of success may be, perhaps a certain sum of money? Freedom to work whenever? A nice house and nice car? YOU have to define success. Be specific, being able to quantify your success in some form will allow you to measure your outcomes and assess your progress. E.g. Success could be "Feeding a 1,000 homeless kids a day, as part of your business CSR program".

• What are you willing to give to succeed?

Running your own company can sound thrilling, however, it's a lot of hard work. Know how much time, effort, resources you are willing to put in to succeed in whatever you're doing. Many people are thrilled at the thought of "being their own boss and working whenever they wish"; little do they know that the entrepreneurial journey is going to drain a big part of their life. I'm a big believer in reaping what you sow, both from a business perspective and life perspective. The amount of "anything" be it time, effort, love, helping hand you give is going to produce the same results.

• What are you willing to give UP?

Note the difference. Up there, it was about what you are willing to give to succeed. Now consider what it is that you have to give up to change your life. That said, you're going to have to let go of behaviours, mindsets and even social circles that will only contribute to your downfall. The entrepreneurial journey is as much a career change, as it is life-changing on the "physical, spiritual and intellectual" level. You're going to need discernment, discipline and determination all the way through.

• Know thyself.

What skills do you have? What skills do you lack? Do you like problem solving? Are you more of a creative thinker or more of a logical thinker? Are you financially literate? Do you know what cashlows and income statements are? Make a list of the areas where you excel at and areas where you need to work on. As an entrepreneur, you're going to be wearing different hats, whether or not you have a team with you. So know thyself, and invest in thyself.

• What are your present commitments

Lastly, have a look at your present commitments. If you are married and expect a newborn baby, the amount of time that you can spend working on your business is going to differ from someone who is single and has nobody else to feed. Having said that, if you have a family to feed and little savings, the last thing you want to do is burden your family and create an environment of stress and uncertainty.
Similarly, if you're currently working a 9 to 5 job that you don't wish to quit and think of starting a business as a side-hustle, the amount of time and work that you're going to spend on growing your business will differ from a college grad who can work 24/7 on the business. Whatever it is, know what you are currently committed to, take council from the people who are directly and majorly affected and make wise decisions.

SO, THAT'S IT FOR NOW

I hope this advice helps and don't hesitate to comment or get in touch with me should you have any questions I can help with. Be kind to each other in the comments and let's help one another to succeed as a whole!

THANK YOU FOR READING

Will R.

Hello there, thank you again for reading. I'm a UK-based entrepreneur and consultant who runs and advises startups in their early stages. My business work spans across several industries including higher education, retail and interior design and I also run a successful event management company in my home country. If you'd like some advice or tips on starting/running/growing your startup, don't hesitate to get in touch with me