Entrepreneurship looks sexy on the surface, but it’s important to have an idea of what lies ahead when you’ve chosen this path: it touches all parts of your life, your relationships, your bank accounts, and self-confidence.
Signs That You Are Ready to be an Entrepreneur
You have that nagging feeling: the notion of doing your own thing keeps popping into your head, and you find yourself awake at night thinking about it. It’s time to follow your intuition and take the next step.
You aren’t worried about making money in the short term, or consulting is an option: perhaps you have been saving for this very moment, have come into a windfall, or have a partner willing to help with financial responsibilities. If not, leverage your expertise as a part-time consultant to generate income. What’s important is having a “defined window of time,” without guilt or worry, to dive into this process with the freedom to be creative and take risks.
You’re passionate about an idea and feel like you’ve found your purpose. You’ve thought of something that leverages your strengths and captures your passions, and you cannot wait to change the world with the concept.
You’re prepared to fail— um — learn: less than half of the businesses started succeed; so, the likelihood of your first idea being a home run is, well, far less than half! The key is not letting the prospect of failure paralyze you. Learn fast from your mistakes and get back into the game with a fresh attitude and plan.
Traits of Successful Entrepreneurs – Do You Have Them?
1) Self-motivated
2) Risk-taker
3) Resourceful
4) Passionate
5) Persuasive
6) “Knocks Down Doors”
Think You’re Ready? Here are ideas on How to Come Up with Your Big Idea:
Are you having a hard time coming up with an idea, yet your desire burns to do your own thing? Here are a few things you can do to get the inspiration flowing and the ideas flying:
Jot down what irritates you in your day-to-day activities — other people probably feel the same way. Sara Blakely, who wanted to look great in her favorite white pants, cut the legs off a pair of panty hose and SPANX was born.
Brainstorm with friends. Asking the simple question, “I’m thinking of starting a business: what do you think would be a good one for me?” will help shake out your strengths and comments you’ve made to friends over the years.
Look at businesses you admire. Find common trends across them — can you apply these trends to other industries?
What are your hobbies and interests? What issues do you see within these areas that could be solved more efficiently than they are today? Be inspired by Laura Zander — she turned her knitting hobby into a $7M online brand called Jimmy Beans Wool.
Don’t force it. If you’ve been asking yourself what business you could launch, don’t feel pressured to come up with an idea right away. Give yourself creative space to let ideas surface naturally; often they come at unpredictable times, like in the shower! Be ready to capture them in a journal or your phone.
Engage a Technology Commercialization facility. Can’t come up with your own idea? You don’t have to! Many universities have programs designed to bring ideas to life by connecting their academics with businesspeople.
“Smart entrepreneurs think small rather than search for a ‘big idea’ because big ideas are small – simple, focused and specific so they can occupy a specific niche and dominate their category.” — Catherine Kaputa, Author of Breakthrough Branding
Excerpt from the Yin of Starting a Business: Your Step-By-Step Guide to Becoming a Successful Entrepreneur.
Image credit: CC by Eduardo Merille