Do you think of starting a business? Think well. Every month in the US, based on DocStock data, 500.000 start-ups make their appearance in a variety of markets. Most of them maintain a really short duration frame from 3-6 months. The main reason for these statistics appears to be the lack of product uniqueness or in other words the USP. There are a lot of questions that an entrepreneur needs to ask himself/herself before starting a business. Am i ready for it? Do i have enough savings and time? Are my ideas fund-worthy? Are some of the most commonly heard ones. Most important of these questions though, appears to be the reason why an entrepreneur wants to start a business.
Many entrepreneurs may start a business in a try to accomplish financial and managerial autonomy. In today’s markets, according to Jayson Demer (CEO of Audience Bloom), there is a high tendency of “being free to make my own decisions, take time off whenever I decide to and be the manager of my own self. However, except of these privileges, according to Steve Jobs, “the entrepreneur is the one that does not sleeps at night”.
Some others, like Sujan Patel (VP at WhenIWork), create a business in order to solve a problem in their own lives. Patel,after mapping his software company’s internal processes, created two tools to save himself time and increase effort in his job. After creating the products, presented them to friends and colleagues as his work tools, and he then realized that they were ready to pay for their use. A month after, Contentmarketer.io and Narrow.io were in the market increasing their sales and unavoidably his revenues.
Another variety of entrepreneurs get into business just to challenge themselves, while others join the market accidentally. No matter the circumstances of an entrepreneur’s market entry, one should be fully aware about the responsibilities, that go along with this job. Be ready to work 12-14 hours a day, and think 24/7. Be ready to make decisions that affect individuals and their families, and most importantly, be ready to be hit hard by the competition.
So, before you start a business, ask yourself: What are you willing to accomplish? (Mission, Vision,USP). How will you fund your business? For how long can you survive losing money? Which will be your close-down top? Do you have a cash flow strategy? From which actions legal frameworks restrict you? After having answered these practical questions, ask yourself the final one “are you ready not to sleep at night?”.