So you’ve been thinking about starting a venture recently, but how do you know if you actually are ready? Here’s a quick and dirty checklist from Entrepreneur.com which will help you decide.
You are passionate about your idea. Some people say you don’t need passion, you just need to solve a problem. But as one entrepreneur told me recently, you need passion to keep going in the toughest times. If things suck and you don’t really care that much about your idea, you’re far more likely to quit.
You truly believe in your idea. If you have enough self-belief and resilience, you will be able to get past those who tell you no and persevere.
You have found a good market. To succeed, a business must provide something people are willing to pay for. ‘Nuff said.
You have a plan. This isn’t a whim or fly-by-night thought. . . you have given this serious thought, including how you will fund it.
You can face the fear of failure. The difference between entrepreneurs and would-be entrepreneurs is facing up to the possibility of failure and still going ahead.
You have some money available. Regardless of the business or venture, you will need some capital to get going. Don’t count on external funding when you’re starting up.
You’re not in the midst of other big changes in your life. Big change is stressful, but also makes you look at your life in a different way. Make sure your head is clear and not following on from another life change before proceeding.
You have experience in the industry. Ideally you will have been working in your chosen industry long enough to understand it. Makes understanding your idea and whether it work, a whole lot easier.
You understand the risks associated with starting a business. Being an entrepreneur is not an easy task and involves a lot of hard work and little reward for some time. If you can still accept these risks, you are ready.
If this sounds like you, then great stuff! You’re on your way to becoming an entrepreneur!
EnSpire Oxford is a University of Oxford initiative to help connect people to the entrepreneurship resources they need, and to promote entrepreneurship across Oxfordshire.
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