Q1. Are you committed enough? Before your venture starts delivering positive results, there will be a lot of hiccups and you will have to face a lot of challenges. Therefore, it’s important that you don’t lose the courage to continue even after a good number of setbacks. Just to give you an example, once I was presenting my plan to an investor and his first question to me was, are you ready to give your life for your idea? So before you quit your job, ask this question to yourself.
Q2. Are you flexible enough to adapt to new changes? As an entrepreneur, you need to rapidly adapt to changes with respect to customers, suppliers and competitors. While answering this question try and think of instances from your life when you had to adapt according to different situations.
Q3. Are you a good leader? Can you get people to work for/with you? Entrepreneurship is about teamwork; making people do work; making your team have the same vision as yours and you need good leadership skills to do that.
Q4. Are you comfortable with following others when necessary? Sometimes, the ability to listen to others pays off very well. Listen and learn. Have you been doing that?
Q5. Do you sell well? During the initial period, you will be the guy who will sell to the customers. Are you comfortable doing that and can you actually do that?
Q6. Are you okay with less, varying or no income? Until a good amount of cash flows in, there may not be anything left for you since you need to pay your employees and vendors first.
Q7. Do you have a financial backup? As you can see, from the point above, one needs to have a good financial backing, or else if things go bad, there is a chance that you might go bankrupt without any other source of income. The most important thing here is to keep up to your commitments and keep paying your employees and vendors.
Q8. Do you have a good personal support structure? Do you know enough experienced people in the field that you are trying to make big in? You will need them; specially their advice to avoid the pitfalls.
Entrepreneurship is always a tough test. If you answered yes to 6 out of 8, then you are ready. There is no bigger reward in business than being an entrepreneur.
If you have scored lower than that, you should reconsider your decision to quit your day job; for now continue your venture part-time and try working on the things that you have learned by answering these questions. If you no longer have a day job, you should consider joining a small business to get the experience you will need to venture out on your own.
Guest Author: Sainath Gupta, Founder, OnMobilePay