5 questions to ask yourself before you take the plunge into entrepreneurship

The cut-throat nature of today’s commercial ecosphere only sees an upward surge. Entrepreneurship is now perceived to be every other person’s dream or way out of the situation they find themselves in. If you genuinely feel positive about your idea, innovation or business plan, then it is imperative that you undergo a measure of introspection before taking that giant leap of faith.

What must you be asking yourself? What must your game plan be? What factors, cautions, precautions and risks must you be aware of before you pop the pill of entrepreneurship?

Image : shutterstock

Are you being too hasty?

Let’s face it. The startup fever seems to have caught most of us, with technology advancing at a break-neck speed. The so-called ‘fear of missing out’ might lead us to take a drastic step too early or without the adequate pre-requisites. You must safeguard yourself from making any hasty decisions. It could be a host of factors that might indicate you’re rushing with your idea. The adequate capital might be lacking, and so might be the know-how or long-term sustainability.

Are you equipped for failure?

It is great to dream and be positive about your venture. It’s right to think big and aim for the stars. But how equipped are you to cope if your business idea fails to take off? This is extremely vital given how the margin for error seems to be at a bare minimum, considering the present lifestyle. It is advisable to formulate a backup plan or an exit strategy of sorts if matters go south with your venture.

Embark on your journey of entrepreneurship only if you have adequate security backing your cause and/or the adequate nerve and guts to face failure.

Are you aware of your surroundings?

It is also essential for you to be conscious of your surroundings. Lack of competitor and market awareness before starting your venture could prove to be disastrous. With technology so advanced these days, there are a lot of tools and information easily available for you to be equipped with what is required to be at a first-mover advantage after your business is started. Proactivity is the key to success.

Are you good at saying no?

Entrepreneurship will bring along with it unprecedented freedom, which will tempt and entice you to try your hand at a host of possibilities. But the budget, as well as other constraints, will pull you back, and you will be forced to say no to many of these possibilities. Before embarking on the journey of entrepreneurship, be sure of mentally preparing yourself for these situations.

Are you flexible and open to others?

One of the key pre-requisites for entrepreneurship is flexibility and openness with others. These ‘others’ can be co-founders, co-workers, investors, customers and the like. The journey might require you to change tracks or try your hand at something you were previously uncomfortable doing. Entrepreneurship involves all of this and many other adjustments. You need to ensure you are open to those possibilities.

So think well before you take the plunge!