Published On: Sat, Nov 10th, 2018

5 Signs You Are Ready To Start a Business

The face of business in the United States is changing as millions of people leave traditional jobs behind with the intention of starting their own companies. From online retail stores to brick-and-mortar restaurants, there are many different business models to choose from. However, one study shows that 90 percent of startups fail, usually within the first year of launching, because their owners were naïve about what is involved in such a venture. If you have a startup idea in mind, there are a few signs you can look for that might indicate you are prepared to be an entrepreneur.

photo/ OpenClipart-Vectors

1. You Have Passion With a Purpose

Some entrepreneurs fail because they start their business for the wrong reasons. Some want to escape their current job, while others like the idea of working for themselves. However, these desires are often not enough to fuel a fledgling startup. In fact, those who quit their jobs to invest in a startup usually find that the work is much more difficult and requires a consistent kind of passion that they cannot commit to.

When you ask yourself what is driving your desire to start a business, it is important that passion scores high on the list. For example, if you are working data entry at a financial company but spend every free moment with a sketchbook so you can work on clothing design ideas, then this is probably a sign you have enough passion to fuel a fashion startup. The more zeal you have for an activity or idea, the better the chance it can help you sustain a profitable startup.

2. You Are Ready To Learn

While many innovative entrepreneurs were independent enough to step out on their own and designed their startup from the ground up, one trait they likely all had in common was the willingness to learn from others, from their own mistakes, and from those who had come before them. This is an important factor to consider as you plan your own startup, as there will be much to absorb.

Your readiness to learn can be important, but it is just as vital to understand how you learn best. learning as well. Books, videos, and formal business courses at your local university are all paths to entrepreneurial education, but if you learn best by example, then you might want to seek out a mentor who can teach you the basics and help you avoid some common startup mistakes during your first months of operation.

3. You Have Moved Past Fear of Failure

Some budding business owners have unintentionally sabotaged themselves because they feared failure more than they believed in their original ideas. While failing at a business can be a humbling and humiliating experience, it is also an experience many entrepreneurs have learned from. Being aware of the possibility can help to temper your ego, but if you are determined not to let it stop you, this probably means you are ready to take the plunge.

While courage can be an essential element for launching your startup, it is also important to ask questions from those already in the business rather than be a lone wolf. Create a social network made up of other entrepreneurs and research successful ones, such as Chris Sacca, who built his venture company, Lowercase Capital, on a foundation of wise entrepreneurial decisions. Today, Sacca gives back to the startup community by funding small businesses and has a wide variety of social connections that allow him to stay in touch with other entrepreneurs instead of isolating himself once he found success.

4. You Have Plenty of Support

Few successful businesses have launched without support from the owners’ friends and family. Whether they offer an initial financial investment, sage advice, or even emotional support, having someone to turn to during the planning and launching stage of your startup can be essential. Ask yourself who has shown an interest in your plans and who has always nurtured your passions, as these will likely be the individuals who will give you continued support in the future.

It is important to remember that some people in your social circle might try to discourage you from starting your own business because they are afraid to see you fail. Listen to their reasons and then assure them that you have a viable plan. However, do not allow excessively negative people to dissuade you from your path, and you might even want to distance yourself from those who are convinced you cannot succeed.

5. You Have a Vision for the Future

Having long-term goals for your startup is usually a sign that you are committed to success. While short-term goals can be useful, planning for the future allows you to envision how your company will grow and what you can do to nurture that growth.

Launching a startup can be a daunting move, especially if you have limited experience. However, when you have passion, courage, and a vision for the future, these are all viable tools for success, no matter which entrepreneurial niche you choose.

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About the Author

- Veselina Dzhingarova has long experience in internet marketing and SEO. She is passionate about blogging to share her expertise. Veselina is a regular contributor at many other online publishers like chamberofcommerce.com, marketoracle.co.uk, newswire.net, bizcommunity.com, socialnomics.net and more. She is the co-founder of Financia­ltipsor.co­m, cryptoe­xt.com, Bl­ogforweb.c­om, Techsu­rprise.com­, travelti­psor.com a­nd others.­ You can get in touch with her on LinkedIn , Google+ or at [email protected]


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