Entrepreneurship is a new trend and everyone is following it as usual. Some if could not they think themselves as looser and left behind and remain in stress. First of all make sure you know that it is just a trend and an option. Not a guarantee of being wealthy.
With business you earn with investment of cash and man power. whereas in jobs you earn by investing on your capabilities. Sometimes later help you shine better. So dont worry it is just a choice of earning not necessary.
Further it is great to start small while your are on job and do part time stuff and invest when see any fruit.
So a big idea hit you and you wanna do it. But wait first see if you have all the stuff to make it happen.
- You can discipline yourself. you dont need an external force to take work from you. you are not moody to put your most urgent and important stuff at back and enjoy a movie or play a game.
- You have a good circle or link up with people who can recognize your brand. Otherwise you have to rely on advertisement and get the recognition. For some ideas it may be okay but in many case you have to reach out. It will be better do something where you have such opportunity.
- You are extrovert; can reach out people or have such person in your team. To take your business to some level. you need to connect with investors, customers, critics or other bodies. You must be presentable enough to market, get investment or build connections.
- You technically know the stuff Or have enough money to hire others. That is overlooked by many. Always focus on idea which you have enough knowledge and can pursuit it with little external help. otherwise you have to rely on others and it can not only cost you much but also may affect your business in long run. Or at least you have enough capabilities to measure the progress and what is going on unless you have bucks to loose.
- You have guts to reach out customers early. Even if it cost you more initially. One or few dresses, good pictures and ads. reach out and then move forward. The incremental models in IT industry is same, where you make releases. You have to decide scope at each step and enhance gradually. Mostly people stuck in budgeting and scoping and then they shy away from quick jump in market. Do it even you need to push yourself hard. do it!
- Your idea is a need, there must be a market for that. You may come up with an appealing stuff but there may be no one interested in it. Business is all about people and not you. Either you need to make your idea around some cause or create a need for it Or give awareness to people but whatever; there must be few that could understand it. That will be your market.
- You can take stress. Do not go after running business unless you know you can take the stress to own it. What really matters is your personal growth and not the money coming your way.
- You have mentors for better idea development. It is optional but if you have one or have ability to make one. It will be your survival especially in case of technical product making. Having a discussion with someone already in market is necessary. Dont worry about rivalry. All you have to decide is whom to approach. It is good because at the end of day you have to reach out people. You may need to understand how a machine actually works, its resale value or other stuff. knowing closely the craft and listening and a complete analysis is a must before investment.
- You have a business model. Including the cost profit analysis. It is obvious but many people jump in even without understanding the market and demand analysis. Their cost is vague too.
- You are self learner and have strong belief in yourself. it may be required trait even when doing job but it is essential and must have when initiating idea.
- You are leader. It is more than managing people and getting your stuff done or taking the labor. You have to define your path any other day. Boost your team which is a job in startup as people just aim to stay for short then move away. You have that spirit to lead upfront and build a team of winners.
- Above all GRIT. you must have ability to make effort continuously, following different ways to make it happen. standing again after a fall or being consistent or trying new ways. whatever you face, you aim to fly high while learning the craft.Evolve.Refine your strategy every quarter and so on. GRIT is key. If you dont have it no problem. Develop it and have somebody who pushes you Or start your day with self affirmation.