You are probably very good at your job, so in theory you could run a successful business doing what you already do well, or could you?
It seems to me that the most successful entrepreneurs are rarely highly skilled at making the product their business provides. Richard Branson probably can't fly an Airbus but that doesn't preclude him from being a very successful owner of an airline.
As one considers the leap from employment to self employment its important to assess whether we have the talent required to grow a business. Here are a few questions which might indicate the level your entrepreneurial instinct;
What did you trade at school?
It might have been pens, records or books, it doesn't matter what it was. The fact that at an early age you were trading is a sure sign you'll be a success in business.
Do you advertise and sell your old cars or part exchange?
Part exchange is the easier option but its also a sign that you'd rather take the easier route than squeeze out the extra profit that's essential for a business to succeed.
Without checking, write down how much cash you have on you now.
One of the wisest sayings in business is "Turnover is vanity, profit is sanity but CASH is king"
If a business can control it's cash it wont fail, this means not just knowing what's in the bank at any given moment its also about being able to ask for the cheque without embarrassment or hesitation.
So if you are about to make what could be the biggest decision of your life take a moment to assess whether you really have what it takes. If you have doubts don't give up, get input from others and look for a partner that balances your skill set.
It seems to me that the most successful entrepreneurs are rarely highly skilled at making the product their business provides. Richard Branson probably can't fly an Airbus but that doesn't preclude him from being a very successful owner of an airline.
As one considers the leap from employment to self employment its important to assess whether we have the talent required to grow a business. Here are a few questions which might indicate the level your entrepreneurial instinct;
What did you trade at school?
It might have been pens, records or books, it doesn't matter what it was. The fact that at an early age you were trading is a sure sign you'll be a success in business.
Do you advertise and sell your old cars or part exchange?
Part exchange is the easier option but its also a sign that you'd rather take the easier route than squeeze out the extra profit that's essential for a business to succeed.
Without checking, write down how much cash you have on you now.
One of the wisest sayings in business is "Turnover is vanity, profit is sanity but CASH is king"
If a business can control it's cash it wont fail, this means not just knowing what's in the bank at any given moment its also about being able to ask for the cheque without embarrassment or hesitation.
So if you are about to make what could be the biggest decision of your life take a moment to assess whether you really have what it takes. If you have doubts don't give up, get input from others and look for a partner that balances your skill set.
going it alone is definitely the most freeing, self-fulfilling, terrifying and exciting thing you can do - my advice to add to this is don't over analyse it, do it, break some rules, try some unchartered roads and really live it with passion!
ReplyDelete