How to know whether you are ready to start a business or not? 8 ways

Friends, according to a study, half of all the businesses that start in the world are closed within the first year.

I thought about it a little and I came to understand that one of the main reasons for the failure of most businesses is that many people are less conscious and more enthusiastic while starting their entrepreneurial journey… that is, they are without many starts a business only after thinking.

That is why today I am writing this article for my friends who want to become a successful entrepreneurs.

In this article, I will basically tell you 8 things that show whether you are ready to start a business or not?

Number 1: Reasons for starting a business

Why do you want to start a business?

Is it because you are upset with your current situation?

Or are you so fed up with your job that you want to set up your own business anyway?

Or because some people you know are doing business and making good money?

If so, then the chances of success in your business are less.

Before doing business, you should have something about which you are very excited… A positive energy should flow from within you about that idea.

Jeff Bezos, the world's richest man, did not leave his rewarding job on Wall Street in trouble, but the unique idea of ​​selling books through the Internet was so overwhelming to him that he could not stop himself and became an entrepreneur.

Friends, I do not say that you must have a completely unique idea to get into business…..it is not necessary….. maybe many people are already doing the same thing that you want to do now… There must be enthusiasm in you to do that thing.

Number 2: Be confident in your idea

An entrepreneur has to face challenges step by step. While starting any business, there are many things that can create doubt in your mind.

In such a situation, it becomes very important that you have complete faith in whatever product or service you want to enter the market with. Because being excited about something can start it, but whether you can stay in it for a long time or not depends on how much you believe in that idea.

Edison was able to make the bulb even after failing ten thousand times because he was sure that it could happen.

KFC's founder Colonel Sanders was able to sell his fried chicken even after failing a thousand times because he had complete belief in his idea.

Therefore, before starting a business, you should have a firm belief in your business idea.

Number 3: Market presence of what you want to do

Many entrepreneurs fail simply because they believe that if something is pleasing to them, then the world will also like it.

But this is not always the case. So if you are thinking of doing something, then first make sure that there are people who take that product or that service.

For example : Apple's products are sold a lot in America, but if someone goes to Africa and opens an Apple shop, then where is the wisdom.

So if the buyer is ready to pay for what you are thinking of doing, then you can start the business, or else you should think of something else.

Yes, I agree that it is always difficult to have clarity about this, but if you can understand things more deeply by doing a little research, market survey, or talking to some experienced people, then it will be better.

No. 4: Money

Your business can become a golden egg-laying hen, but first, the chicken has to be grown by feeding it. And for this, cash is needed…. of money.

And usually, you have to invest more in business than you do by calculating.

Therefore, before starting a business, you should have clarity about how much money you will need for this and from where you will manage it.

If there is a need to walk thinking that somewhere, arrangements will be made from somewhere, it can put you in trouble. Therefore, a business should be started only after being confident about the arrangement of money.

Number 5: Dare to face failure

Says, “Opportunity and risk come in pairs.” That is, opportunity and risk come in pairs.

No doubt Your business is a great opportunity for you, but it also brings with it many dangers and one of the biggest dangers among them is the failure of the business.

So the question arises, how do you handle failure?

Will you be able to accept the fact that despite investing huge capital and working hard, your business may come to a standstill?

Can you be proud of yourself even after everything is over for giving at least 100% of your effort?

If yes, then you are ready to start the business.

If not, then this is not the right time to start a business.

So it is good to be optimistic about business but at the same time, we should also be mentally prepared for the fact that its outcome can also be negative.

Number 6: Decision Making Ability

Do you make your own decisions or someone else takes them for you?

Whether the decision to start your business taken by someone else or not?

Remember, to set up your new venture, you have to take many decisions every day, too quickly.

So if you are a person who is confident in taking decisions on your own, then you can think of doing business, but if it is not so, then it is better that you decide to do business only after improving this skill.

Number 7: Time

How to know if you are ready to start a business

A new business is like a newly born baby. He needs a lot of attention and time from you.

Are you ready to give that time?

Are you ready to make your sleep shorter and nights longer?

Are you ready to give up on your family and friends?

If you are really ready to do this then you can start a business, but if you are not, then it will not be right to do so.

You have to put a lot of effort to make the business successful.

Number 8: Delegation

Delegation means giving your work to others.

Many people want to do everything on their own because they feel that they can do it best and with full responsibility.

But an entrepreneur cannot do everything himself, he has to form a team and many important works have to be done not by himself but through others.

This may sound easy but for many people, it is very difficult because they want complete control over everything related to the business, and as soon as they see the control going, they get upset inside.

As a person how are you? Are you comfortable giving control of your hand to others? Or is it too difficult for you to do?

If you are comfortable then you are ready to start a business and if it is not then maybe you should wait.

Friends, maybe after reading this article, if you are more excited about doing business, then very good but if you think that this is not the right time to get into business, then you do not need to be disappointed.

Every one of the things that I have told you can be worked on and even if they are not in your favor today but tomorrow you can do them in your favor.

My best wishes are with you on your entrepreneurial journey.

Thank You!