By Dr. Sinclair Grey III
Let’s face it – there are many people who aspire to be an
entrepreneur. With the idea of running your own business, establishing your own
rules, and creating a legacy to leave behind, it’s very tempting to drop the traditional
nine-to-five. Even though being your own business is rewarding, there are some
things you need to do before quitting your job.
According to an article in Entrepreneur, here are four
things you need to consider:
1. “Make Sure Your Idea Is Viable.” People come up with
ideas every day. The question is whether your idea is viable? “Do some market
research. Look at your potential competition and see if they’re doing anything
similar. See if anyone has tried this in the past, and if they failed, why they
failed. Sketch out a financial model if you have to. The more in-depth you go
the better.”
2. “Prepare For The Realities of Entrepreneurship.” While
being your own boss is exciting and rewarding, the truth of the matter is that
it’s hard. Start-up companies such as Facebook and Uber have proven what can be
done with a great idea. However, what isn’t discussed is the research done to
become successful. In fact, most businesses that start will end up failing. The
best thing to do is read, read, and read about the reality of entrepreneurship.
3. “Establish A Personal Financial Plan.” Deciding to become
an entrepreneur means your guaranteed income you were receiving from your job
will disappear. That’s why you need to budget for this venture. “Take a look at
exactly how much money you need to continue your current lifestyle and how much
money you have. Can your savings totally sustain you for a year or more? What
backup options do you have if you do run out of money?”
4. “Talk to people.” Consult with those close to you such as
family and close friends. Even though you’re the one making the decision, it’s
important to gain the advice of those close to you.
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