One must thoroughly self-introspect and find ground if you should take the plunge or not, as yet.
22 Aug, 2017NEWS18.COM
Entrepreneurship sure has its charms but it also presents struggles and challenges, the biggest of them is figuring out whether you possess the acumen to be an entrepreneur or more importantly "Are You Ready to Start-up?" Many wannabe entrepreneurs quit their hi-paying jobs to launch startups, while some of them are a huge success, others aren't.
One must thoroughly self-introspect and find ground if you should take the plunge or not, as yet. Start with the basic question – "Why are You doing it?" Don't think about other people doing this or that, just think about yourself and your motivation that is driving you to do it. Jot that down and make sure you have a solid reason to start with. Your venture must convince you to start with, that it'll take the market by storm.
If you are convinced with your reason to start-up, figure out - How you are going to fund your start-up? Relying purely on Venture capital won't help as only if your startup is disruptive sorts and has a strong revenue model, will it succeed and only if it succeeds will you get the venture funding and capital to take things ahead and ramp up. To reach that initial success you need to clearly chalk out a self-funding or crowd-sourcing plan.
If you're a person who has a family, mortgages, loans, and all the other like familial obligations then you're someone who is at more of a risk financially than any other person who is not a family man. In case of being a family man, for your family's sake you need to seriously consider the question that whether you have enough savings and enough cash stashed aside in case the venture doesn't work or runs losses, or in simple words, Are you in a position to take this financial risk and is it worth it? If the answer is not affirmative, it would be prudent to start small, start side-by-side while keeping that secured job to gather atleast a year or two's expenses and then take the full-fledged leap.
Making a fast buck in business is possible however failing at making those bucks happens more often. Chances are you might lose a little money, maybe a lot of money so in case you're expecting that you'll start earning profits straightaway as soon as you start, that's just not the case. When you start you also ought to make a lot of mistakes, and in case you aren't a fighter and give up easily it’s better that you just not try your hand at this.