You're probably thinking that you're financially well off enough that you can start your own business. But you're not sure if you're ready for it. Thinking and day-dreaming about being your own boss can be a joyous thing but when reality kicks in, your mouth runs dry and your brain starts to wonder if you really are ready. Luckily, Entrepreneur has listed five hard questions for you to consider if you are ready:
1. Why do you want to run a business?
Starting your own business is like running a race. It is exciting but also difficult and extremely demanding. If you have come up with an answer, Entrepreneur explains that your answer better be a good one that, when you're down in the dumps, it should be good enough to lift you up.
2. Who are you competing against?
Every business has a competition. Have you thought about who you're going to compete with? Have you studied their history and would you be able to exceed them? Remember that you're battling it out with others in the same industry.
3. Are you willing to run a different race every single day?
Everyday is a different story. Sometimes it's a sprint, tomorrow it's a marathon. Next week is a jog. But if you haven't figured out how long it will take for you to get to the finish line, then you need to know your pace - or else you'll burn out and fall behind the competition.
4. What will you do if you don't make it to the finish line?
Just because you have the enthusiasm and the resources, that doesn't mean you'll win. Inc suggests each person to define success. Once you have defined success, you will find out what finishing means. Entrepreneur explains that, "Even if you know what your finish line looks like, you might not reach it. Be prepared with a post-race plan no matter what happens."
5. What will you do if you win?
So you reached the finish line. What next? Time once reported that there is a right and wrong way to handle success. Have you already prepared for how success will change you?
While the race sounds fun and challenging, always remember to enjoy the race and learn from every stumble and fall. Do you think you're ready to run the race, now?
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