By Marga Dela Cruz
2014 is a great year for starting a business. However, financial aid is just one of the many other factors to consider. Ideas are just the icing on the cake. More than that, new entrepreneurs should be prepared mentally and emotionally. Here are 5 questions to ask before starting your own business:
How is my passion for my ideas?
It is an understatement to say that starting a business takes a lot of pressures. There are perpetual questions with no resolute answers like Do I made the right decision? Are my ideas enough? Next, expect frustrations along the way especially when you quit your 8-5 hour job to concentrate on your new business – only to find out that the hours you spend are longer but the initial profits are somewhat lean. So prepare for the long journey to success. Most roads leading to success are rocky, bumpy and edgy. But what will make your customers stay with your through the journey is your passion to your idea. No matter how simple it is, your passion serves as a magnet attracting them. So what’s the first key to startup? Passion for ideas! Embrace it!
How is my tolerance for risks?
Passion is not the only key to succeed in business. Why? Earlier, we have pointed out that the roads toward success are mostly bumpy and risks are to be blamed for that. Entrepreneurship is not for the faint hearted. With so many risks associated with starting a business, they should figure out many different ways to manage them. Even if you have burning passion to launch your business, there will always be risks. For example, you’re facing problems with your chosen location for your business. Initially, you thought it would be an ideal location to start your business. But as it turned out, it’s everything but! Your next move should not be just to pack your things and say “Adios” to your business. As entrepreneur, if there’s one risk facing your business, you should be ready with 10 options to manage it.
How is my decision-making capability?
Owning a business means owning decisions. Sure, you can consult professionals and get great advices from them. But at the end of the day, you have the final say. Starting a business entails many different decisions to make from where to locate your office, to how many products to deliver in a given time period. And that’s just the start of it! As you hone your decision-making skills, you get to fill in the blanks with important choices that matter most the success of your business.
How do I handle multi-tasking?
As a startup business owner, you should be ready to wear different hats from being your company’s president, to being a bookkeeper, a sales agent, a marketing expert, or even a bill collector. If juggling different roles is not your cup of tea, you won’t be seeing even a shadow of success coming in to your business. As you handle different tasks, you will be able to acquire practical knowledge that will help prepare you to face major business obstacles in the future.
How is my work life balance?
Starting a business can sap the energy within you. Like we pointed out, it entails long hours of work far exceeding a 40-hour job per week. For most startups, that means losing touch with family members or loved ones, no more weekend hang out with friends, losing interest in hobbies, and the likes. This routine can easily produce burnout. The American Psychological Association described this condition as “an extended period of time where someone experiences exhaustion and a lack of interest in things, resulting in a decline in their job performance.” Without proper work-life balance, not only will the business go tumbling downhill speeding fast but also your personal life.
If all your answers to these questions are positive, then congratulations! You will be very busy for the next several years building a strong foundation for your start-up business.
Marga Dela Cruz is a thought leader in business intelligence and data analytics particularly in the field of GIS technology and its application to many organizations. She has an extensive experience studying and writing about mapping technology and geocoding services. Currently, she is a data analysis and visualization consultant and content creator of Mapline, an online mapping site that develops tools to transform data analysis into an extensive visual experience.You can send her an email at firstname.lastname@example.org. To learn more about mapping technology and its ability to help organizations outpace competition, visit http://www.mapline.com.