Have you dreamed about starting your own company? Almost everybody at one time or another has thought about this, the fantasy of being your own boss, feeling fulfilled, following your dream, the master of you’re own destiny. However the sad fact of the matter is that the majority of startups fail early on, roughly 50% do not make it past 5 years. The good news is that the longer you survive in the startup game the greater your chance for success.
Not everybody has what it takes to launch and run a successful company. You need to play to your strengths while and align yourself with people who can compliment the business in areas you’re lacking. It is a mistake to assume you will learn along the way or your money will run out. However, short of being an expert in every aspect of business (which would surely help), there are a few things you can do to make sure you have what it takes to start your own business.
First, and be honest! Do you genuinely have entrepreneurial talent and the skills needed to run a company?
What is entrepreneurial talent?
- Can convince your clients why your company is the best
- Make competent decisions about pricing, product or service
- Is your company scalable and what are your plans for growth?
- Can you manage your company strategically?
- Do you have confidence, independence and determination? The journey can be lonely and defeating at times.
- Can you think outside the box?
- Delegate and align yourself with people who compliment your skills?
Before you launch into starting your own company, quitting your job and investing all your energy and time, make sure you have accrued all the skills, knowledge and experience you possibly can. Volunteer with other companies in your free-time, do an evening course, build your network and extensively plan. Other entrepreneurs are surprisingly keen to share their ideas and experiences – tap as many sources of information as humanly possible to make sure you’re prepared to make the leap.