Taking the leap between a 9 to 5 job and starting your own company is a huge decision. Ninety percent of startups reportedly fail while 20% of them fold up during their first year. Those are pretty daunting odds that can unnerve even the most confident of entrepreneurs.
Running your own company requires a lot of work and can be more demanding than your day job, especially at the beginning. Job vs entrepreneurship dilemma arises due to a multitude of factors. There’s the matter of funding, finding the right team, curating products and services that appeal to your target audience, marketing it, etc. The list is long and time-consuming.
But if starting your own company is a dream that haunts you day and night, maybe it’s time to do a risk analysis and dive in. Who knows? Maybe you’ll be the next Bill Gates or the next Elon Musk! Even if you don’t end up as successful, starting your own company means you believe enough in yourself, ideas, dreams, and intuitions to take the risk.
So how do you know you’re ready to make the leap and be your own boss? Here are 6 clear signs that’ll help you make up your mind.
1. You Have a Business Idea That You Can’t Let Go Of
Whether you’re at work contributing to the corporate mill, watching TV, or having dinner, your brain won’t stop churning out ideas. It’s a blessing and a curse. It’s a blessing. It allows you to ruminate over the pros and cons of your business ideas and is a curse because it won’t let you focus on anything else but your venture.
Passionate entrepreneurs are haunted by ideas that they can’t seem to let go of until they see them come to life. If even after months or years you continue to speculate about a business idea, it may be time to do something about it like create a business plan or do some market research.
2. You’re Bored With the Good Old 9 to 5
Are you doing great at your job, getting promoted, and getting appropriate raises, but still feel empty and keep wondering about your business idea?
If you have a creative spirit and are constantly looking for challenges, it may be time to start looking for ways to pursue your business. You don’t necessarily have to give up your day job just to pursue a business idea that you’re passionate about.
You can start small and scale up as your business grows. By keeping your regular job, you’re managing risks and allowing yourself to build capital for your business. You may even appreciate your current job more because it affords you the luxury of mitigating business risk while still earning a regular paycheck.
3. You’re a risk-taker
Many of us don’t capitalize on our ideas because we think that it will put us in financial straits. A home loan, a new car, or funding our kids’ education can cause us to have second thoughts. Whatever the case, we don’t want to put what little savings we have in jeopardy. That’s understandable.
Entrepreneurs, however, understand that great risks can bring great rewards. Even if you find investors who are willing to help you, you will still need to shell out your own funds for your business.
As a businessman or businesswoman, you’ll always be making decisions. Sometimes, those decisions come with huge risks. But as long as you have enough faith in yourself and are prepared to deal with the consequences, then take the risk. After all, there’s only one way to find out if your business will work.
4. You Want To Be Your Own Boss
Are you sick and tired of reporting for work and being answerable to a manager? Do you have dreams of building and growing something of your own?
Entrepreneurs have the tenacity, perseverance, and confidence to be their own bosses. They enjoy the freedom to strategize and nurture their business to success.
5. You’re Capable for Entrepreneurship plunge
You’ve proven yourself in the business world. When there’s a challenging task that needs to be done or a tight timeline that needs to be met, your company relies on you.
If you’re capable in the office, then you’ll likely be as or more capable when directing your efforts towards your own company. Instead of doing it all for a monthly paycheck, why not funnel your energy and passion towards your own business?
6. You’ve Found an Unfilled Niche That You Want to Cater To
Many times a business succeeds by finding an unfilled niche in the market that many businesses overlook. This isn’t always as easy as it sounds because it requires deep familiarity with the market you want to serve, careful thought, and research.
However, if you know your market well enough and find a substantial demand for a service or product that no one offers yet, it can mean success and profitable returns for your startup.
Starting a company is an arduous adventure but few things are as fulfilling as knowing you took the leap. Leave the what-ifs and doubts behind. Win or lose, you’ll know that you put yourself out there for a cause, product, or service that you genuinely care about.