Are you thinking about becoming your own boss, setting up your own business or becoming a consultant or freelancer? If the freedom and flexibility of an entrepreneurial lifestyle is calling you, then keep watching, as today I'm going to share with you 3 powerful questions that you need to answer before taking the plunge.
01. WHAT MAKES THIS THE RIGHT TIME FOR YOU? Timing is everything. So really spend some time considering what your real motivation is for making a major change in your career at this point. Reflect on what the underlying reasons are driving your consideration? A good place to start is with your values and exploring how much you're actually honouring them at the moment. When we find that our work is not aligned with our values or purpose, it can lead to us have strong feelings that major change is needed. That’s when we start thinking about a career revolution rather than evolution.
Also, consider the opportunity cost. What will you have to give up in the short term in order to make your dreams a reality? When we make major career decisions, it’s essential that we consider the total overall cost of our choices.
02. WHAT DO YOU REALLY WANT? Before you take that brave step forward into entrepreneurship, it’s important to overcome any concerns about what others are going to think of you, and start prioritising and trusting that you can take control of your life and determine your own destiny. It’s a huge challenge to step out and away from the herd and forge your own path, placing yourself in a position where you’ll be judged by others. However, in order to go it alone and become your own boss, you’re going to have to overcome the need to conform and be willing to trust yourself, even when you’re faced with the scepticism and doubts of others.
One of the biggest challenges when deciding whether becoming your own boss is what you really want is determining whether you can overcome the fear of failure. I often ask my clients what it is that's holding them back, what’s getting in the way of them taking that bold career step? The answer that I hear the most is what if it doesn’t work out, what if I fail, I will of wasted so much time. Interestingly, it usually turns out that the amount time that people spend worrying about the potential negative outcomes of failure, is far greater than they would actually have spent putting their idea into practice, failing and then recovering. So, if you’ve spent the last 2 years worrying about whether an idea would work or not when it would have only taken a few months to test it for real, then it might be worth reconsidering how you define failure.
03. WHAT ARE YOUR CHANCES OF SUCCESS?
In order to be a successful entrepreneur, you must have at least some willingness to take risks. However some of those risks can be reduced by taking a few simple steps to realistically assess your chances of success before you bet the bank on your next big idea.
Firstly, ask yourself can your idea be turned into a profitable business? Are people willing to pay for your service or product? Is there a demand? Establishing whether a market exists for your product should be one of the first steps you take before deciding whether to embark on any business venture.
So the next question to ask yourself, when assessing your chances of success, is, are you passionate about your idea? Although passion doesn't necessarily indicate whether a business will be successful or not, the reality is that in order to succeed, most businesses require huge amount of hard work and resilience on the part of the founders. And, to be honest, resilience, grit and determination are easier to find when you are passionate about the project on which you’re working.
The final point to consider when assessing feasibility and your chances of success is 'Do you have the knowledge, skills & support to succeed?' Do you have what it takes to make a success of your business? Unfortunately it's not enough just to identify a demand and have a passion in order to be successful. You also need to have the ability to deliver and execute your idea. So, take the time to assess any skills or resource shortage that you might have.
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