Till now you have read some of the characteristics of entrepreneurship. “Practice makes perfect” is the motto about everything in life and especially if you are a business owner. Bookish knowledge can help you a lot to avoid mistakes but nothing beats the practical hands on experience of seeing what works for you.
You have the right passion, the right business format and all the skills. But before making the leap of faith make sure you are ready in some other aspects as well.
From starting the business to make it run smoothly requires a lot of dedication and sacrifice. Which means young or old, personal life will take some hits. Family and friends must be supportive as they must know what it takes to start a business and its effect on your family life. Lot of you may choose to have a job in the initial days of starting a business; this means all your spare time has to go for running the business.
Entrepreneurship will take its toll on your health. Being lean and mean is great for business but that often means spending longer hours doing yourself what you would pay other people to do. Thus for surviving those 14+ hour work days, seven days a week you must be at the top of your physical and mental condition. Proper nutrition and a regular exercise regime will take care of your health. It’s hard to enjoy the success lying down in the hospital bed.
Know your strong points in business and hire others to do the other jobs. Many owners think that they must be good at doing everything. This is surely not the case. Though at times knowing every aspect of the business is advantageous. Just in case anyone falls sick. From an entrepreneurial point of view having a team where you are the weakest link is not bad.
Along with knowing your strong points you also must know your comfort zones.
Are you comfortable being the boss and having employees who are older than you? Dealing with the multiple personalities your employees possess?
Handle money and take financial decisions? Getting into debt first for starting the business before seeing profits?
Spare some years before you see enough profit to provide you a steady paycheck with?
All these are just a few things you should keep in mind and keep a back up plan or two ready just in case you run into them down the road.
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