You want to start a business but you’re not sure if you’re ready? Well you’re in luck, because I’ve done the deep thought and have broken it down into five ways to know you’re ready to start a business.
1. You’re Addicted to Entrepreneur YouTube Channels
If you go look at your subscribed channels on YouTube does your feed look like a who’s who of the business world? Channels like Gary Vee and Pat Flynn are spawning a new generation of entrepreneurs simply by talking about hard work and the new age of opportunities making money online. If you find you’re spending nights up, getting inspired and motivated by these videos, you’re probably ready to start a business.
It’s important for you to follow others who are successful to glean insight and wisdom from a large pool of freely available knowledge.
2. Read All the Books
Have your most recently read books been related to business?
- Rise and Grind: Outperform, Outwork, and Out-hustle Your Way to a More Successful and Rewarding Life
- Tribe of Mentors: Short Life Advice from the Best in the World
- The Power of Habit: Why We Do What We Do in Life and Business
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
Books like these have motivated millions to start thinking about making money through entrepreneurship. If you’ve bought and read the books, then you’re probably ready to start a business.
A lot of successful people will tell you that they’re constantly reading books. They’re also not just reading business books, but history, biography, fiction, and non-fiction. It’s important to invest time in personal growth to make sure your mind is sharp.
3. Found a Mentor
Have you found someone you want to be like? Is there someone you know who has already been successful at business? If you’ve found someone who has succeeded in business or has experience in the business genre you’re interested in, you’re probably ready to start a business.
One of the most important things you can do is find a north star to follow. Whether it’s paying someone to mentor you, or a local mentor via SCORE, you shouldn’t turn down the opportunity to get a head start at success.
4. Saved Enough Cash
Starting a business takes a good amount of time and money [See how to start a new business online]. You need to make sure that you have the capital to pay for the up-front costs of forming and starting your business. If you know the estimated cost of what it will take to get your business idea off the ground, then you’re probably ready to start a business.
You might say, I don’t have the cash, which is why I want to start a business! There are several ways to bootstrap a startup budget. One way is by selling your old stuff on eBay, which is how I got the funding to start my business. [See Arbitrage your basement, garage, life]
5. You and Your Family are Committed
Have you talked to your family about your business idea? Do they know about and have they committed to the amount of time and money it will take for you to get your business running successfully? If yes, then you’re definitely ready to start a business.
I briefly talk about this in the last paragraph of my article Desire to Succeed, but it’s so important that your family supports you on your journey. They need to understand your willingness to give up time with them now to start a successful business is so that eventually you have the freedom to spend more time with them in the future.
Starting and running a business successfully takes knowledge, time, money, commitment, and an unfettered desire to succeed.
If you think you have these attributes, then you’re probably ready to start a business.