Do you have what it takes to start your own business? Many people believe it is easier than it seems when in reality starting your own business is extremely tough.
According to the Global Entrepreneurship Monitor, more than 582 million people in the world are starting or running their own business.
This includes people who have a low-risk tolerance, scarcity mindset, or an unclear business plan.
As a result, only 40% of startups turn a profit, and by the 10th year, 70% of startups are no longer in business.
So before you quit your job or decide to go all out and pursue your dream of becoming the next Steve Jobs, make sure you read and understand these 4 signs that tell you when you’re ready to start your own business.
1. You Have a Money-Making Income Skill.
High-Income Skills are skills that allow you to add value to the marketplace.
You trade a certain skill that is high in demand, in exchange for money.
But unlike a soul-crushing job that takes away your time, energy and freedom, a high-income skill is something you can do from almost anywhere in the world.
If you want to start your own business, first ask yourself what product or service you can offer to the marketplace.
If you do not have a solid idea of how you can use it to add value to others, find a High-Income Skill first.
2. You Know Your Niche Better Than Anyone.
If you want to start your own business, you need to know your industry better than anyone else.
Thinking that your idea will spontaneously succeed just because you start a business, will only cost you money, time and energy.
Before you start your own business, get clear on what niche you are going into.
What kind of products are your customers looking for? What’s missing from that industry? How is your product different from your competitors? How saturated is that particular niche? These are all questions that have to do with how your business will stand up against everyone else.
If you don’t even know the pros and cons of your niche, there is no way you are ready to start your own business.
That means researching until you know your niche inside and out.
And I don’t mean Googling what you think customers will want, I mean getting actual data from real, live people.
In business, many people make the mistake of assuming they know what the marketplace wants.
In reality, their reason for buying a certain product may have nothing to do with what you thought.
3. You Have Enough Start-up Capital.
Most businesses fail in the first 5 years because of a lack of capital. Having capital allows you to ‘weather the storm’ during bad times, giving you more opportunities and chances to succeed.
Getting enough capital to sustain your business can be difficult.
That is why the first sign that you are ready to start your own business, is by having a High-Income Skill.
Your High Income Skill can provide you with the capital needed to sustain your business ventures.
In the case where your business fails, you still have your High-Income Skill to fall back on.
Instead of taking the risk of pouring your entire life savings into your business, if your business fails you can simply use your skills to generate income, and start over again.
Having a High-Income Skill that provides you with the capital needed to fund your business, will allow you many more opportunities to succeed.
Think of capital as a safety net.
The more capital you have, the more chances you have to fail.
But once you run out of capital, your dreams of becoming an entrepreneur dry up with it.
That’s why you need to make sure you’re willing to do whatever it takes, to become successful.
4. You’re Committed To Doing Whatever It Takes.
If you are truly committed to doing whatever it takes to succeed, you might have what it takes to start your own business.
You see, most entrepreneurs who decide to start their own business tend to overestimate their abilities.
They think they have what it takes to succeed in business until they do it.
People also often mistakenly assume that they need less help than they do.
Starting your own business is not for those who are not committed.
If you are not committed to doing whatever it takes to succeed, you are what I call a wannabe-preneur.
Wannabe-preneurs are people who talk big, who make big claims about how they’re going to become a millionaire and achieve financial freedom within 3 years.
But when it comes to taking action, they do absolutely nothing. They’ll continue with their bad habits, playing video games or wasting their weekends partying with friends.
They’re not committed to making their business a success, or willing to make short term sacrifices for long term gains. In plain simple terms, it means they are not ready.
Dear reader, I want you to know that we are predestined to meet in this world but maybe not physically, I am so glad that we could meet on this platform today.
I want you to know that I value relationship and friendship and I want to get to know you more, connect and express feelings towards each other.
That is why I am appealing that you visit my website.
You can as well connect with me on social media platforms like