Signs you're ready for entrepreneurship

Over the past couple of years, there has been a growing trend towards entrepreneurship. More people are deciding to quit their nine-to-five jobs and become fully self-employed, or at least pursue both options simultaneously.

For some, this decision has been an amazing life-changer, but for others, it hasn’t worked out so well. One reason why things have gone wrong for many is branching out at the wrong time.

While you may be motivated to start your business after hearing someone’s story, you need to be aware of your own personal journey and what is right for you in terms of timing.

You will know you’re ready to become an entrepreneur if you can tick all five of the following boxes:

You can describe your idea well

One sign that someone is ready is if they can confidently describe their idea. If you can describe what you want to do without laughing, getting confused or feeling embarrassed, that’s a good sign.

If you can’t find the words, it means you don’t have a good grasp of what you’re getting into. You need more time to figure that out; once you do, you’ll be ready.

You have a solid business plan

Being able to describe what you want to do doesn’t necessarily mean that you have a real business plan. You know you want to sell wigs and that you can make good money from it, but you still don’t understand how to make it work in practice.

You need details such as who your target market is and whether your finances will support the plan. You need to document this, and if you already have, then you’re good to go.

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You’re aware of the risks

Most of the time, we focus on the glamorous side of entrepreneurship and forget about the hard work involved. People want the money, but not the real problems.

If you have taken the time to research and understand the risks of the industry you are planning to enter, then you are on the right track. However, if you haven’t considered the challenges and risks, and whether you’re ready to deal with them, you need to pause.

You’ve gained enough experience

Having sufficient experience is another way of determining whether the time is right. Some fields require a significant amount of experience before you can branch out and offer your own services.

If you are entering one of these fields, make sure you have spent enough time in employment to gain a strong foundation.

You’ve the personality for entrepreneurship

Entrepreneurship demands certain qualities. You need to be patient and have good networking skills. You also need to be good at managing your own life without needing constant encouragement.

Some people function better in a structured environment where they have clear schedules and planned tasks. These people would thrive in employment.

Then some do better when they manage themselves, or those who have a balance of both, which is one of the right qualities for entrepreneurship.