STARTING MY OWN BUSINESS (2)

Why and When Should I Start a Business? 

Hi there and how are you right now? If you’re feeling like an entrepreneur right now, thinking about business and starting off a new venture but in need of some guidance, hey, it appears you’re in the right place.

We have already introduced the series on Starting my own business in a previous post, this time we’ll talk about why and when you should start a new business. It’s time to get real serious now, right? So, put on that business hat and let’s talk.

If you've got an idea for a business, you still have to figure out why you want to get into that business in the first place. An idea can be an amazing thing, and guess what; we all have ideas, but not everyone succeeds with just an idea or without a strong motivation for business.

This motivation is what is referred to as the why of your business and is the most important question you must answer before starting out.

Why Start a Business?

Here are some reasons you might want to start up your business:

1. You Have a Great Idea for a Product or Service.

This is the probably the strongest reason why people get into new businesses as entrepreneurs, and we said a bit about this in the previous post.

If you have an idea that solves a general need, think cars, or jeans, or Facebook, or even cryptocurrency, for instance, you would find a real motivation to develop and market your idea. This already puts you in the business line.

The most successful businesses we have today were created this way; people created value and the world had to come to them for the solutions they provide. Now, how about you? Have you found that idea for that product or service? If you have, are you working on developing it already?

If you haven’t yet, then start brainstorming right now! You can do this by sitting down with paper and pen (or even just a blank whiteboard) and writing down as many ideas as possible. Write down all the things that come into your head when thinking about what type of business would be good for you and why it would work well for others too – no matter who they are.

2. You want to create something that helps others

Yeah, you’re the good guy here. You want to make that product that isn’t just new, but is actually helpful to people. You don’t really think of yourself when it has to do with business but you sense a need others have which you want to fill.

It could be a strong pointer to start thinking businesswise and looking up the first point you just read about. You might not make all the profit, but hey, you’ll get your reward in the long run.

3. You’d like to be your own boss

You want to be the ruler of your empire. You know what it's like to work for someone else, and you're sick of it. You have ideas for how things could be done differently and better, but no one will listen because there's a "business as usual" mentality in place at the company you work at now.

You love making money and are willing to take risks with your money and livelihood (money being an important factor here). Do I sense a business starter here?

4. You’re tired of failing to get your desired job

This is Nigeria, and much more, this is a world that has no sympathy. Trying to get a job might take months, maybe years, and that is valuable time wasted. If you can’t afford to keep waiting, you might want to consider starting your own business, if the time and chance align with your plan.

A lot of businesses have started and grown this way, and have become popular brands, one such example is Whatsapp.

5. You already have enough experience in your field of work

So you already have enough expertise at your skill and you feel you can set out and start your own thing. You definitely aren’t the first person to look in this direction, and you won’t be the last.

Businesses can be birthed out of the desire for more space and freedom when professional growth has been attained. It could be because you want to try new methods, appeal to a different set of audience etc. You can start off by yourself, if you know that you are actually ready.

Whatever your reason might be, there's no doubt that starting a new business is an exciting venture that can lead to great things!

When Should I Start a Business?

If you're starting a business, it's important to set aside time for planning and get some things right before you launch out.

You can start off at any time, but this is why a lot of new businesses sink and never get past their first year – the entrepreneurs just weren’t ready yet, at least not as much as they ought to have been.

Let’s look at the things that should determine when you step out in business and you check out how actually ready you are for that big move:

1. When you have enough motivation

It can be hard to motivate yourself when you're just getting started, and this can be a bit tricky. You might be afraid of failure, or lack confidence in your skills as a business owner. You don’t just set off because you have a temporary strong feeling about a project, there has to be a strong motivation, a worthy cause worth tying yourself to.

Many people who've started businesses believe that it's important to tie your motivations to something that matters more deeply than money. This way, even if you have setbacks, you can remember why you wanted this in the first place and keep going.

People start businesses for a variety of reasons.

No matter what the reason was, you have to ask yourself an important fundamental question before you start your business: “Am I really ready to start a business?” If you can't muster up a clear answer to that question, if it comes out more wishy-washy than a clear "yes," then you are not ready to start a business.

You might not have it figured 100%, but you should have that inner knowing with a deep backing that you are motivated enough to step out.

2. When you have the right mindset

There is a certain mindset required to thrive in entrepreneurship, and if you don't have it then you won't last long in the game.

Entrepreneurship requires multiple skillsets, but there are three main areas that make up your entire success as an entrepreneur: Creativity, Innovation, and Courage

You need to be able to think like an entrepreneur. You need to be creative and see opportunities where others don't see them. This includes having the ability to generate ideas on demand, which requires being able to visualize things clearly (or at least more clearly than other people do). It also means being able to recognize when something isn't working right away — which is often what happens when inexperienced entrepreneurs try something new without first researching how others have done it before them!

3. When you have enough resources

Having good resources is also an important part of getting started in business. When talking about resources, this doesn’t apply only to money, but to other assets, such as relevant connections, information, and experience. Concerning information, there are many books about starting and growing a business, but it can be hard to know which ones to use. Some may be too general or not applicable to your situation, so it's important to look for specific advice for your industry or niche market.

If you're just getting started and don't have any money yet, then you're probably going to have some help from family and friends until you can get on your feet financially (which isn't always possible). But if this is the case, then try asking around first before you go to a bank or a loan shark who charges money, not like there’s a lot of money flying around these days though.

If you're starting a business, you'll probably want some help. You might be able to get some financial support from family and friends, or take out a loan. If that's the case, then it's important to start the search for investors now so that they can see how successful your business is going to be.

4. When you have done enough research

If you're starting a business, it's important to set aside time for planning. A lot of the work involved in starting and running a business is not visible on the surface—it's often done behind the scenes. This includes everything from finding financing or legal advice, to strategizing your marketing plan and budgeting for supplies and equipment.

If you don't take the time to plan things out ahead of time, then when something comes up unexpectedly (like an unexpected expense or other issue), there's no way for you to react quickly enough in order not only fix it but also move forward with your mission at hand. 

So we've covered a lot of ground here -- more than could be fit into this single blog post. In the end, though, I hope we've come away with at least one key idea: that there's no one-size-fits-all answer when it comes to deciding when it's time for you to start a new business or product. No matter why you're doing it (or what your motivation is), be sure to ask yourself those important questions before starting anything new.

See you in my next post, and if you found this helpful, please share! 

Stay smart!