Starting a business is a very exciting yet awfully challenging venture. Your passion is overwhelming and you have this great idea that you want to make a reality! Suddenly, reality sets in and fear is now taking over. Are you really ready to start your own business?

There are some issues you need to assess objectively before you quit your job and venture in entrepreneurship. It includes:

Winning qualities

  • Do you have the much needed self-determination and self-confidence to turn ideas to realities?
  • Are you a self-starter? This measures your ability to work alone, fine tune ideas, and take some risks.
  • How much are you willing to sacrifice to succeed in your endeavor? This is not all about money but also time and effort. There are times when you have to work long hours and give up some leisure time.

Business Know-How

Setting up a business is a lot easier if you have knowledge and business skills in people management, sales & marketing, financial planning, and strategic planning. Do not be discouraged if you do not have all these skills. The important thing is you are aware of your capabilities and what skills you need to delegate to other people.

Personal Matters

Some entrepreneurs started out as office employees. The transition can be very shocking to you and your family. Yes, you must involve your family in this big decision because this will have a strong impact on your relationship. More importantly, are you ready to accept that if you fail your whole family will suffer?

In case you are not ready to jump off the cliff and become a full-time entrepreneur, check out Young Entrepreneur’s tips to make this big leap less scary.