Things to consider before becoming an entrepreneur

 | April 30,2012 11:02 am IST

One of my very close friends had this long kept desire of starting own business. Having given 7 long years into service he felt it is time to move on to become an entrepreneur.

Alike other aspiring entrepreneurs, he too had his share of confusions, confrontations and worries on how to get started, what business to pursue, where to get funds from, market, etc, etc, etc


Well, there are millions of people like my friend who stumble upon the idea of becoming a businessman but hardly have any clue about how to go about it. Even if they find a brilliant idea most are unaware about how to execute it. Owning a business takes hard work, determination, sacrifice and a very clear understanding of not just your business, but also of your personality as well.


Here are a few points to consider before deciding to become an entrepreneur:


1.Dont quit your job
Quitting a full time job to pursue a business is certainly not a good idea. But working full time, while starting to pursue business would only minus the risk factors in case of any failure. It is quiet obvious that a new business will take some time to get off the ground, thus you may not have to devote so much of your time into it. Also a new business starts paying after a while; therefore you must not leave your currently paying job right through.


2.Estimate your annual income
Your business may or may not get off the ground at an amazing pace. Thus it is important to estimate your annual income, then divide it in half and budget your expenses around that number.


3.Keep expenses as low as possible
As a new entrepreneur you should aim at keeping expenses as low as possible, and even free if possible. Brainstorm ways to grow, operate and promote your business at low or no cost. Use social networking tools like Facebook, Twitter and LinkedIn to promote your business; barter services with other players in the industry.


4.Give your 100 percent and be patient
Remember not all new businesses starts paying huge revenues in the beginning itself. Most of the businesses fail because their owners tend to be impatient and are lead down if no good response is seen. Give yourself time and put in the maximum of your efforts


5.Take a break whenever needed
We understand that starting new business is stressful and quiet often it is seen that people get demoralized and stressed, may be due to the amount of time and efforts that you have to put in or due to slow pace of response coming in. take short breaks from work to keep moving in the right direction. Indulge your self in things that interest you the most, like going out for an adventure trip or may be playing your favorite sport.