Before starting with a new venture, the want-to-be entrepreneurs have the same feeling one has while jumping in a swimming pool or in a lake on a cold, chilly morning. You are not quite sure what you will experience in there. Or at least this is what Maile Ehlers felt, before starting her own business PGH Papercraft. She says she did not feel happy as an employee even though she was having a great career growth in the firm that she worked in. She was not sure of what her income would be and also if it would be a regular one. However, once she had a customer base of hers built, she quit her job to set up her own business. Ehler’s business is expanding and now she feels confident about her business.
If you are somewhere in the same situation where Maile Ehler was, here are some of the tips for you that would definitely help you in gaining confidence and making the right decision. Here it goes-
1) Take a decision whether you are passionate – Hao Zhao, associate professor of Management points out that Entrepreneurship is not meant for each and everyone. You got to have moxie and be self- motivated to be a entrepreneurship. If you have not these virtues, don’t just go for it for the sake of running a business. It surely takes much more than that.
2) Know your Market well – Before you launch your own venture, research well for who your competitors are, try to figure out your consumer base and meet the entrepreneurs in that field who you look up to. Hao Zhao explains that in order to achieve success in your business, you need to have sound knowledge of the market and product, in order to successfully implement your strategy.
3) Have a safety valve ready– If you want to achieve success in your business, you need two important things- time and money. Cut out the time you spend watching TV and try to have a control on the unnecessary expenses. As Caligiuri rightly points out that lack of time and being in a debt are the two diseases that hamper the growth of one’s business.
Maile Ehlers saved enough money to cover up her two month’s costs. It is then she quit her job to start her own venture. This not only helped her financially but also provided her the peace of mind, which is very important when you are starting or doing something new in your life.
4) Ask for your family and friends for support – Your family and friends can prove to be a vital resource if you are venturing a new business. They help you realize your strength and the weakness you have. Not everyone has got the talent to be an entrepreneur and your family and friends know whether you have it in you or you don’t. Also, they can inspire you when you decide to launch your own business.