4 issues to address before you turn Entrepreneur - Do you have the fire in you??

So you wanna be an entrepreneur? Interesting…I am sure you’d have given it significant thought for a considerable period of time and that you may feel you are ready to take the plunge now. But there still may exist an iota of suspicion whether it is the right time yet? Maybe you could wait a bit more and secure your future with a little more savings…

Perish the thought, if you are serious in being an entrepreneur. That day will never come, and if it does, you’d be probably 65 years old. Not that I’m dissuading the post sixty people to start up. There is never an age to start up. You are ready when you are! All that stands between you and your dream is that apparently deep chasm…

Before you take that leap of faith do consider the following, and remember that you first read it here ;)

1. Be prepared to say good bye to financial stability: Whatever your back ground in a job, be prepared to let go of all or most of it, at least in terms of the tranquility that your salary and perks offer. There are bound to be challenges, big ones and small ones. Most of them would be financial in nature! There would be chances that you can’t take as you would not perhaps have enough capital to execute and that you may not find that dream funding in time. There would be chances that you could take but the returns may not be as interesting as you had imagined.

Bottom line: Financing is a major issue!

2. Your BFFs may not be too keen to help: What’s more, some of them may actually start avoiding you. Some may perceive that you may ask for unsecured loans-friendship stopped being a security since a long time. Some who are in a position to award projects would suddenly not be sure of your execution capabilities, for your new initiative may not have ample evidence of executing similar projects. And who wants to take chances with a start up?

Bottom Line: It’s unlikely that you will be able to obtain business from your BFFs.

3. It is tougher for a start up to obtain business and if some project is being considered for you, it would be obvious that you have to offer start up pricing translating to minimal profitability. After all aren’t they taking their chances with you, an unproved vendor?

Bottom Line: Profitability will take a backseat when you start up!

4. Then there are people who would use your skills to promote themselves. I’ve personally had innumerable experiences where as a part of the pitch they expect you to elaborate in great detail your idea and the associated benefits, before they award the same work and your idea to some one who they have dealt with in the past for multiple reasons, primary one being your inexperience in execution as a company. Most of the companies would not be too keen to sign NDAs for pitches.

Bottom Line: Be prepared to have your ideas stolen or you could have them copyrighted, however there’s only so many ideas you can copyright!

If you can live with or tackle the above, do jump in and you have all the ingredients to be an entrepreneur and you have a high chance of being a successful one too.