Do I have enough knowledge?
Learning by doing is certainly a good thing, but it’s not easy and comes with negative consequences. Of course, if you fail to file an important document with the tax office on time once and face a fine, you will be more punctual from now on. But a large amount of money can put the business in jeopardy.
A businessman needs to know many things, and not only those related to legislation. For example, managing people is also a skill. It helps to build teams that are enthusiastic about helping to develop the business. Otherwise, you may encounter turnover, sabotage, theft….
That’s why it’s a good idea to study the issue beforehand, to understand where your gaps are and fill them. And, perhaps, in the process change your mind about becoming a businessman or, on the contrary, strengthen in this idea.
Do I have a financial cushion?
You need to be prepared for the fact that you will have to invest immediately, but the profit may come far from the first months. Therefore, it is important to have not only the initial capital for the business, but also a reserve of money for life. Until you do not go to a decent income, eat, pay the utilities and so on will still have to. A financial cushion will allow you not to be nervous about these expenses. Because the business will give reasons for concern in abundance and there is no need to multiply stress.
Am I ready to take risks?
Business is stressful. There is no certainty, no guarantees, no ready-made solutions, no support. It is an activity for those who are ready to take risks and face the consequences. For some it’s an achievable task, for others it’s unbearable.
No matter what they say on social media, not everyone is cut out for business. It doesn’t make a person worse or better, it’s just that everyone has positions where they can prove themselves most effective.
There will be a lot of failures even with a favourable development of events. That is why it is important to understand your attitude to them at the start. If any failure takes you out of the rut for a long time, if any decision is difficult, perhaps entrepreneurship will become an impossible test for you.
