A recent article in Business News Daily talks about the other side of the entrepreneurial coin. On one side of the coin, there is the business acumen. Does the product work? Is the product scalable? Is the market research all laid out?
On the flip side, there is a more psychological side of entrepreneurship. Now a days, many young people are becoming increasingly displeased with their 9 to 5 jobs, so they turn towards business school or simply starting their own business. A lot of people think that becoming their own boss and developing their own product will fix all of their problems. As an entrepreneur, there is an abundance of freedom and various possibilities, but this is only half of it. The reality of the whole situation is that there is a lot of hard work that comes with running a company. A lot of discipline is required throughout the entire process. There is a certain emotional and mental preparedness that early entrepreneurs must keep in mind before initiating this long journey.
The article continues to ask a couple of questions that young entrepreneurs should ask themselves before starting on this journey. The first question is: Why do I want to do this? There are many entrepreneurs out there that easily get excited about an idea because of the opportunities to make money. They don’t have a clear vision of why they are creating such a product and the value that they want to instill in the world. Passion, drive, and discipline are necessary for when the going gets tough, which it will.
The next question: Am i sure that the job that I have now can’t fulfill these desires? Some people simply need more structure and a clearer brand. A lot of people jump into entrepreneurship only because they are not content with their current job. The simple solution to this might be that they need a new job.
Question #3: Do I have a strong network base? The network base is huge when it comes to starting a business. Having people to bounce ideas off of, having people in different industries that can help expand the brand will only make scaling easier.
The last question is What time frame am I comfortable with? A business owner needs to have a time frame in mind so that they are psychologically prepared for the journey ahead. This will allow for a more structured attack rather than a sporadic day by day life filled with uncertainty at every corner.