The idea of "starting up" and being your own BOSS is a thrilling experience and it is full of adventure. But will it be stable enough? And are you start-up ready? The hard and bitter truth is that nine out of ten startups fail, but the good news is 10 % SUCCEED!
So if you have a brilliant idea, go and grab the opportunity, chase your dreams but make sure you distribute your risk i.e. start your firm and still continue with your employment in the intial phase.
Take our 5-minute quiz to know if you are ready to start a start-up or not! Assign a + 10 for each positive answer[YES] and -10 for a negative answer[NO].
- Am I starting because I have evaluated and researched my idea and foresee a good response for the product / service I build
- Am I passionate about my idea?
- Is my product or service a problem solver in a particular area?
- Do I have a plan ready on paper?
- Do I have a core team who can help build the project?
- Do I have expertise in the area?
- Do I have enough liquidity to sustain myself for the next two years?
- Do I have enough assets to help during a crictical situation?
- Do I have a secondary source of income?
- Am I starting up because I can't deal with my boss?
- Am I starting up because a friend is now a founder of a startup?
- Am I starting up because “start-ups” are cool?
- Do I have a fear of losing?
- Do I foresee a big expense in the family in the near future?
- Do I have enough resources in case of a health emergency?
What’s your score? This simple quiz can be a good indicator for you.
100 seems to be a good score to determine if you are "ready." Uncertainties’ would be there, but you need to limit your uncertainty as well. Remember “If you wait until all the lights are ‘green’ before you leave home, you’ll never get started on your trip to the top.” – Zig Ziglar
Harsh Soni the founder of Styleupindia.com says - I waited not only until my business was profitable, but until its profits could nearly replace my full-time earnings before relying solely on my startup for my livelihood.There are countless other examples of highly successful entrepreneurs who started doing what they love on the side while maintaining a day job for financial stability.
Well, managing two jobs parallely could be tough and so here are some tips -
- Start part-time, devote 2-3 hours to your start-up
- Look out for your team
- Keep an eye on your expenses
- Network with like minded people [Not only online] but physically over a cup of coffee
- Get trained if needed
- Prepare for your backup, it might be handy in case of emergencies
- Start building your customer list
- Be sincere to your current job, do not just take it easy just because you are soon going to resign
- Time management is a big thing, learn innovative ways to manage your time, attend calls during commute time or use your weekends effectively
- Put things on paper; business plans, domain registration, bank account, branding, etc.
See you in the Top 100 Entrepreneur list very soon!