Experienced entrepreneurs know not to force a new business idea, simply because they need something to do. The best business ideas arise out of a genuine need for something meaningful in the marketplace, and entrepreneurs that acknowledge this truth will train themselves to become hyper-aware of potentially profitable business ideas within their areas of interest.
1. You're Moving to a New Opportunity, Not Running From an Old One.
A new business opportunity, perhaps in the form of an unserved need in the marketplace or a new technical innovation, can be a good reason to start your own business, as long as the opportunity is real and you are not exaggerating its value as an excuse to escape your current employment situation.
2. You Have an Idea That'll Actually Deliver Value for Your Customers.
At the heart of every strong business opportunity is an idea that will deliver value to your customers. In other words, if you have an idea that a sizable number of customers are willing to pay for, you have a good reason to start your own business.
3. You Have a Business Idea You've Already Validated.
Perhaps you're sitting on a tested prototype, the results of a consumer survey, or the anecdotal evidence from years working in a corporation, suggesting that there is a true need for the product or service you have in mind. These types of validations are great reasons for moving forward with your business plans, while failing to listen to feedback from your prospects can be disastrous.
4. You Believe Your Solution Can Achieve Something Unique.
If you see an unmet need or an unsolved problem in the market that you're excited to take on, this is could be your calling. Perhaps no existing competitors address the problem as well as you can, or they only do so partially, leaving room for your superior service or product.
5. You Enjoy Learning by Doing and Taking on New Responsibilities.
As you start your own business, you will have to perform all the activities that in larger corporations would be divided between different people and departments.
You will be the marketing, financial, sales, operations, HR manager and CEO. If you're anything like me, you've never held most of these positions, so you will have to try new things, dive right in, think on your feet and learn as you go.
6. You Have Strong Optimism Toward Your Business Idea.
There will be times when others doubt you and the viability of your idea. That will continue on until the signs of your success are visibly apparent. Near the beginning, your own steadfast optimism is essential to keep you working toward your goal. Of course, your belief in the idea should not be unfounded, but powerful optimism in the face of challenges sets successful entrepreneurs apart from the rest.
7. You Won't Accept Failure as an Option.
Your progress will initially be slow and uneven. New milestones will be followed by setbacks and your attitude towards handling these momentary road blocks will determine your long-term success. If you refuse to accept failure and instead get back up on the saddle every time you fall down, you are well-suited to be an entrepreneur.
8. You're Excited About Working Hard on Your Passion.
When you bring hard work and passion together, amazing things happen. Looking at successful entrepreneurs, you rarely find a case where the two don’t come hand in hand. History is full of people who tirelessly pursued their passion and created successful ventures.
9. You Have Experience From the Industry Your Business Will Be in.
Successful first-time entrepreneurs often start a business in a field they have experience in. For example, an industry in which they have worked in the past. If this is your case, you will benefit from having an above average understanding of the industry, markets, customers and competitive dynamics. These are all things that are difficult to match by industry outsiders, as you'll be able to leverage existing relationships to speed up your progress.
10. You Have Resources Necessary to Turn a Business Opportunity into Reality.
Having an idea is great, but to start your own business, you need the relevant resources to turn that idea into reality. These resources can come in the form of financial capital, information, technical know-how or valuable networks that'll help you accelerate your success.
Post by: Ryan Robinson