Leaving a full time job and setting out on a pursuit of passion aboard the sails of entrepreneurship is fascinating but it requires a mix of determination, focus on set goals, and right amount of knowledge of the field. All of these things have to be in the perfect amount to make such a venture turn into a success story. But it is also a known fact that this entrepreneurial pursuit is risky business. You can look out for these 5 signs to see if you are ready to be your own boss:
1. You have enough capital as seed money
You have to make sure that you have enough capital to sustain your business until it starts making profit. It takes businesses months and years to return on investment and start making profit. Therefore, it is important to have some savings, or some family support, or promise of investment backing by a financer before you embark on such journey. Otherwise you may have to abandon your dreams and choose a day job again.
2. You can work twice as hard
May be a 9 to 5 job does not inspire you and you want to be your own boss so that you can enjoy the benefit of relaxed timings but be prepared to work twice as hard. Being an entrepreneur you can choose to show up at work at your own will but it is a known fact that you will have to put in a lot of effort. Running your own business in the beginning may also take up time from your own activities. You may not be able to spend as much time with your friends and family as you used to when you had a typical 9 to 5 job. So be prepared for that.
3. You can make decisions
Being your own boss is a very real thing. In those shoes, you will have to be firm about any decision that you make and then you will have to live by them. These decisions can be as small as deciding your paper supplier to as great as signing MOUs. You will also have to go through the tough but intricate task of hiring and firing your employees. Don’t be attracted towards entrepreneurship because of its soft side and be realistic.
5. You are driven by passion
Set-backs and nay-Sayers are everywhere but an entrepreneur does not let these things or people come in his way. You should have your eyes on the prize and that is the basis of why you started this venture in the first place. Once you reach that sweet spot of passion chasing then nothing else really matters. You will fall but the pursuit of passion will pick you up and launch you on your way forward. You will learn to tune out the negativity and you will learn to treat every failure as an opportunity to refine yourself. There are plenty of other things to look for if you want to build a successful business but nothing can work unless you are highly motivated and passionate about it.