5 things to think about before you take the leap and become an entrepreneur
If you’ve landed here it’s likely that you’re craving a change. Perhaps you want to break free from an overwhelming corporate career or maybe you’ve had a business idea brewing for many years. Regardless of where you’re at in your journey, the pull to experience something new is undeniable.
If this is resonating, below are 5 key questions to consider before you decide to take the leap, bet on yourself, and become an entrepreneur.
Should you turn your idea into a business?
The true challenge when it comes to entrepreneurship is not a lack of business ideas, but the ability to discern which are worth pursuing. When you think about your idea, is it a business you’d genuinely enjoy building and running? Is there enough demand for your product or service? Do you solve a real problem or meet a true customer need? Is the world ready for what you have to offer? If this is speaking to you, we’ve created an entire blog post dedicated to helping you know whether to turn your idea into a business.
What’s your ultimate vision?
A well-considered vision will ensure every ounce of energy you contribute to your business brings you closer to your ideal outcome. For example, when we were in the early stages of creating our guided journal for entrepreneurs (Bedside Business Plan) we knew we wanted to partner with Canada’s largest book retailer, Indigo. As a result, every decision was highly intentional including the graphic designer we chose to work with, the printing partner we selected, and the way we structured our business model.
By defining our vision early and making strategic decisions accordingly, we were able to land a nationwide deal with Indigo in less than a year of creating our product. As you begin to think about your vision for your business, consider what ultimate success would look and feel like for you. If nothing was off limits, how big do you want to get? Who do you want to partner with? How many customers do you want to reach? What level of impact would feel most meaningful to you?
Are you willing to do the inner work?
The things that hold new entrepreneurs back often have nothing to do with business and everything to do with limiting beliefs they have about themselves. If you’re in the process of taking your first steps, it’s normal to doubt yourself (or your idea), feel like an imposter, and question what you’re doing. With that said, these limiting thoughts and behaviors can be remedied with a commitment to personal growth, the right business coach, or even the perfect podcast or book.
In the early stages of entrepreneurship, your goal should be to resolve unnecessary fears so that you’re free to move forward on your business idea with confidence and conviction (instead of abandoning it). If you feel like you’re holding yourself back in some way, consider the following questions:
Is there any self-talk that is limiting you instead of encouraging you?
How might you mitigate your inner critic?
When have you felt most successful? Write down examples and evidence.
What resources or support systems would help you build confidence?
In addition to building confidence and conviction, you’ll likely need to learn new business skills. Again, there are lots of phenomenal courses, coaches, mentors, and online programs to hone your skills in areas like accounting, product development, marketing, etc.
Can you sustainably build your business while employed?
Even though the internet is littered with seemingly overnight success stories, if you talk to almost any entrepreneur you’ll quickly realize that years (if not decades) of dedication preceded any kind of notable achievement. With that said, we’ve also seen many entrepreneurs hit the ground running with a new business idea only to burn out within a few years and abandon everything they worked so hard for. Entrepreneurship is a process, not a destination, and it’s essential that your journey be sustainable.
If you’re attentive to your own needs and boundaries as a new entrepreneur, you can cultivate a life-giving experience with your business that doesn’t lead to burnout. As you begin to take action on your business idea, consider how much time is reasonable for you to dedicate to your dream on a weekly (or monthly) basis? In what ways will you recharge your batteries? When will you take time off? What are your non-negotiables as you juggle a career and building a business (i.e., getting enough sleep every night, not missing important family gatherings, etc)?
How will you practically prepare for the transition?
When it comes to making the leap from corporate to entrepreneurship, the more prepared you are the better. You want to make sure you have a financial safety net in place, and ideally some form of recurring revenue in your business. You also want to have the right support network in place to keep you going when challenges arise. When it comes to practical preparation, consider the following questions:
Have you written a business plan?
Do you have a financial safety net?
Do you have recurring revenue streams?
Is your partner and family on board?
Do you have a mentor or support system?
If you’re taking action on your business idea and preparing for a transition into entrepreneurship, our guided journal Bedside Business Plan is a powerful tool to help you create a foundation for lasting success. With over 100+ questions and prompts, Bedside Business Plan will help you “journal your business plan” and ensure you’ve answered all of the essential questions before you break into entrepreneurship.
