How To Know You Are Ready To Start Your Own Business

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Starting a business can be charming and a daunting task at the same time.We read inspirational stories of how others has made it with little or no money but how do we know their experiences can work for us or our timing to start a new business is right for us?

Here are a few factors to consider:

1.Intuition

Do you have the guts to be an entrepreneur? The overwhelming desire to own your own business or become a part of the problem solving solution to your community.Working for yourself is not a 9-day wonder or get rich quick scheme.It requires dedication and a good amount of your time to make it work.Your positive outlook about your business will see you through tough times.

2. Knowledge

Not all of us can have a Harvard education to be successful in entrepreneurship,you may not even need that higher education to begin with.I’m not saying you should jump right in without prior knowledge of what you intend to do.Remember,knowledge is power.For example,if you plan on marketing a specific brand,having a full knowledge on how the product works,does it offer a better solution to what your competitors already have in market? Who’s your intended target and pricing? Having a good strategy can help you grow the business into a full blown brand people will sought after.

3. Money

Most businesses need capital to start at least for a year before cash flow.It will be to your advantage to side hustle or moonlight with your current job before doing it full time to maintain your income.You can also partner with someone who has interest in your business and able to finance.Many partners will do it if only you work full time on your business.You may have to do what’s best for you.Side hustle can be stressful at first but with the right attitude and resources you can make it work.Choose the type of business you can side hustle that can turn into a profitable business venture overtime,enough to help you quit your current job.

Nothing is impossible when you have the right intuition, brains and a little bit of capital to do what you love .With dedication,you’ll see growth in your business.

By Gifty Ayim-Korankye