A bright shiny New Year brings optimism and excitement around new opportunities. New Year’s resolutions often include significant career planning or changes that might include starting something of your own. But news stories about the economy, the supply chain and lingering COVID strains can put a damper on that excitement. Before diving headfirst into a new business or shying away from your dream of entrepreneurship there are considerations to take into account.
There will always be reasons not to start a new venture, but calculated risks are deep in the bone marrow of any true entrepreneur. What’s critical at the outset is assessing the risks and knowing the difference between death threats and challenges that scream for an opportunistic soul to stare them down. Before moving forward with that big idea, approach the potential new venture in a methodical fashion.
Get your house in order
Conduct an audit of your life to determine if you have the time, space, money and moral support to charge ahead.
Assess the risks associated with your business idea and make sure you can tolerate the risks. It is one thing to invest funds to grow a business, another altogether to carelessly throw money out the window at what could be an expensive hobby.
Scan the marketplace
Test your concept on those you trust in your inner circle. Then test your concept on some strangers. Your inner circle will tell you all the positives because they love you; strangers will tell you the truth. You need to hear both. Document the feedback to refer to later as you develop the concept into reality.
Evaluate current events
Creating a business requires creativity, tenacity and courage. Attacking these potential challenges and sorting out deal -killers from mere obstacles will put you at the head of the class for this year’s new entrepreneurs.
Every founder should be dreaming big. Don’t let pessimists, the economy or the weather or anything else drag you down, because after all, you are an entrepreneur which means you are bold, fearless (mostly!) and resilient. Entrepreneurship is not for wimps. It is for strong, bold, capable you, so prepare well and go for it.
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