You heard from many people who say “corporate jobs don’t give them satisfaction” they want to do their own business. But people find difficult to quit their regular jobs for a startup. They are afraid of questions like what if I failed. Or will I get a new job? These are the questions that become an obstacle of their path to becoming entrepreneurs.
Quitting regular jobs will not only affect them but their family too. Still, if you will not take the risk then how will you identify yourself? If you are enough confident and you believe in yourself and ready to become an entrepreneur then read the full blog it will help you to stay away from the mistakes most of the young entrepreneurs did.
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Now, if you’re ready to give an answer to these 7 questions then your idea is probably excellent; if not then you have to work on it.
Q1: Are you obsessive about your industry and customers?
Many entrepreneurs did this similar kind of mistake; they choose what is in trend and eventually they fail. The first rule is “do what you like to do”; if you’re are passionate about what you are doing and obsessive about your industry and really want to solve customers’ problems then you’re in the right direction. If you spend hours to study the market then you are passionate about it.
Q2: What you want to satisfy the need or want?
This one is a mediocre question yet it decides what your aim is? Need is something you can’t live without or you can’t imagine without it; the best examples are air, water, clothes, and food. Want is something you can live without such as expensive or branded clothes.
You must go for needs. Startups that satisfy need have more probability to attract more consumers and they generate good revenue with time.
Q3: Is the market of your subject is large and growing?
See you are spending money, sweat and tears for your business and you must deserve a win. Starting with a particular niche is good but if you work in a particular subject then you will have less space to grow and learn. Always make different rooms to grow even you are working on a particular niche.
Q4: Are you better or not?
You can’t deny from the fact that competition is everywhere and if you are doing the same as your competitor does then it doesn’t make any sense. You have to be ten times better and faster. If they provide service at high cost then you should charge fewer amounts though you get less profit but start with small and grow.
Q5: Will you be able to provide direct services to early adopters?
Let’s understand this by an example before the spell check software, the company used proofreaders and they charge 10 times more than this software charge nowadays. You can use a small amount of money to get access to these software programs, which can reduce your cost and you can become able to provide customer service at a low cost. Better if you sell your product directly to the customers.
Q6: Are you ready to spend full time on your startup?
No one was able to change the world with self-doubt. For positive results you have to believe in yourself if you have doubts then this will create a huge problem. You have to be consistent and have faith in your idea and yourself. It may happen you need urgent funds to support your business and in this case better than to give up, you can apply for start-up payday loans for unemployed from direct lenders. These loans serve to the financial purposes of those who want to switch from salaried income to self-employed income.
Q7: Do you have a dedicated team?
Team! It is an important part of any business if you have a team of those who are passionate, persistent, tenacious and relentless. They can certainly make your startup successful. The thing you should remember is to avoid any person who is not willing to do a full-time job. And make sure you have healthy relations with your team members.
Make a note about the above questions and analyse that if this is the correct time to leave job for a startup or you need more time for it.