Should I Start a Business?

For many of us especially those who aspire to be an entrepreneur having our own business may only ever feel like a pipe dream. However for others' it is a more realistic possibility. There are a number of issues that need to be considered before deciding whether starting a business is the correct decision for you. Below I have highlighted some of the key areas you should explore before starting your own business:

# How much time am I prepared to spend?

The first thing you need to be realistic about is the fact that starting a new business is going to take up a substantial amount of your time. Because of this you need to objectively analyse how much time you have which can be spent on making your business a success. This means looking at how much time you spend on hobbies, going out with friends, leisure activities and so on. If you are serious about starting a new business and making it a success then you may need to reduce the amount of time you spend in some areas so that you can increase time spent on your business. As an entrepreneur you will only ever get out of your business what you put into it.

# Do I have enough capital?

Starting a new business can be an expensive venture ans is likely to cost you some money at some point. In addition if you are leaving your current job to launch your business you need to have enough capital to be able to pay yourself and cover expenditures until your business is bringing in enough revenue to pay you instead. If you have not yet got enough capital you need to look at whether extra revenue can be gained from another source such as a business loan or investor; whether you can reduce some costs in order to launch the business; or whether you can wait to launch your business until you have the required amount of capital.

# Can I stay in my current job too?

In the current economic climate one of the most daunting aspects of starting a business is financial security. If you can stay in your current job and set up your new business around it then this may lower risk and decrease the gamble. Consider whether staying in your current job too is a possibility. Obviously it may take longer to get your business established and your time management may also need to be more efficient to ensure you spend sufficient time on your business.

# Am I motivated to succeed?

Motivation is very important for those who aspire to be an entrepreneur. Owning and launching a business is not without its challenges. There are likely to be both highs and lows. When experiencing a high motivation and confidence is likely to increase. However when going through a low motivation is likely to decrease. However it is the motivated entrepreneur that uses their resilience and comes through these challenges


# How much money do I want to earn?

You may also need to think about how much money you would be happy to earn. It is key to remain realistic and make effective goals with regards to finances. Many of us judge our success by how much money we are earning especially those who aspire to be an entrepreneur. However if you are wanting to be an entrepreneur and launch your own business to achieve financial freedom you are likely to become disheartened quite quickly as this is likely to be an unrealistic goal. It takes most entrepreneurs many years of hard work to achieve financial freedom with many others never achieving it.

# What kind of a boss I am?

Perhaps for those who aspire to be an entrepreneur being your own boss and only answering to your self is one of the biggest reasons for wanting to launch a business. However there are cons to being your boss. For example you will have to manage all aspects of your work; research areas you aren't sure about; motivate yourself; time manage well; and reflect objectively. For this reason you need to ask yourself what kind of boss are you and could your manage yourself to be productive within your business?

# Will my business succeed?

Is there a need or a demand for the business you are considering to launch. This is as important as any of the above questions. No matter how motivated or hard working you are if your business does not address a need then it is going to be very difficult to succeed. One way in which you can gain an idea about whether your business will succeed is through a SWOT analysis. This will allow you to exam both your idea and the competition within the market you would be entering.


The above are just some tips to consider if you are considering launching a business. If you are serious about becoming an entrepreneur and want to launch your own business I would recommend reading "why should you start a business?" Which is published by and available on Smarta.com. Within this article there is also a link to a business building package which Smarta offer. This may also be of interest to those of you with no or limited business experience but aspire to be an entrepreneur.



For those who are seriously considering starting a business I would argue that to make a decision that is best for you do your research and gather as much information as you can. However it is important to ensure you set a time limit to your research period or you will never launch your business if you decide that is right for you. One way in which you can gain more information is through reading articles by others who have launched their own business. With this in mind I would recommend reading "Taking the plunge: why you should start your own business" which is published by The Telegraph and wriiten by Alexis Dormandy who is the founder of LoveThis. Within this article Alexis discusses why he descided to take the plunge and launch his business.

I hope this article helps you to answer the question "should I start a business"?