It all starts with an Idea… So you have one but an Idea itself is not going to make you successful. You need to convert that idea into a successful business. It takes hard work, right team, correct synergy and most of all money to start-up. It is said that 9 out of 10 start-ups will fail. With a failure rate this high, how do you make sure your business will be successful. So the big question is – Should you leave your paying job and venture out to set up a business of your own?
Well the short answer is to go through the following checklist –
- Are you willing to quit your job to work full-time on your Idea? — Remember this is very crucial. Most people think they can work on their idea on the side while working their current jobs but more often than not a start-up requires a lot more time and effort to get off the ground. Contrary to popular belief the founders will probably be working round the clock to get the business started.
- Do you have an Idea that is different and is likely to change the way a business or a piece of business is conducted?
- Does your Idea solve a business problem that no one else has solved yet or does your idea solve the business problem more efficiently than the other solutions available?
- Do you have the right co-founders with you?
- Have you identified other team members that would be instrumental in getting the Idea off the ground and convert it into a business?
- Do you have enough money of your own or access to enough money to support the start-up for the next 18 months?
- Do you have a team of advisers who will support you with correct advise?
- Have you done your legal homework including shareholders agreement to rule out any legal hurdles? — This one can be a real pain along the way and can turn out to be super expensive if legal issues are not addressed right from the start.
- What are the entry barriers for your business?
- Is there scale in your idea? — Can you grow your business to be a multimillion dollar value business?
- In the next 10 years would you make at least 3 times more money as a businessman than what you would have made if you continued your current job career path.
If all these questions are ticked yes, you are ready to start-up and give birth to your idea. Remember to work hard and be prepared for a hard time…
Guru mantra : Always under-promise and over-deliver not the other way round…