Top 20 signs that say it’s time to start your own business
TheCodeWork Team | 5 May 2021
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Hey there! Are you sitting at your work desk right now and daydreaming about your “own” big business? Congratulations! You are at the right spot here. This blog is definitely for you to help you start your own business.
It’s funny how our dreams and ambitions change with time. During the final year of college, our “big” dream was to have a proper job that would escalate with time. I am sure you are with me on this! However, with time, the startup culture began to grow and soon there were big names (entrepreneurs) everywhere. Starting from Facebook to Amazon, from Twitter to WhatsApp. Startups have started ruling the economy!
It didn’t take much time to get inspired and here we are today! Anyone with a little edge, who knows how to solve a problem and is welcome to take risks, is probably cooking a startup idea somewhere. Are you one of them? We will find out soon.
You are aware of the massive level of work and effort that starting a business needs and demands. However, you can never really shake off the “idea”. I understand, trust me, I do! But let’s not jump into it and find out first, if you are ready for such a huge mental and financial leap. Sounds valid, right?
The underlying fact is, not everyone out there is comfortable with a 9 to 5 job, okay? But at the same time, not everyone is fit to be an entrepreneur. It takes a lot from within. A moment of impulsiveness can ruin your future prospects. So think hard before taking any decision.
Did you know that almost 60% of Americans are waiting for the right time and mindset to start with their entrepreneurial ideas? Yes, 60%! Even here, I took a lot of time to finally switch from my corporate life and start my own business.
So let’s tap on the signs together and see if you are ready to start your own business, shall we?
Signs you should start your own business
Now about starting your own business, it’s always wise to proceed in a step-by-step manner. First ideas, then approach, then validation, then launch. Have you heard of the MVP/minimum viable product approach yet? This helps you get your idea validated in the niche market without draining all your resources. This is the step-by-step approach that I am talking about.
Reach out to us at TheCodeWork, in case you need more information on the same. But before that, let’s see if you are ready yet.
I have compiled a list of 20 definite signs that hint at the fact that you are ready to get going. Are you excited? I am sure you are! Have a look:
1. Problem-solving skills
This has definitely been the major indication to launch my own business. Let me tell my/our own story here. Initially, when we started an enterprise, we faced a lot of problems with the approach and attaining a proper MVP. We did it ourselves but at the cost of draining our resources. Also, once we launched the venture, we realized that some of the features did not align with the market requirements.
Can you imagine? After all those efforts, that was the end result. Gradually we realized that there were many startups out there facing the same issue. That’s when we came up with TheCodeWork, solely to provide MVP models to startups helping them turn their ideas into actions.
So if you foresee any such problems at present, in any industry, and have naturally come up with a solution, then you are ready. Trust me
2. You are not afraid to take risks
Traditional 9to5 jobs are a secure space. You can’t really deny that. Can you? But despite that, if you are willing to give in to your entrepreneurial thoughts, then that’s all I wanted to hear.
Startups come with thrill and risks! Just go and ask any entrepreneur. They will give you a brief about the fear that they have faced in the initial years. The risks, the struggles, everything! However, once you are able to surpass that, you are in for a ride, my friend!
If you are eager to learn and also take a lesson from his/her failure, then you are almost there.
3. Your “big idea” is all that you think of
Tell me something. Have you had an idea for years and did every possible homework related to it? Like, researching about the reach, the niche market, the industry involved, and maybe even the budget? I feel you! You are just on the right track. This is exactly how it all begins. Good going!
Ideas are the core of any startup business and if you are stuck with one, then you are already on the road to innovation. In case if you don’t have any big idea but hover around tiny chunks, then let me help you out with that.
Read this article about top MVP-related business ideas that you can start working on, without draining your resources. Perfect, right?
4. You know the risks and the economic statistics involved
It feels great to move ahead with an idea or innovation. But hey, it’s vital to think through all the risks involved. Don’t you think? Tap the market and see the demand for your product.
And what’s the best way to do that? MVP! Can’t say this enough.
Furthermore, you need to keep a tap on the economic situation in the market that you are aiming for. If you want to start your own business, then you need a decent knowledge of the budget involved, your own economic state, in addition to the risks involved.
If you have already evaluated these, then, you are good to go ahead!
5. You already have a business plan
Scripting a business plan is sheer hard work, I know. It makes you introspect your dear business idea in so many ways. Are you relating to this already?
But hey, if you already have the first draft of your business plan with a competitive analysis – I think you are more than ready to go with the first shot. Planning is the skeleton, right? And you already have that ready!
Starting a business is not at all a trivial task. It comes with a huge amount of risk. We all know that for sure. So if you have already decided to leave your comfort zone and dive for the thrill, make sure you have a decently drafted business plan first.
6. Your productivity is at peak when working on your own schedule
Not everyone can be productive in the bracket of 9 AM to 5 PM. For example, I am not a morning person. My best hours to work are from a late hour to early morning. This doesn’t mean people like us don’t work during the day, okay? It’s just that, the late hours dig out the best quality of work from us. If you relate to this, then I am so sure that your own business is what you seek.
Starting your own business means you have to work much more than what you are used to. But at least you know when to schedule what. This is what draws the best work out of your timeline.
7. You have an appetite to learn and add to your personal growth
Having an idea and the willingness to take risks are not enough to start your own business. So what else do you need? See being a good communicator is a vital requirement. Apart from that, having the ability to make fair decisions and staying upfront during bad situations is imperative.
So how will you achieve that? By learning and adding to personal growth. If you lack an appetite for it, then you still aren’t ready for this giant leap.
Some people are lucky enough to have these talents naturally. But in case you lack these, be upfront and try to learn as much as possible. If you have the will to do so, then you are so so ready to get going, my friend.
Learning and growing are the two major objectives of an entrepreneur. So craft your mind according to these requirements and you will be set to start your own dream project.
8. You already have a well-planned exit strategy
Have you already crafted an exit strategy to leave your job and get going? Whoa! You are really up for it, eh? Just make sure that you have stacked up enough resources to quit and start your own business.
However, if you are confident about your exit strategy, then I am sure you know what you are doing. So get going and start that business you have been thinking about. Good luck!
9. You have enough networks in your niche
Do you make the extra effort to meet and connect with people from the industry that you aim to enter? If yes, you are a mastermind, I must say! In addition to building networks, tap on people who may be possible leads. Do that even before you start marketing for your business. It’s about building the right connections here that lead to potential customers.
10. You want to exhibit your vision
This is a unique pointer, I know. But equally important. Do you feel the impulsive urge to let the world know and see your vision about a particular problem/solution? Then that’s it. This is a budding sign that indicates your appetite to go out into the world and frame your idea in the form of a brand. Go ahead, please!
11. Work ethic is on point
Do you overwork and put in all your efforts into anything that you do? Be it minor or major? Then why are you here? You have so much in you! Just take the leap! Input all your effort into your business, mate! You are all set to shine.
12. You don’t ever overlook potential.
If you are someone who understands and acknowledges the very fact that, anything and everything always has room for improvement, then congrats! You are a budding entrepreneur.
This appetite to make things a bit better, no matter how great they already are, is an exclusive and intermittent factor of every successful entrepreneur out there.
13. You want to exhibit your leadership skills
This might sound trivial, but hey! Look at the economy, look at the competition. I am sure you know people who are really talented but don’t seem to fit in any of the corporate jobs that are available in the market.
So if you feel like you can help them in this situation, do that! Tap the opportunity! If they are fit for the roles that you need in your new business, why not?
Wait! Are you telling me you already thought of that? Welcome to the entrepreneurial mindset then.
14. You visualize a service/product that is currently absent in the market
Are you a problem solver? If yes, I am sure you will relate to this. You have probably come up with a solution for the “oops-I-wish-we-had-this” moment. If so, what are you waiting for? Please enlighten the world with your product vision. The world probably needs it almost immediately!
15. You want to explore your creativity
Has it ever happened as you thought of something cool which the boss kicked into the basket? Well, it happens! If you are too tired of it and want to break free with your own venture, just take the plunge. Working aimlessly eventually leads to burnout and we obviously don’t want that.
16. You love challenges
It often happens that we get too comfy in our comfort zone. Right? This is the time when you seek thrills and challenges. So if that has led you to the idea of starting your own business, I totally acknowledge that prospect, mate! Go ahead.
17. You connect with people
This is a great virtue! If you easily connect with people, can you imagine the effect it will have on your own clients and leads? Perfect, I know! Please don’t let that go to waste. Being good at communicating is a major part of being an entrepreneur and if you already excel at it, I want to congratulate you already!
18. You happen to seek the thrill
Not all people like to play it safe. Especially entrepreneurs. It’s this very edge to them that makes them different from the crowd, right? If you happen to be a thrill-seeker, I guess starting your own business will only add to it! So good luck and play-wise.
19. You want to break free
Are you literally frustrated with your cubicle job and want to experiment with your abilities? This is a sign, my friend! Fits right in the framework of an entrepreneur’s mind. Get out of that cubicle already, will you?
20. You know you are ready
Procrastination happens to be the most deadly buzz killer. Stop doing that! If you know you are ready, if you are related to all these pointers above, just get going. You are perfectly on the right track!
Wrapping it up, you don’t need to follow this list blindly. If you know your abilities and
Trust your intuition, then please do act accordingly. The above-stated signs are just a stimulus to start exploring the choices and prospects that are available for you.
The pointers that I have stated above are strictly what I felt and experienced when I started my own business at TheCodeWork, with my co-founder. And trust me, apart from all these pointers, it is really important to do your homework, conduct wholesome research and get going! Stop procrastinating.
And if you do begin, try the MVP approach to save time and time while taking a step-by-step approach to a successful entrepreneurial future. In case you need more information about MVP, read our blog on the same. Reach out to us at TheCodeWork to build an MVP with us! We are here for you!
Do you exhibit any of these signs? Please do share with us in the comment section below!
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