5 Things to Know Before Starting Your Own Business

keep calmLet’s face it. 2016 is going to be a challenging year as the economy takes a trip south. Flip through the recent news and the signs are evident—increasing number of retrenchments in various industries. As my colleague wisely put it, “Ask not how much bonuses you can get, but whether you’ll still have a job at the end of the year.”

Yet in times like these, there’ll always be a handful that desire to take fate into their own hands rather than to wait like lame ducks on the chopping board. Before you get all pumped up and dive headlong into the deep end, consider these 5 things:

1. How long can you go without food?

Unless your new-found business can generate instant profits, you’d likely be digging into your life savings and living on a thin line before you see any results. Before you fire your boss, do your math properly to get a good idea of your living expenses and start up capital. If the odds are stacked against you, it may be wiser to wait a while more.

2. It takes more than just passion.

We all love the heady sensation where we challenge the world and wins, but running your own act requires more than just a big heart. Be teachable to acquire new knowledge and skills, be flexible in dealing with people and situations, and be more resilient when faced with failures. What doesn’t kill you makes you stronger.

3. You are not almighty.

There’s only 24 hours in a day for you to work with and an endless flow of things screaming for your attention. While it’s admirable to get involved with everything, it’s not the most effective. Can’t handle accounting? Outsource it. Need a website? Hire a freelance website designer. Leverage on the expertise and resources of other people to achieve your goals. No one said you had to do it all by yourself.

4. The world don’t owe you anything.Bankrupt businessman

You’ve exhausted all your time, resources and energy and it still ends up in business failure. Welcome to real life where sometimes, there’s nothing you can really do about it. Don’t get mad, get even! Channel the frustration and move one gear up. The good things in life never comes easy so why should you expect anything else?

5. Be nice, no matter what.

Remember the class bully that everyone hated? Just because you’re the captain of your own ship doesn’t give you the right to push others around or belittle their contributions. The reason why people are successful is not only because they are good at what they do, they also happen to be great individuals to work with. Good manners and character will always win the day, no matter where you go or what you do.

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