10 Things to know if you are ready to start a business

Brief: You don’t need to get up one day that you want to start a business. There are signs that you need to look for in order to know you are ready to start a business. Let’s check these signs and see if we’re ready!

Almost everyone has thought about starting a business at some point in their lives. It is in the list of almost everyone that has worked with a startup or a company. You know that kind of feeling you get when your boss seem to have “crossed the bounds”. Especially those who find it difficult to be in a corporate workplace where there are binding rules and regulations in addition to internal company politics.

However, very few have that entrepreneurial mindset which makes it clear they are yet to think about starting a business. The dream to have full control over their time and goal is hardly ever achieved. If there’s one thing I have never regretted in my life is starting my own business. This is all I have ever wanted since my days in secondary school.

Are you ready to start a business in Cameroon?

I have come across people who regret starting a business of theirs. This most probably happens because they were not ready. If you have been thinking of starting a business venture, you need to know if you are ready. Let’s see some of the signs that shows you are ready to start a business.

Do you find it difficult getting a business idea? Checkout these businesses which you can start in Cameroon with little or no capital.

1.  Do you have passion for your idea?

To start a business is not only about solving a problem as many think. You need to have that passion for your idea because you will need it to keep walking in tough times. Passion has often been over-hyped but it plays a great role in the success of many businesses.

For those who plan quitting their corporate jobs, make sure there’s something you are excited about starting before making the move. If you don’t really care about your idea, there’s a high probability that you will quit when the going gets tough.

2. Do you believe in your idea?

You cannot convince others to believe in your idea if you yourself doesn’t believe. Self-belief, perseverance, persistence and passion is what you need to keep your business idea alive. You need to first of all trust yourself and your business idea. 

Entrepreneurship is not for the faint-hearted. You need to have a thick skin for negativity because you will surely meet it in the journey. If you can stand negative or positive criticism, then you have a strong belief in your idea. 

You need to have faith that your idea will work and turn into a profitable business. I see such faith in the guys who do multi-level marketing. However, that alone doesn’t suffice to start a business.

3. Do you have a plan?

It doesn’t matter if the plan is on a piece of toilet tissue or a hundred-page brochure. What matters is for you to stick to the plan. You need to have a proper idea about what it will cost to start the business. It’s all about guesswork and may not turn out to be what you planned. 

Having it in mind will give you a better understanding of what your business may look like in the future. One thing you have to be sure of is that costs will turn out to be higher and expected revenue lower than what you thought it would be.

See How To Write an Amazing One-Page Business Plan

4. Is there a market for your idea?

People should be willing to pay for your idea. This means it’s not only about solving a problem – it’s also about the willingness of people to pay for your solution. You are ready to start a business when your idea meets what people will want to pay for. 

For those who may be planning to quit their corporate jobs to start a business, make sure there is a market for your idea. If you’re not sure, don’t get your hands dirty yet. This means you will have to carry out a market research for your product or service.

5. Do you know you have to wear different hats?

The fun is most of these hats will not fit you, but you have to bear with. At the beginning, you will be faced with many challenges and one of the most common is to do everything. It may look funny, but it is real. 

Every entrepreneur at the beginning will have to search for leads, reply customers, carry out accounting work, contracts and so on. In my case, I write blog posts, share on social networks, reply to emails or messages from customers, etc.

You have to be ready to hustle to do whatever it takes to get your business successful. If you are not ready to take that risk or sacrifice, then you aren’t ready to start a business. Except you have the money to pay people to take care of the different tasks –  which is usually difficult.

6. Are you ready for the risks & sacrifices?

Business is all about taking risks and sacrifices – the risks of making a loss or profit, failure or success. Mind you, you can work hard and never make a profit as well as you can be overwhelmed with growth. 

Jumia is a great example as they were overwhelmed with the growth which they ended up unable to manage. We all know the consequences! Read more about Jumia shuts down its online shop in Cameroon and Jumia admits defeat against rival e-commerce business in Cameroon.

You need to be ready and understand how to manage both situations. If you know that you can manage them and not be afraid, then you are ready to start a business. This is similar to failure and success.

7. Can you manage your success & failures?

I usually say the fear of failure is the beginning of failure. If you are afraid of failure, then you are not ready to start a business. Fear is not only about failure – there’s also the fear of success. 

As for me, I surpassed the fear of failure a long time ago. I am now at the level of fighting any fears that come with success. Success comes with more work, expectations and greater visibility. If you are afraid of failure or success, then think again – business isn’t for you.

8. Do you have knowledge of the sector?

You need to understand your business’ sector. In addition to this, you should be ready to learn a lot because just the experience of starting a business will teach you more than you can imagine. It’s not only about being able to do the task itself. 

The fact that you are an app developer doesn’t mean you are ready to start a business in that domain. There are extra demands that you must be aware and able to face when it comes to starting your own business. You have the marketing, accounting, human resource and so on.

9. Do you plan to make your business legal?

There are many entrepreneurs (if at all we can call them that) out there with highly branded illegal businesses. They carry such titles as CEO, MD, Managers, Founders, etc. with businesses that have never been registered. 

One of the first things to an entrepreneur does is to register their business. Legally incorporating your company means you are determined to do things the right way. Legally registering your business shows you are ready to start a business.

It is very necessary for you to know what a registered business is and why you have to register you business. Once you know all these, then you will understand why you have to choose OpenHub Digital for your business incorporation services in Cameroon.

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