You’ve been wandering around with a business idea in your head. Should you go ahead and start your business or is it just not a good idea? What elements should you take into account when you want to start a business and how can you be sure it will be profitable? I’ll take you through 4 questions you could ask yourself to see if you should turn your idea into a business.
Let’s go!
1. Passion over logic
The first question you should ask yourself is: are you REALLY passionate about this idea?
If you just want to be an entrepreneur, don’t start with just any idea. If you have to practice something day in and day out when you don’t love it, your business won’t stay afloat.
So, when starting a business it should be passion over logic. Because logically, you might have an amazing idea but do you carry enough passion to actually make it succeed?
If you come up with an ingenious idea — sleep on it and see if you’re still passionate about it tomorrow.
2. A stepping stone to the life of your dreams
The second question is this: will it bring you closer to the life YOU want?
I often see people around me being pressured into becoming an entrepreneur because their family or their friends think it’s a good idea.
But you might be on payroll now and it might be a job you really love. A job you don’t really want to sacrifice to become an entrepreneur.
Then don’t. If turning this idea into a business won’t act as a stepping stone toward the life of your dreams, it’s not worth it.
So, before you take the leap, ask yourself: ‘will it improve my life?’
3. Get ready to go all in
Entrepreneurship is simple, but it’s not easy. There’s a huge amount of responsibility you carry every. single. day.
It’s something you need to know before you get on the entrepreneur train: you’ll have to go all in and give it your all. There will be times when your business takes over your life just a teensy bit.
Will it be like that 24/7? No, but those types of times will happen.
So make sure, you prepare yourself for that before you dive headfirst into your business idea.
4. Is there potential for profit?
Let me be frank: sometimes people start really stupid businesses. They turn ideas into a business without properly thinking it through.
For the love of God, please do some research beforehand.
About the market, the audience, your potential competitors. Don’t step into a new business blindly because you will regret doing so.
For example: making a product for 13 year olds while the product you’re offering is every parent’s nightmare.
Your product won’t sell because it’s the parents that need to pay for it and if they don’t want it in their house, they won’t spend their money on it.
Analyze first, act later
Take some time to analyze before you dive into decision-making. Ask yourself these 4 questions to see if you should turn your idea into a business and take some time to think it through.
Will it be good for your life, your finances, for yourself?
Once you’ve formulated answers to those questions, you can start making the bigger decisions.
Lastly, are you multi-passionate in your business? Read the article of episode 150 to discover how you can efficiently deal with that instead of turning all of your ideas into a business.
PS Are you in a phase right now where you’re just a bit lost? You want to get started, but the financial side of things kind of scares you?
Then I’d love to help you through those feelings. This summer, I’m hosting a free Business Summer School over at the FastForward Academy for all Belgian and Dutch entrepreneurs.
So if you are ready to dare more and to go all in, or you want us to help you do that, I would love to invite you to our business summer school 👉 fastforwardamy.com/bus
Just an extra heads-up: the Business Summer School will be in Dutch.
If you’re English speaking, no worries, I also have a ton of resources for you and you can find those through fastforwardamy.com/freeresources
Watch this episode on YouTube or listen via Apple Podcasts, Spotify or wherever you get your podcasts, and search for episode 192 of the Play To Win podcast.
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