Assessing Your Readiness
Change of any sort is difficult ultimately when:
- change requires the brain to overcome fear (of failure and self-doubt, etc) and uncertainty of the change itself (which can be extreme for certain people/personalities), and
- change requires the brain (and often the body too) to learn something new, or to re-learn or accept something in a different way.
We’ll take an in-depth look at how to determine whether your idea is viable in Day 2 of the workshop. But before jumping into a new venture, take time to decide whether it fits with your personal and professional goals.
Although you may not be able to do that with 100% certainty right now, take the time to think through your greater vision. You’ll absolutely gain more information through market research. Then you may want to revisit your assessment.
Does This Work for Me?
Use the following criteria to assess whether your business will be a good fit for you:
Think through how your particular business choices fit with your personal goals.
Does this idea fit my personal vision?
Talents and Skills
Look at the match between your talent and skills and those required by the business idea. This will help you decide how easy it will be for you to start your business. If the new venture requires a significant amount of learning, the timeline for starting it will be longer and the possibility of mistakes greater. You can overcome personal gaps in skills or knowledge by putting together a team to help you launch the business.
Do I have the talents and skills to implement this idea (or the ability to put together a team that can)?
Risks and Rewards
There’s some risk involved in all entrepreneurial ventures. And the risks vary depending on the type of business you wish to start. As an entrepreneur, you have to assess and accept the risk involved, and compare that risk against the rewards you expect to receive.
Are the risks associated with this type of venture acceptable to me? Are the rewards (personal growth, satisfaction, self expression, financial, recognition) adequate to offset the risks associated with this venture?
When to Change Course
Spending time planning and researching your business idea can save you a great deal of time and money. Once you’ve gathered enough information, what if you aren’t sure you want to proceed? It may not seem like it at first, but this means that this process was successful. You’ve learned what you need to know about your business idea. Rather than pursue a risky idea, you may choose to consider several options, including:
- Identifying and researching a new business idea
- Getting more education and training
- Improving your personal financial situation for funding a business
- Getting a job in the industry to learn more about it
If the business planning process leads you to pursue a different business idea in search of something more feasible, consider yourself fortunate! You’ve saved valuable resources, including the time and money that would otherwise have been invested in the business. Now, you can apply the planning process to another business idea. Maybe you’ll decide business ownership isn’t for you. You can still use your newly developed planning skills to make you a more attractive employee for your next dream job. Most organizations want people with entrepreneurial skills who can analyze and evaluate business opportunities. Going through this planning process provides you with a valuable skill you will use time and time again. Maybe even with another business idea!
Tip: It’s okay to abandon the idea of self-employment in search of something else. Just like Hollywood producer Samuel Goldwyn once said, “I had a monumental idea this morning, but I didn’t like it.”
Tip: You can't move on to the next lesson in the workshop until you've marked the current one complete. When you click "Mark Complete" you'll automatically be taken to the next Lesson!