The first question that budding entrepreneurs ask is, when is it the right time to strike out on your own?
When I floated my own company, 7boats, I was faced with this question as well. I had years of experience in the digital marketing sector. I was committed to do something on my own and not remain satisfied with the status quo. However, there were several bugs of doubt in my mind about the timing. I was also not quite sure then if the groundwork I was preparing would be enough to sustain the rocket that I was planning to launch!
Now that the ship (or rather the 7 boats!) has sailed, on hindsight I feel a little encouraged to answer this question for those who are toying with this idea today.
Firstly, there cannot be a single answer to this question. The usual tips aside, like there’s no right time to launch your dreams and all that empty motivational talk, the risk propensity of each individual is different. For example, I may be comfortable with a financial cushion to last me 6 months before I started earning from my startup. On the other hand, you may feel that 1 year is a better cushion. So, that is something that you have to figure out for yourself.
Secondly, you should have confidence in the product or service you are offering. I’m not going into the details of product testing and market surveys. If you are serious about launching a startup, you must have already done considerable reading on these fronts. The important thing is to be practical and sure about the acceptance of your product or service. It will drain out your seed capital if you launch it and then find loopholes in your offering. Take another year, if you must, to test things out.
Thirdly, do not be delusional about the whole initiative. Like I said earlier, vague concepts like ambition and dreams are okay, but you need to be a hard realist in judging the viability of your startup. Your startup won’t be successful simply because you are the hardest worker ever or the one with the most brilliant idea ever! Your startup will click only if you have a working plan and a clear strategy. The blueprint needs to have ground realities and specifics, in currency units against time, if possible.
Start stitching a founding team together if you tick these boxes. Contact us for our entrepreneurship programs and launch the startup you want.