To coin Albert Einstein: “in the midst of every crisis, lies great opportunity.” Some of the world’s most successful businesses were founded during the last recession including Uber, WhatsApp and Pinterest. Could this be the perfect opportunity to home in on that business idea niggling you at the back of your mind? In short, yes.
As a coach and trainer, Melanie Pritchard is often approached by budding entrepreneurs wanting to go at it alone. Here are her most frequently asked questions and some tips to help you on your next journey.
Am I making the right decision?
In truth, only you can answer this one. It is worth remembering that our brains are wired to flit to the negative. The fact that you are even considering such a leap speaks volumes in itself.
Questions to ask yourself are:
- Are you passionate about the venture?
- Are you motivated and ready for long hours to get things moving?
- Are you in a position to make a loss in your first months of trading?
If you answer yes to all of these, it is more than likely the right decision for you.
Where do I start?
Starting a new venture can seem overwhelming at the best of times. During a crisis, even more so. Try and keep a positive mental attitude: more time at home means you can focus on your dream and get a plan together. Bring out your passion. This cannot be stressed enough. Ensure your business is in a market you know well. If you don’t – get researching. To sell a product or service successfully you need to exude passion and know your market – if you don’t you will come across as insincere which will make the selling process harder.
Get to know yourself and your venture. This may sound odd but is paramount. What is your unique selling point? If you don’t have one adapt your venture to fit one. What makes you/ your product stand out? Why is your service more deserving than others? What makes you better?
Once you answer those questions honestly you have mapped out your brand and are ready to start.
What if I am out of my depth?
Every successful entrepreneur has felt out of their depth at one point or another. Just because you feel it, it does not mean that you are.
Talk to friends, family and other entrepreneurs that you trust. Bounce ideas off them and listen to constructive feedback. Invest in a business or marketing coach if you feel that you need an expert opinion. But remember, everyone doubts themselves, it is how you deal with that doubt and change your mindset that will determine the success of your venture. Believe in yourself and others will follow.