There’s an old adage that claims if you wait for the perfect time to (fill in the blank), you’ll never get it done. We sometimes tell ourselves to wait until we have the resources, opportunities, experience, or money before taking a chance. Given today’s continuing uncertainty, primarily stemming from COVID, it might not seem like the perfect time to become an entrepreneur; however, the current moment offers opportunities for those willing to take the risk.
While the last 18 months certainly presented challenges for business owners, they also taught the importance of creativity and resourcefulness. Where some saw an unsteady economy, others capitalized on greater access to consumers, the power of evolving products and services, and altered competitive landscapes.
The “when” of your entrepreneurship journey is just one small factor in the equation. Below are three key things to consider when deciding whether to become an entrepreneur; together, they are far more crucial than choosing the elusive “perfect” moment to begin your new venture.
The “when” of your entrepreneurship journey is just one small factor in the equation.
Truly evaluate how much risk—financial, personal and professional—you can and are willing to tolerate. Then, make that your touchstone. Starting a business will require money, time, and talent, all of which will have to be pulled from some other area(s) of your life. Those other areas won’t suffer, per se, but they also won’t remain unchanged.
Entrepreneurs cannot succeed without others’ support. You’re going to need the support while you focus on starting and building your business. Look to your family and friends early and often for everything from brainstorming and mentoring to business connections and financial support. Your support system can—and probably should—include people who aren’t afraid to challenge you or at least play devil’s advocate.
Instinct & Attitude
Spotting opportunities, especially during difficult times, requires strong instincts, a heavy dose of optimism and enthusiasm, and a willingness to shift perspective. The United States Bureau of Labor Statistics reported that 20 percent of small businesses fail within the first year, and by the tenth year, only about a third of businesses have survived. The numbers have remained consistent over time, meaning business success is less contingent upon the state of the economy and directly related to the drive and ingenuity of the entrepreneur.
In times of adversity, such as a global pandemic or shifting economic landscape, some business owners have even more opportunity to rise above the competition. Attitude, strong instinct, and a positive perspective can make all the difference in the success of an entrepreneur, particularly in the early stages of business.
If you’re thinking about launching your own business, the time is now, and why wouldn’t it be? Opportunity lies in wait, whether everything is “just right” or not. Go ahead and take steps forward. Tomorrow will still be tomorrow; the only difference will be whether it’s the beginning of your new venture or just another day.