Starting your own venture can be an awesome adventure filled with both ups and downs, but it’s not for everyone. Successful entrepreneurs have characteristics that help them to strive, survive and thrive.
Entrepreneurship is a lifestyle, that’s why most entrepreneurs regard their business ventures as their pride and joy, something special that they created out of nothing. There are hundreds of reasons why you should also start your own thing, but before you finally take the plunge make sure that you have all angles covered.
Co.Space has created an infographic with 5 big questions to help you decide whether you’re ready to start your own business. Let’s get started.
Businesses usually address problems or gaps in the market. Entrepreneurs are great at identifying needs, wants and desires then coming up with great ideas on how to satisfy them in order to make a profit.
Customers tend to embrace products and services that are unique in terms of their benefits and features. Successful entrepreneurs are customer-centric; they sell a product or service that works differently in a way that benefits customers and gives them good reasons to buy.
When it comes to running your own business, what you know is as important as who you know. Relationships are very important; remember, people do business with people. So ask yourself, do you have a strong network of fellow entrepreneurs?
At Co.Space, we have a community of entrepreneurs who regularly network and share ideas with each other. Our monthly Hub networking and hang-out sessions allow our new and existing tenants to meet, greet and do business. Being part of the Co.Space community gives you exclusive access to new opportunities, potential suppliers, as well as other entrepreneurs and business owners.
Financial illiteracy is one of the main reasons why most entrepreneurs fail. You need sound financial skills in order to make your business work for you. Issues like pricing strategy and marketing costs play a big role in deciding whether your business makes money or not. If you’re not confident in your financial skills, maybe you should get a business coach or mentor to help you out with financial models and the likes. Whether you like it or not, you need to have sound processes around finances, marketing, sales and other elements of your business.
When it comes to starting your own business, where you choose to work matters. For some businesses more than others, it all about ‘location, location, location’. Co.Space is strategically located in Midrand, midway between the Allandale and New Road interchanges on the M1; access by road is quick and easy even if you live in Sandton, Fourways, Centurion or Pretoria. When starting out, you want to avoid high start-up costs that’s why Co.Space has a wide range of storage and working space solutions for different types of businesses. Our business is about making your start-up or small business work, that’s why we offer affordable business storage and working spaces. We have different working space sizes that can be used as offices, workshops, studios, showrooms and storage space.
If you answered all the questions without flinching, you’re ready to make your idea work for you. But if you cannot answer 2 or more of these questions perhaps it’s time to bring in the big guns, consider getting a business mentor to guide you through the process of starting your business. Being ready will help you cope with the downs and manage the ups responsibly. Be ready and remember that there’s no perfect time to start being an entrepreneur so why not start soon?
Keep this in mind: Whatever type of work space you need, Co.Space gives you the right space to do business and meet other entrepreneurs.
FYI: Our friends at Business Partners have developed an awesome entrepreneurship quiz to help you evaluate yourself. Do you have what it takes to be an entrepreneur? Take the entrepreneurship quiz and find out.