While most think business as the sudden idea that came to you while you were in the shower, in reality, it is much more complicated than that, especially if it is an online venture. Even in the 21st century, money lenders and banks think online business to be a risky place to invest with some exceptions here and there. In this case, you need to ask yourself if you are willing to bet on these odds.
Ask these 4 following questions and you’ll know if you are ready to be an online business proprietor.
1. Are you willing to invest the amount required for the startup & yet have some backup for an emergency?
The very first thing you need to ask yourself is – whether or not you have the capital to start the venture.
If you don’t have the capital to start, there is a chance to receive investment from another party such as investors, banks, lender, etc. But they will require some kind of security and you will only be able to manage such investors if your idea is capable. As this is not the case in most situations, it is only safe to proceed if you can manage the business and funds with an able team.
Also, after the initial investment, you might need to keep some reserve because your calculation for an initial startup can be off. That’s why it is a must to have a reserve for emergencies.
2. Are you patient enough to wait and not quite until you hit the mark?
Sometime the success won’t come in weeks, months or even years. You might need to wait for a few years depending on your business model to be in a sustainable situation. Until you reach that point, you must have the patience to observe and find out what is wrong with your approach.
3. Are you capable enough to invest your time in further growth as the business starts to pick up the pace?
Once your business is at a preferable position in your market, relaxing is not an option, especially If you are a solopreneur. You need to constantly monitor, observe and most importantly research the market to keep up with the pace.
These days, the changes come so fast that with a blink of an eye you could be miles away from your competition. That’s why you need to ensure you have the time to invest in the business even after getting to the sustainable position.
4. Are you determined to hold your integrity in the toughest situations?
Lastly, no matter what happens, you need to be determined that your moral integrity is intact in every situation. A consumer is loyal only to a company or brand when the company and brand is completely honest and transparent about the situation. If at any point you feel like you are about to do something that you’ll need to hide from your customers, this is a red flag.
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