3 Steps To Take Before Starting Your Business To Save You Heartache, Boost Chances Of Success, Or Survive Failure With Grace

Entrepreneurship is a calling.

It sometimes starts in desperation or by accident but most often begins as a stirring deep within. That desire to bring a business into the world becomes so strong you fall in love with its potential. You can’t stop thinking about what it would look like, how it would feel to run it, and any number of what-ifs.

The road from infatuation to long-term commitment is treacherous.

Once you have the following nailed down, doubt and desire will convert into action, and fantasy will morph into reality.  Get clarity: Find out the why of your business, be honest about whether you have the stomach for it, and take an inventory of your assets. 

Investing the time upfront on these will save you heartache, boost your chances of success, or survive failure with more ease.

1) Get crystal clear on the true motive for creating this business. Yes, the one you’re embarrassed to share. Why does your business idea want to be made real by you? Why do you feel the world needs your creation? 

2) Do you have a cast-iron stomach? Business is variable, change is constant, and the ups and downs can make you seasick. Do you thrive on ambiguity, chaos, and uncertainty?

3 ) Businesses fail when they run out of cash. Know exactly how much money you have, what you can afford to invest in your business, and how long you can live without a salary. Tally your intangible assets (network, degrees, superpowers).

Now you know the answer.

Photo credit: Unknown author, Public domain, via Wikimedia Commons