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MenuAre there any tell tale signs that you may not be ready for a business endeavor?
Signs that you are simply kidding yourself.
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In my experience, no entrepreneur is fully prepared for the journey they are embarking upon when they start a new business endeavor. You simply can't have everything you need before you begin this journey. Being an entrepreneur is about being resourceful, or as Paul Graham puts it, being "relentlessly resourceful". You'll need to solve problems as you go and you can't anticipate every hurdle you're going to have to overcome. Ask people around you if they would describe you as resourceful. Ask yourself this question. It is the one skill that every entrepreneur needs to have.
That said, I think you can try to stack the deck in your favor before you begin. Money, knowledge, a head start on your product or service idea before you go full time, the right partners, and the support of your significant other are all things that will greatly benefit you.
In the end, you're going to have to be willing to do whatever it takes to make your business endeavor a success. You're also going to have to be willing to work hard and live an unorthodox lifestyle while you are getting things started. If you're not looking for this kind of life and you don't want to give up a lifestyle that you've become accustomed to or if you don't have the confidence that you'll be able to figure it out as you go, then you may not be ready yet.
I've always thought that you never really know what you are capable of until you are put in a position where there is only one way forward and failure is not an option. In this respect, sometimes I think it's worth a try if starting a new business endeavor is something you've thought about for a long time. Don't be afraid to put yourself out there to see what you can do.
I know my experience of starting a business was one in which I didn't have many things going for me, but I still managed to find a way to make it work and find success.
Work hard. Don't give up. Strive to be the best. Do whatever it takes. You can do it!
any entrepreneur who is worth his salt has a list of past situations he/she wishes she could redo. As hard as you try you are not going to get everything right the first (or even second!) time around. The key take away here is to be focused but not spend too much time second guessing your self. If you go down this path you will get nothing done and you will make your self crazy. The second is to pick a strategy and commit to it. Once you are already going down a path you have to own it. Executing strategy is a 'wishy-washy" fashion will surely yield failure. Other than that you need to be the kind of person who does not blame others for failure. Once you begin your business endeavor you have to be comfortable knowing that everything that goes wrong is your fault. The buck stops with you and is your responsibility to repair the product/service and the customer relationship. So, as long as you are willing to own those processes you will be just fine. You can get advice on the accounting and legal to smooth your path with the logistics, but you have to have the heart for this kind of journey and nobody can answer that except for you.
If you like the idea of success more than you like working on the problem, then don't try.
A key sign would be if you were doubting yourself before you start. To be unsure if it will succeed is one thing, to be unsure if you should even start, disaster.
Related Questions
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.comKM
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Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
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My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
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How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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