Should I start a business?
Globally it has been well-reported that the pandemic led to a surge in entrepreneurship. People have lost jobs, been forced to look for alternative ways to make a living, or are quitting their jobs and going after their dreams.
The recent consequential economic downturn has led to job losses and uncertainty, which also may have prompted the increase in Australians starting their own businesses. Not to mention the shift to remote work and online business models making it easier for people to start their own businesses.
The thing is, a LOT of people who want to start their own business have this fantastical idea of how it’s going to be so easy and they’ll be on the beach with their laptop and make all this money and have all this free time. BUT we’re going to be really honest with you here and tell you what most people won’t - starting a business is NOT for everyone. We’re about to break down EXACTLY what it takes to start a business so that you can find out if it might be right for you…
Starting a business is a big decision and requires a lot of dedication, hard work, and honestly - money. It's important to understand that it's not for everyone, and it's essential to assess whether or not it's the right path for you. Which is why we’ve included this quiz below:
The four qualities you need to have to start and run a business are:
Resilience - Starting a business can be challenging, and there will be obstacles and setbacks along the way. It's crucial to have the ability to bounce back and keep going.
Self-motivation - Running a business requires a lot of self-motivation as there may not always be someone else pushing you to achieve your goals.
Passion - Being a founder is a lot of work and requires a lot of time and effort. Having a passion for the business you're starting will help keep you motivated and focused.
Flexibility - Starting and running a business often means being open to change and adapting to new situations.
The key questions you should be asking yourself if you are thinking of starting a business are:
Why do you want to start a business?
What problem is your business solving?
Who is your target market?
How will you make money?
What are the risks and challenges you anticipate?
The one thing you should start doing right now if you're even considering starting your own business is to research your market, competition, and industry. This will give you a good understanding of the current market and help you identify opportunities and potential challenges.
In conclusion, starting a business is not a decision to be taken lightly. It requires a lot of time, effort, and dedication. It's important to assess whether or not it's the right path for you by considering the four qualities you need to have, asking yourself key questions, and researching your market and industry.
If you're interested in joining one of our programs in 2023 and are looking for support in starting your own business, be sure to book in with Coach & Connect. Coach & Connect links founders or aspiring founders with experienced startup coaches to accelerate and amplify success, all for free. With over 2,000 coaching sessions in 2022, Coach & Connect is back and better than ever! Sign up now to work out which UNSW Founders program is best for you and your idea. Don't let your business idea go to waste, take the first step and book in with Coach & Connect today!
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