Is There a Best Time to Become an Entrepreneur?
Business Insights issue 5 began to explore the importance of where you choose to trade in terms of location and how your decision can affect your business operating model choices.
In these exceptionally turbulent times, you may well find that important life decisions are being made for you. It's also likely that you feel (or are) entirely unprepared, either because your plans changed much sooner than you expected them to or because, metaphorically speaking, you feel the rug has been pulled out from under you without warning.
Accordingly, this Business Insight issue 6 considers whether there is a "best time" to take the leap and become an entrepreneur, assuming of course you get to make that choice yourself!
So, when is the best time to make the leap?
In an ideal world, which happens occasionally although it may not feel like it at the moment, you get to map out your future and plan the steps you're going to take before you make the leap and start the business you've been dreaming of.
In this scenario, for you, the planning stage may happen whilst you work for someone else as an employee, or perhaps whilst you are a student. It may even happen in the spare moments you get as a parent, caregiver, or job seeker. Whichever situation you find yourself in, it stands to reason that the ideal time to become an entrepreneur is when you have the income you need to at least cover your living costs.
Sounds ideal, doesn't it? But, as you probably know already, life doesn't always turn out the way you planned or thought it would!
So, what do you do when you suddenly find yourself facing Hobson's Choice?
Presumably, you've already met Hobson? Maybe, but not sure? Well, Hobson's Choice refers to those moments in life when you really only have a choice between nothing or an undesirable alternative even if other people think you have several options. In this scenario, you get to take whatever's on offer or have nothing at all!
In the current economic climate, Hobson has been causing havoc in many lives regardless of background, so if you're facing this situation yourself, know that you're not alone.
What may surprise you though, is that even when faced with Hobson's Choice, becoming an entrepreneur can actually be your saving grace. You've probably heard the proverb "necessity is the mother of invention". Well, given Hobson's Choice, it's amazing how resourceful you can become if you develop the right mindset!
And that right mindset means you decide from the outset that you will stick by the ground rules that will keep you ethical (including lawful), socially responsible, and environmentally considerate so that you are not tempted to stray into undesirable territory that can (and too often does) lead to devastating consequences! Sadly, Humankind and Planet Earth are not facing an existential threat of running out of rare and precious resources for no reason!
So, no matter where you find yourself, becoming an entrepreneur might just be the solution you've been looking for or hankering after. This, in turn, suggests that the right time to become an entrepreneur is in fact different for everyone.
For instance ...
If you are someone who needs the comfort of knowing you can afford to live the life you want to live whilst creating and building your business, then for you, the right time to get started is when you have a regular and sustainable income or sufficient savings that will last as long as you need, which may be for a few months or for several years!
Then again, if you are someone who has an average risk profile, which means you are sufficiently comfortable with a reasonable amount of uncertainty, then for you, the right time to get started maybe whenever you get a strong enough desire to change your circumstances and create your own luck!
Alternatively, if you are someone who prefers spontaneity, then for you, the right time to become an entrepreneur maybe whenever you get the opportunity to throw caution to the wind and ride the metaphorical rapids of fate, which may or may not lead to your fortune! This may be because for you the fun may well be in the unmapped journey rather than reaching a pre-defined destination.
Whichever entrepreneurial spirit you have, whichever profile you favour, you will find that the best time to become an entrepreneur will depend more on your mindset than on whatever circumstances you find yourself in, provided that …
your remain wise enough to know you don't have all the answers, nor do you have to have all the answers …
you stay open-minded and vigilant enough to recognise when you need to add more steps to make your business work …
you remain tenacious, determined, and astute enough to know when to keep going and when to change direction, even if it's sooner than you thought or wanted it to be …
you continually develop your knowledge and understanding, learning what works and doesn't work for you as you go …
you actively and readily seek professional support when needed to help you overcome challenges and alleviate limitations.
So… how can you reach new levels of success on your entrepreneurial journey?
Whether you are ...
an Aspiring Entrepreneur taking your first steps,
a Progressive Entrepreneur who’s made it through the start-up phase,
a Proficient Entrepreneur who's ready to unleash untapped potential,
or a Serial Entrepreneur creating your business portfolio ...
You can learn how to overcome, and even avoid, pitfalls frequently encountered when creating and running your own business empire.
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