You may well have the characteristics to be an entrepreneur, but there are three large, practical hurdles to overcome:
Do you have the requisite skills to do the primary work of the business?
I’ve known many people who have charged headlong into a venture without having thought this through clearly. It’s unusual for a startup to succeed if an owner lacks the ability to do the primary work of the business, so if you can’t do it all. Find a partner who can.
Have a plan for performing the ancillary functions
If you are going to start a company, you had better want to run a business. That means you’ll have more to do than just the primary work of the enterprise. You will have to do admin works such as accounts receivable and payable, payroll. You’ll probably need some sort of IT infrastructure. The list goes on…
Getting ancillary functions right is critical for your business to survive. Yes, some functions can be outsourced, but you’ll need a plan to do each of them.
Growth means you will have to let go
You might be going into because you are passionate about doing the primary work of your startup. And you need that passion. But if your business is successful, it will grow and one day you will face a choice: delegate doing the primary, stop growing or hire someone to run the company while you continue doing the work.
Before you launch your new venture, know which path you’ll take and be prepared to handle success.
Starting a new business is exciting. But as with anything planning can help you avoid disaster. Make sure you have thought through the three critical issues above.