What are the risks involved in opening a business?
What risks am I taking doing it alone?
Is risking my secure livelihood for entrepreneurship worth it?
These are the questions I receive when asked about the risks of starting a business.
I have some good news - bad news. The bad news is that I can’t answer any of these questions for you. The good news is that you can and I will help you.
Usually I am not accustomed to answering questions with questions yet for the purposes of assessing your personal risks, there are a series of thought provoking questions I’ve curated to guide you to making the decision of a lifetime.
These are the top 5 questions and solutions for assessing the risks of opening a business.
Have I fully researched how the market will receive my product
Ask family and friends for feedback.
Post polls on your social media platforms.
Put out a minimal viable product then get customer feedback.
Ask additional questions such as What Problem Am I Solving?
Will my family support my entrepreneurial efforts?
Develop family agreements that include goal posts that preserve family life.
Include family in your process with regular open dialogue about your start-up progress.
Be open to constructive criticism and displeasure as well as positive support.
Are my finances ready to handle a change in credit, inconsistent amounts to cash flow and personal investment in the business?
Calculate your monthly and yearly bottom line based on your current sales funnels.
Determine if you are able to contribute to seeding your venture while maintaining a quality lifestyle.
Establish a break even point as well as a success point.
Do I have a personality and stamina for entrepreneurship?
Join an entrepreneur community?
Attend conferences, classes and networking events.
Do a SWOT Analysis of yourself.
If I do not open this business, will I feel less fulfilled or regret?
Pray. Consult your higher power.
Center yourself to tap into your inner soul.
Be accepting of your true desires and fears.