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5 Considerations Prior to Becoming an Entrepreneur

"NYU Ken Sundheim"

 

Upon opening up my staffing agency, I did not factor in certain considerations that I recommend many entrepreneurs think about before opening a business.  I feel as if I got lucky.

 

As aspiring entrepreneurs, we never want to over think opening a business, but we never want to under think the important aspects that encompass successful business ownership.

 

Below, I’ve included five factors that every aspiring entrepreneur should consider upon going out on his or her own:

 

1.  Can You Go Without a Paycheck?  If you’re looking to open a business, you should plan to go without any revenue for at least 3 months if not more.

 

The longer you can go the better, plus the more reserves you have, the pickier you can be about what clients you take on.

 

2.  Are You Being Realistic About the Industry?  Prior to opening the business, ask yourself whether you like the industry, whether you are going to be able to break into it and whether you are going to be able to make the money you want.

 

3.  Do You Have a Marketing Plan? Marketing your company is one of the most important things you can do to obtain new business.  Prior to quitting your job, make sure that you determine what your marketing plan is and how it is going to translate into sales.

 

Think about how your service is going to be different and be creative.  To really be successful as an entrepreneur, you must stand out.

 

4. Are You Willing to Work the Necessary Hours?  Entrepreneurship takes a huge commitment and to get your business off the ground, you should expect 18-hour days.  Nothing great comes easy and entrepreneurship is no exception.

 

Prior to quitting your job, make sure that you are willing to work harder than you are now, as owning a business takes a lot of devotion.

 

5. Are You Becoming an Entrepreneur for the Right Reasons?  There are right and wrong reasons for becoming an entrepreneur and many people open a business for the wrong reasons, making success all the more difficult.

 

Remember that things such as not liking your boss or being bored at your job should not be the drivers for you opening your own business.  Rather, being passionate about an industry and having a good idea of how to market it should.

 

In the End

 

While there are many considerations the potential entrepreneur should think about prior to opening his/her own company, the above five should prove to be big differentiators as to whether it will or will not be a successful endeavor.

 

Ken Sundheim is the CEO of KAS Placement NYC, LA sales and marketing recruiters Chicago. Ken’s articles have appeared throughout major media ranging from Forbes to the NYTimes. Follow Sundheim on Twitter

 

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