[Firstly, warmest new year wishes to all our customers, readers, and the extended Eurion family]
Apart from timing the market, you should also know when the time is right for you. CEO of Buddy Media, Michael Lazerow provides some interesting insights in this old but relevant article. It asks you to consider starting a business when:
In my experience as a business consultant, the single most important attribute of an entrepreneur is the aptitude - natural or developed. Aptitude is the biggest facilitator of success and everything else follows. As Guy Kawasaki puts it, "Entrepreneurship is not for everyone." But once you have that covered, the second most critical factor is the timing.
Apart from timing the market, you should also know when the time is right for you. CEO of Buddy Media, Michael Lazerow provides some interesting insights in this old but relevant article. It asks you to consider starting a business when:
- You are young.... it's easier to pour your life into a company when you're young, creative, fresh, and fired up.
- You are miserable at work..... life is too short to sit behind a desk and be miserable.
- You are out of work...... layoff is a great catalyst if you're already thinking about making the move
- You have no responsibilities...... start a company when you have the time and the energy and the freedom to do so
- You have an incurable obsession...... incurable obsession must be consistent over an extended period of at least three months. Let it sit.
- You are an "intrapreneur"........ have launched stuff inside large companies and have put some money in the bank
- Do it today....... you can try to pick the best time to start a business. But any attempt to do so won't make you more or less likely to succeed.
The above is an interesting take on one of the most crucial points in the startup journey. However, not all experts agree. A middle path between these divergent views is where our answers lie. I have seen that the most successful businesses are the ones that match up the timing question with adequate preparation and this is what I recommend to all new entrepreneurs. Through the year, we will talk about important business parameters like elevator pitch, market size, working capital, cash flows, break-even point, market research, valuations and so on. Stay tuned!