It is a great feeling to be your own boss. Nothing compares to working for yourself and for your own dreams. Defining your own lifestyle and scheduling your time according to your own will is something which everyone aspires for. But truth is hard and there is a deep divide between what you want to be and what you really are.

Success is a journey and you need an attitude for it. No matter how well prepared you are, there is always an element of surprise or luck that can make things go against you. How well prepared you are for such situations determine your longevity and preparedness for the worst.

This post is your checklist of what worse can happen and my thoughts around each one of them. How well prepared you are on following points defines your character and attitude towards starting your own stuff. My intention is not to discourage you but to show you the mirror before you even think to take a plunge in entrepreneurship.

1)      Failure- Be prepared to Fail. Many Businesses start in this world everyday and majority of them just fail. Not every idea is successful. So if you are dreaming of instant success then it is advisable to think again. Life is not bed of roses.

Thought- If you are not prepared for failure then you should think again. Leaving you cushy job may not help if failures make you uncomfortable and takes away your Peace of mind.

2)      Hardship- The path to success in your own business is often sewn with lot of hardships. One after another you can face the realities of life which are nothing but killing. Not everyone in this world is gifted with fabulous luck.

Thought- Develop an attitude for it. As saying goes, tough times don’t last forever but tough people do.

3)      Partners- Your Partners may not remain with you forever. Sometime things go awry at the start itself. Different people have different aspiration and attitude towards money, success, and life. At times the viewpoint doesn’t match up.

Thought- You need to believe in yourself. Always have a plan B in mind. Focus on what you can do rather then what you would not be able to do.

4)      Timing- Many businesses fail because either they are too early or too late with their idea. Some business fail because the market has already exhausted while there are others where market has not yet developed. The dot com bubble burst was one of the examples of timing.

Thought- Study your market carefully. If you happen to be victim of it then try to venture into related fields and wait for the right moment to come.

5)      Plans- Even if your timing is right your plan may become redundant. Even if your plan is right you execution can be flawed. No fixed formula of success has ever existed in this world. It is a nature of plan that determines whether you need to stick to it or change at the first sign of trouble

Thought- Have plenty of ideas and learn from failure. Always be open for change and at same time have the courage to go against the popular beliefs.

6)      Experience- Your Experience may not be enough. You can be good in marketing, operations or finance but the truth is that you need a mixture of everything. If you don’t learn from small or big experiences in your life then probably entrepreneurship is not for you

Thought- You may not know everything but the charm is to get people who are better than you. Most important is to place trust and make other people partner in your success.

7)      Market Conditions- The market conditions may not remain same forever. Look at recent economic meltdown or the dot come burst. The great depression and plunging markets are all signs of conditions that have killed many big and powerful ideas. The fact is that they do exist and cannot be ignored.

Thought- Study the markets carefully. Align with people who bring expertise to the table. When there is a conflict between intelligence and intuition, go with the intuition.

8)      Commitments- People or the financiers may not honor their commitments. You may find people turning their back on you. Your best friends can leave you. Somehow this is harsh reality and you need to be prepared to face it head on.

Thought- Realize this fact, no one in this world is responsible for your dreams except you. Don’t keep too much expectation lest it hurts you badly.

9)      Family Life- Success in your own business takes a toll on lot of things including your family life. It is a 24X7 work that demands you blood, toil, sweat apart from your time. In years, if not handled properly, you can be alone and all by yourself with no family support.

Thought- Keep an open communication with your family. Make them partners in your dreams and success. Plan on a schedule and never compromise on family time.

10)   Status- You may lose your current status and face a financial crunch. You salary may be far less and you might have to fight for everyday. If you are someone who loves status and care about materialistic things then you need to think hard before taking the risk of starting your own business.

Thought- Plan you finances in advance and keep some amount separate for rainy days. Be wise when it comes to money and how you plan to spend it.

It always helps to look at the other side of the picture. I am a big believer in working for yourself and defining your life in your own way. At the same time I do believe that one should take calculated risk. Some decisions are tough to take and if they are taken, then there is no looking back.

Before you plan take one, Question yourself on above points. Be Wise.

Photo Credit- fredarmitage

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