Entrepreneurship : 5 things to consider before creating your company 🤔

When we talk about entrepreneurship, it’s quite easy to picture the freedom and satisfaction of being your own CEO and totally forget about the rest. Well, if you’re seriously considering creating your own company, there are of course things you should consider, in an objective, realistic way. It might be your secret dream or an open goal for years, you might be waiting for the right time, the right opportunity… I’m not going to lie to you, entrepreneurship is an amazing adventure. But indeed, it is : an adventure. You will never be bored, but you will also have to fight for it.

Not sure if you’re ready ? Let me share with you 5 things you should consider before creating your company, so you can have a clearer view of what you should do.

The first thing you have to know is yourself. Being your own boss requires some traits of personnality, and you shouldn’t overlook this step. Know yourself and you will know whether you will be able to handle and appreciate the adventure. Of course all entrepreneurs are different and what you would see as a weakness today might become a strenght tomorrow, but still, there are signs you need to notice. Here’s a little exercise for you : try to remember when you were a student, what kind of person were you in a group project ? Were you more on leading, actively participating side, or more on the laid back, waiting for directions/orders, chill side ? Whether you only completed high school or have a university degree, I think the kind of student you were is a good example of the kind of worker you are. And if you’re still unsure, you can ask your family, friends, colleagues etc but don’t forget that other opinions are secondary. The only person who needs to believe in you, is you.

The second thing you should consider is your current situation. What is your current situation and what would happen if you were to create your company ? By that I mean that you have to be clear about your priorities in life. You need to take a look at your current life, and see where you can adapt and where you won’t be able to adapt. If you have a family for example, you might be able to cancel a tv channel subscription you’re not really using, but can’t avoid the loan for the house. If you’re a young worker, you might easily switch to working from home for you have a desk in your room and all things necessary to your work, but you might not be able to take calls before 9am or after 6pm or during lunch breaks because of your roommates. Make a list of your priorities and know what is most important to you. Job security ? Financial stability ? If these are in your top 3, let’s be honest maybe you should just find another job instead of trying the entrepreneurship adventure.

The third thing you should think about is making a business plan. Just for you, no need to have it all perfect but if you do it seriously, this will be the best way to consider whether your project can work or not. You will be able to check what is and how is your market, what kind of tools or trainings you would need to get, how much the launch of your company would cost, how much the first few months will cost you. A business usually takes months to really make a living out of it, so be prepared to the best of your abilities. Take the time to write a business plan, it will avoid uncertainty and unnecessary risks. Of course, not everything is going to happen just like you would expect it, but if you prepare well you will avoid so many mistakes.

My fourth recommendation would be to talk to people who are doing what you want to do. It may be people you know but most of the time you will have to go and find them on Linkedin. Don’t be afraid of contacting strangers, the worst you can get is someone ignoring your message. Could be worse, right ? And then there will be the ones who will be glad to speak with you. This is your chance to try and see what life really is like with this kind of activity, you will be able to ask all these questions Google has no answer to, so seize the opportunity !

And the fifth thing you should consider is to hire a coach. Actually nowadays many coaches are offering a first call for free to discuss your project and whether they can really help you or not, so you’re not investing right away. I did this when my project was in its very early stage, and it did help me have a better vision of my project and what I needed to develop/think about further. Having an external, professional view of your project can change everything. And to me, a coach is not going to make you change actually. They are only going to facilitate the change you want to see in your life. Help you let go of everything that weigh you down so you can develop your full potential. Actually I now have my own coaching services. I focus on helping people land their next opportunity (it can be the creation of their company) so I’m somehow giving back what I received when I was still a baby entrepreneur. I also provide free consultancy calls (check the website’s menu) so feel free to book one if you might be interested, I would be delighted to talk about your project with you. (Coaching sessions are available in English and French.)

I hope this article was useful to you. If you have any questions, or if you’d like me to develop some things like the business plan for example, feel free to write to me or put it in the comments. You will find below my Youtube video linked to the topic.

Have a lovely day everyone, thank you for reading, and I’ll see you in the next article !

Marie.

2 thoughts on “Entrepreneurship : 5 things to consider before creating your company 🤔

  1. These are all great tips! I think that talking to people who are already doing it and knowing your situation are a must! I would also add a lot to planning and research before deciding x

    Like

    1. Oh yes I totally agree with you, thanks for the input ! Planning and researching is a huge part of the process as well.

      Like

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