Small Business Questions Answered

We’ve covered a load this week in answering Josef’s original question about starting your own business. In a nutshell Josef wanted to know:

– How to decide it’s worth quitting a safe, well paid day job?
– Should the idea be revolutionary? Or at least novel? Or it may be rather ordinary, just betting on good execution?
– Should I start only once I have a detailed business plan with detailed market research, or is that just a perfection paralysis and I should rely more on gut feelings?
– What are the signs it could go well or all wrong?

Starting a new business can be exciting, nerve racking, stressful, and overwhelming all at the same time. It’s no wonder the idea of starting your own business is met with endless questions, second guessing, and some uncertainty about your ability to be successful. Hopefully we’ve shown you over the past couple of days that there is a process to work through when considering going out on your own. But, it doesn’t need to be as overwhelming or complicated as it may seem.

In Case You Missed It

Just in case you missed anything along the way, here’s a quick recap of what we covered:

How to Decide to Quit the Day Job to Start a Business – The decision to quit your day job and start a business goes a lot deeper than just having a good business idea. In this post we answered two very important questions about starting your own business:

– Do you really want to quit your job?
– Is business ownership right for you?

We also talked about some strategies you can use to hedge your bets before you walk away from the steady 9-5. You can spend a lot of time second guessing your business ideas, but what it really comes down to is “will your business idea make you an adequate return given the risk you’re taking?”.  We answer that in this post, talk about some business myths, and go over the most important aspect to consider when you are trying to decide if your business idea has merit.

Perfection Paralysis in the Business Planning Stage

Failure to plan is planning to fail, but here we talk about when you take the planning to the extreme and never actually do anything!  We call it proactive procrastination. Here we talked about the four main areas we see perfection paralysis creep in, and what you need to know to combat each and keep moving along. Obsessive Microsoft Excel guide-reading and overuse are a classic sign of this!

10 Early Signs Your Business is Heading for Danger, and How to Avoid It

Essentially a list of mistakes I’ve made over the years, and a fix for each. If you can see your business heading for danger, recognize the warning signs, you have a chance to change course and save your business.

In Summary

With the articles above you have the information you’ll need to make an informed decision about starting a business. I think you’ll find that it doesn’t need to be as overwhelming, stressful, or scary as it may seem to you right now. It does take planning – but once you get comfortable you’ll soon find that is the fun part!

Hemant Kumar
Hemant Kumar is a project manager at Tridindia with more than nine years of commendable experience in writing about LMS, translation, and IT. His unmatched talent and passion for digital marketing gave him the opportunity to work as a multi-tasking project manager at TridIndia’s sister company, Link Building Corp. Today, he contributes to the world by imparting knowledge on SEO, link building and internet marketing etc., that helps business owners grow their online business.