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How to know it's time to start your own company

Not everyone is might work in a traditional job. And not everyone has what it takes to be an entrepreneur. But if you have entrepreneurial hunger, so it’s many who struggle to know when the time is right to leap by starting your own company.

Many Nigerians are wanting to start their own business, there’s no doubt they are all waiting for the right time to kick start it. There are a lot of reasons to know it’s time for you to start your company. So, let’s consider some of the signs that show you are ready to go down the path of entrepreneurship.

1. Desire to Solve a Problem

This will the biggest signal to you starting your own company. Probably you’re so much worried about not having time to work on your ideas that will solve one problem or the other.

Realistically, know it’s time to starstart your own company by creating that solution to solve the problem.  So, it’s the right time for you to trust in yourself and transform the idea into a viable product or service because you’ve taken time to study the industry, market, and business landscape. You must create time to research your audience and their needs as well as design the concept on how you are going to position your idea.

2. Motivation and Self-discipline to Start

You’re ready to start your own company because you’re ready to put in the work to make your idea happen. There is this burning inside you to keep executing and the strong desire to succeed in life.

This motivation must be strong enough to keep you working that will lead to you setting your own hours to work on what you want and when you want it. And you can only do this if you start your own company. Otherwise, you would still be on someone’s clock and be compelled to stick to those working hours.

The self-discipline here includes knowing when you’re to log off social media, put the phone down, and ignore any message or email within that time. If you truly want to be an entrepreneur and start your own company, then you need self-discipline to be able to balance work and your life, otherwise, your work will overtake every second of your life.

3. Ability to Accept and Absorb Risk

To be able to start your own company, you must be comfortable with risk. There are a lot of significant risks to jump from the security of a monthly salary to potentially nothing while building your company from scratch.

You must understand that entrepreneurship isn’t for the feeble-hearted. Any good entrepreneur will always tell you it is so scary to start your own company, but if you’re able to ignore that initial fear, then you’ll be in for the ride of your life if you lay good structures.

You must have the willingness to learn and make mistakes. Also, you must understand that starting your company would introduce you to new things, expand your knowledge and skills, and further develop you as a person. But bear in mind that no one is perfect, and mistakes are bound to happen along the way. If you’re willing to do it, given the risk of making mistakes and seeing it as a learning process, then it’s time to jump into it.

Now is the Time

It’s not you must have most or all of these sensations before starting your own business. A few signs might be the impetus to start exploring the options and opportunities available to you.

However, some of these signs do involve emotion and your gut, it’s still important you do your homework, research what’s possible to what’s not, and seek advice and feedback from those you love, this includes family and friends. This will give you a clear picture of whether you should start your own company or not, but it depends on you to make that decision.

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