In Business start-ups there are demands of extraordinary amount of time and energy. This is true since in the beginning everything is done by and solely by the entrepreneur himself. Mega tasking may be too soft a word to describe. There is definitely a rush of adrenalin in the initial stages. However such energy begins to wear off. Here are questions, which may help figure out whether or not you have the physical, emotional, mental and financial intelligence required to start a new business.
- Do you have a strong physical constitution? Of course one need not be a Mr. Universe material. It is good to know our health condition before embarking of the challenges of business. As they say “health is wealth.”
- Are you capable of wearing multiple hats and working 24/7 if necessary to get the job done? I recall the moment my wife and began the business of GMB Franchise Developers, we were doing everything since we could not afford to pay for extra manpower. Balancing our entrepreneurial life vis-à-vis our family was like doing a tight rope act. We had to instill a rule between ourselves of avoiding discussion of business matters when at home. This was simply to have a good bonding time with our daughter.
- Are you emotionally mature and resilient? This was one part we have to keep on reinforcing ourselves. There were moments when either one would feel under the weather or have some feeling of inferiority. What propped us was the fact certain inadequacies were signals for us to learn, understand and check if we can apply to certain situations.
- Can you withstand cycles of intense pressure without falling apart or taking your stress out on others? The beauty here we got was discovering our limits and always mentally spelling the word P-A-T-I-E-N-C-E. We had to avoid arguments and learned how to listen to each other.
- Are you capable of making financial sacrifices and postponing short-term gratification to build your business? It was a tall order for us. Nevertheless we had to ask the question of “is this item a NEED or a WANT?
- Can you operate without financial safety net? Risky yes but confidence in the business concept and sincerity in doing and walking an extra mile for a client proved us to be successful.
- Are you willing to take calculated personal risks to take your business to the next level? This was exactly what we took in bringing our business to another level. Initially we were focused in assisting entrepreneurs in food business. We were doing evaluation and rebuilding their present structures in preparation for franchising. Another challenge came when somebody in pre-school business sought our services. Every challenge there is always. Today GMB is not just embarking within the entire archipelago but expanding in other countries.
- Do you regard business failure as an inevitable part of the business success cycle? Without failure, there is nothing to look back. Starting our business 22 years ago were not always full of success. There were bumpy paths we had to pass. We learned a lot especially in dealing with different types of people.
Finally always learn to hang on. Increase one’s Faith to see through the business. Giving up may be something regrettable, as opportunities may never pass your way.