Entrepreneurs Motivation Startups Success

6 questions to ask yourself before starting a business

Tired of your 9 to 5 job, and want to make a difference in your life. 6 questions to ask yourself before starting a business

Sitting in your cubicle constantly eyeing the clock on the wall, anxiously waiting for the hour hand to touch 5pm. Agonisingly the seconds tick by, and as you raise your hands to celebrate “ITS TIME TO GO HOME”!!! Only to realise it is just Monday and you have another 4 days of the work week to go. (provided you are lucky to work 5 days a week)

Getting frustrated you then surf around on the internet or check out Facebook to de-stress. You scroll and see your friends post up pictures of their own startups or their own products that they made at home and are trying to sell to their other friends. You see #success #happiness #rolex #new car. You feel lagiiii stress!!
You then excitedly tell your family (especially your mum or dad) about your friends success and what they are doing …..and your parents calmly pat you on the back and tell you “Don’t compare Son. You are successful in your own way”.

Each time I hear that (which I do a lot), I feel like slapping someone! or rather just KILL ME !

How much bullshit are you going to buy before you wake up and realise one day that you have wasted 30 years of your prime life?? Then whats the next plan? Withdraw your hard earned EPF only to also realise that the Government has used most of it to pay their bad debt??

IF YOU ARE AFRAID TO FAIL-4

Deep inside, a tiny voice tells you that you want to start something. Sell your own products. You want your own business. Something to call your own.

You find the 9-5 job is slowly killing you. You don’t know how or where to start. Don’t worry, you are not alone.

Jumping into the startup world to some, might seem like a leap of faith. Many are afraid, because all this while they have been shielded, sitting and working in their own comfort zone.

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The startup world is a double-edged sword. On the one hand, you might be completely convinced you have a million-dollar idea. On the other, you risk a great deal getting started, and there’s no guarantee you’ll succeed.

Addicted2startup recently caught up with the successful Khun Nataree. K Nataree is the founder of a popular make up line in Thailand. She graduated as a chartered accountant and after having worked with one of the Big 4. She decided to start her own make up brand of products. What made her quit her lucrative corporate job and take a leap in to the startup world?

“The biggest challenges was the uncertainty of not knowing which was the best decisions to make, and having to make decisions quickly,” K. Nataree told Addicted2startup. “In a corporate job there are plenty of red tape in place that dilute decision-making to the point that it’s more of a collective decision. Managing your own company, you need to take full responsibility for your decisions and learn how to optimise that decision process quickly.”

When weighing up whether or not to go all in, she asked herself these six questions:

1. What is my motivation for starting a business?

K Nataree constantly stops herself multiple times during the week to ask herself why she wants to start the business in the first place. If you simply hate your job, or you’re following a trend, it probably won’t survive.

“Is it an industry you love and are passionate about?” she said. “Is there a big problem you’re so frustrated about, that you can’t wait to create a solution for it? That sounds like a business worth starting.”

2. Am I solving a problem?
K Nataree’s hometown is in Chonburi, far from the city. As a student, she found it hard to find affordable and reliable make up for students. If you haven’t already noticed, Thai Girls adore make up. They pride themselves in dressing up and looking good for every occasion.

K.Nataree experienced the similar issue when she moved to Chiang Mai to further her studies. And it wasn’t just her that was having the problem. Further investigation proved that most of the girls came from moderate families and they didn’t have access to reliable and affordable products.

“At this point, I knew it was the issue I’ll be addressing as it has massive potential, I know people who feel this issue regularly and knew technology could provide a scalable solution.”

3. Was I willing to sacrifice my lifestyle?

It’s a big decision to give up a high-paying job to follow your entrepreneurial idea. K Nataree left her well-paid job that gave her a comfortable life. It was really important that she understood the ultimate goal that she was trying to achieve before going on board with potential changes to her lifestyle.

K. Nataree says you should ask yourself what kind of life you would be comfortable with.

4. Is your family and friends supportive?
There are the good days and there are the challenging days. This is part of the entrepreneurial life. When the times get tough, you will need people to support you. People who believe in you and never doubt you. Ensure that you surround yourself with people like that and whom can really give you positive and non-judgemental opinions.

 

5. How much savings do I need?

K. Nataree believed strongly in creating her own brand without external funding. Without giving out equity or seeking funds, she was able to control the pace and direction of the company. This method requires a lot of self decipline as, without funding, and external pressure and monitoring, the founder is left to dictate and set her individual bench marks and deadlines.
It is always a good idea to have additional funds to fall back on. Addicted2startup would suggest doing up a rough calculation of how much cost it is to run the operation, and have enough savings for at least 1 year in advance should something go wrong. It’s unlikely you’ll start making money straight away, so if you have the chance to save up some money beforehand, then take it.

 

6. Am I in the right ecosystem?

K Nataree says it’s important you get to know the industry and make contacts by going to lots of startup events. After all, nothing is more valuable than hearing the experiences of other people. This can help you work out whether you’re in the right location to create a community.

“A good question to ask is whether you’re in the right city to ‘launch’ your product,” she said. “For example, we’re in the Beauty Line, so a presence in Bangkok, the Capital of Thailand is important for our growth.” Our goods can be easily distributed through out the Kingdom.

We would like to hear more of your thoughts and opinions. Kindly write to us using our contact page.

Thank you for reading and we wish you all the best in your business adventures.

 

 

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