There are so many things to consider when thinking about starting your own business.
Things to consider like
- Business Plan
- great team
- A market
- Understanding competition
There is one critical element, however, that many business owners fail to consider when embarking on their business startup. Timing!
Creativity, motivation and drive can get you far, but is now the best time to take the risk? You must ask yourself several key questions to determine if your idea will work for you in current market conditions. I am from Zimbabwe and I see young people with great ideas but it is the right timing to launch the product?
Although the idea sounds good and seems to solve a problem, I believe start by asking yourself the following questions
- How is the current market and local economy?
- What is the current competition like in your industry?
- Do statistical market trends seem favorable for the start of your business and its future growth?
- Do you understand the timing involved in customer outreach?
- Is this the right time for you?
Understanding the economy is one critical thing entrepreneurs tend to neglect. the reason why in Zimbabwe we do not seem to have foreign investors nor local banks investing in startups it is because of the instability of the economy. A little bit of economics can give you foresight of how the product will be accepted by the customer. It can give you a hint of the future demand. ( demand is determined by the number of people who are willing to buy the product)
The chances of a startup failing especially when there is an alternative are very high. understanding competition and sub substitutes is something Start-ups fail to consider. At the same time having a product which is highly technologically advanced is something that can make a start-up fail. One needs to understand
- the environment ( are the potential customers technologically literate)
- if it needs data ( is there internet access and the cost)
- What value does it have to the user
Sometimes competition can lend credibility to an endeavor. You can use competitors as tools to improve on a product or service by identifying the weaknesses and strengths of what they are providing. Then you must ask yourself if you can surpass them. Do you have the ability and resources to stand out against the competition? On the contrary, perhaps there is too much competition at the time. If this is the case, it might not be the right time to join the competition.
You are the one who ultimately has to make your business succeed, regardless of market conditions, the economy, competition, and trends. So, perhaps the most important question to be honest with yourself about is if you are truly prepared right now. Falling in love with an idea and ignoring the environment you want to operate in can lead you to destruction. You might be the first to launch but is the market ready? Do they have the money to buy the product? Do they understand technology and is the environment technologically advanced? Do you have the time to put into making your business a success? Forecast your own future to determine if you have the availability, support, funds and readiness to take on what could be the most challenging, and hopefully most rewarding, venture of your life.