Are you thinking of starting a business?
Before you quit your job or throw all of your money into an idea, stop...
... and ask yourself these 3 questions first:
1. What are you obsessed with?
Focusing on obsessions will ensure you can work 15/7/52. That’s 15 hours a day, 7 days a week, 52 weeks a year. You will master anything if you spend that amount of time on it. Good luck doing that for something you’re not passionate about. I did and failed. Twice. Not because the money wasn’t there (it was). But because I didn’t have any passion for what I was doing. I treated it like a chore.
There are some people who make fortunes in industries they are not passionate about but those people are almost certainly obsessed with growing a business. If business development is your true obsession then congratulations, you’ve hit the jackpot. For most others, it is the act of creating something that drives them, not the growing of a business.
2. Are you delivering value?
People don’t care about your life story or your product/service. They care about how you can improve their lives. Even those people who make a living being watched by others (think Kardashians) without doing a whole lot themselves, provide value through entertainment. In order to succeed you must provide value. People won’t hand over their time or money for no reason. Be very honest about the value you are providing and try not to be biased because of your emotional attachment to what you’re doing.
3. Do you have 6 months of living expenses saved?
If you don't have at least 6 months worth of living expenses saved then ensure you have another source of income. 6 months will give you enough time to get your feet off the ground. 6 months is 2,730 hours if you follow the 15/7/52 work schedule. How could you not succeed if you spent 2,730 hours on one thing? You will have had so many small failures in that time that you’ll know exactly how to avoid them in the future. I.e. You’ll know what works and what doesn’t.
Once you're satisfied with your answers to these questions, take these 3 actions to validate your business idea.