“The only difference between me and the next guys is that I just went out and did it.” Brian Chesky, CEO of Airbnb.
So you’ve got a great idea for a new startup, you’ve been toying with the idea for quite a while, maybe you’ve even completed some preliminary market research, and now you are wondering when you should take it from “I have an idea for a business” to “I’m the CEO of my own startup.”
Deciding when to get moving on any business venture is a hard task, as there are many factors to consider, risks to analyze, and challenges to face.
But just ask any entrepreneur and they will tell you that the best time to pursue your startup is NOW.
5 Reasons Why NOW is the Best Time
1. Resources for entrepreneurs are widely available.
The rise in startups and entrepreneurs has created a number of new resources designed to help aspiring businesses realize their dreams and goals. There are a number of startup communities around the world and within the U.S that offer support and valuable resources to young startups and entrepreneurs. In addition, there are so many highly useful materials and tools available on the Internet that just doing a simple Google search will provide you with more than enough resources to help you through the first few stages of startup life.
2. Globalization makes business easier.
The fact that our society is more interconnected than ever before means that people can connect and network with one another in complete opposite ends of the world. Startups can reach out to more mentors for advice and information, attract more customers, and even hire companies to fulfill certain requirements, such as building their application.
3. The opportunities are endless.
Constant innovations in technology mean that there are always new opportunities popping up in a number of different markets. The mobile app market is a clear example – it’s estimated to be worth $20 billion in 2015, and this market didn’t exist 10, even eight years ago. Just look at all the new business opportunities that have been swept up by the rise in mobile apps (e.g. Instagram, Uber, and any of the popular mobile game makers), plus the secondary opportunities, such as mobile advertising.
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4. Governments are encouraging the move.
More and more governments are realizing and understanding the huge benefits entrepreneurs can have on the economy and job numbers. President Obama and his administration recently launched a new initiative called Startup America, which aims to help entrepreneurs access the funds and support needed to launch their new ideas.
5. More investment options are available.
While the number of investments in startups is higher now than 10 years ago, there are also more ways to raise funds for your company. Angel investors, crowdfunding, family and friends, and even technical co-founders are all avenues that you can explore; however, it’s important to analyze each option and carefully consider the risks involved.
How Can You Start?
Deciding when and how to officially begin your startup adventure is often dictated by your current circumstances. Most entrepreneurs fall under one of two groups: start small and scale up gradually, or jump right into the deep end.
A good fit for entrepreneurs who have a full-time job and bills to pay.
You may already be in the early stages of setting up your startup business, or may be at the very beginning. Either way, working on your startup progressively is a suitable fit for entrepreneurs who are still employed full-time, are breadwinners, or who have a family to support. Dropping your career and severely reducing your monthly income to pursue your dream is a very risky move and will surely produce unnecessary stress on you and your family if unprepared. While this may work for some, the risk vs reward ratio isn’t equally balanced and leans towards the former.
Jump Right In
More suitable for younger entrepreneurs.
For entrepreneurs with fewer responsibilities and more available hours in the day, the best way to start is to just jump right in. There are a number of successful startups that began straight out of college, during, and even before. While younger would-be entrepreneurs lack life and professional experience, they encompass large amounts of drive, eagerness, curiosity, and ignorance (the good kind), which are all just as critical in startup success as years of business experience.
Taking the plunge and realizing your dreams of running your own startup is a life-changing decision, but regardless of the risks and challenges involved, the only right time to start is now. Opportunities don’t wait forever.
Clearcode specializes in helping young startups get off the ground by planning, designing, and developing MVPs that gain early customer feedback and showcase the potential of the business to investors. Find out what we can do for you by clicking here, or get a free quote by sending us an email.