Should you start a business now or wait until the economy is better? Perhaps you are planning to start your business after you get your degree or have enough capital? Starting a business now is the right thing to do. Successful entrepreneurs know that there is no “right” time to start a business. The right time is now.
Here are four reasons why you should start a business now:
1. Low startup costs
Land, capital and labor are the traditional factors of production. However, you do not need all these today to start a business. Thanks to the Internet, you don’t have to start with a team of employees, a huge track of land and thousands of dollars. Just buy a computer, connect to the Internet and start working.
The Internet and social media have simplified the entire business process. You could start working from home and later set up an office, hire more content developers and offer consultancy services to clients who physically visit you.
2. Customers are waiting
Every business is unique in its own way. Provide services and products that customers want but cannot easily find in the market. There is always an opportunity for another entrant regardless of how congested the industry is. The trick to becoming successful in a crowded industry is to offer your services to a unique set of customers.
Business is about taking risks and success does not come easy. Get the necessary training you need to make a difference in the industry when you finally start a business.
3. You will make profits
It is not only the big corporations that make huge profits. If run and managed well, small and medium sized businesses can also get enormous profits within a few years. If you take the first step to implement your business idea and put i all your effort, you are likely to generate profits. The process of starting up can sometimes be difficult, with long working hours and little capital to manage your operations. However, hard work and bootstrapping really pays.
4. Be your own boss
There is nothing as fulfilling as doing what interests you and being your own boss. When you complete your MBA degree, you can start your own business so that you don’t have to put up with other people’s mood swings. You certainly don’t want someone pointing their finger at you because you came two minutes late, no one will recall you to work when you are on vacation because the work load is too big. You don’t have to snooze that alarm every 6.00 a.m. When you start your business, you will carry on your operations the way you please and be answerable only to yourself.
You can start a business regardless of your education, but it can’t hurt to have your masters in organizational leadership, as long as you have the necessary skills and discipline. If you have doubts about starting a business, the four reasons above should convince you that now is the best time to set up that business you have always dreamt of.