Most every entrepreneur I’ve ever worked with has the challenge of always wanting to build the next thing and sometimes neglecting to follow up on the current business. But are there hints for when it’s time to build a new idea into a new venture?
Here’s some ways to think about when it’s time to launch a new dream, even if the old one is doing pretty good (or the old one is someone else’s dream)…
1. You’ve found a great problem that needs a great solution.
This, by far, is the number one reason serial entrepreneurs keep opening new companies. They’re open to recognizing where opportunity exists, and they seize on that opportunity. Here’s the challenge, though: If you never took the time to get your first company sorted, will you realistically have time to get a new one off the ground? Simply be honest with yourself so you can not only solve the needs of others, but also give yourself the quality of life you deserve.
If you’re like me, security makes you complacent. For those of us who are less risk averse and willing to take a chance on your dream, it may be time to think about the world of entrepreneurship.
2. You can’t stop thinking about your potential startup.
If you can’t stop thinking about your dream entrepreneurial endeavor enough to focus on the daily demands of your current one, you may be ready to move on. Like we said in number one above, though, you have to be real and acknowledge what can and cannot be done with the first company. Can you sell it? Can others effectively manage it? Or – let’s be frank here – can you shutter it and launch the new business? (that’s probably a terrible idea, but I’ve heard it before)
3. Your support system is in place.
You’re ready for entrepreneurship if you have a strong support system. Let’s not romanticize starting a business. It is one of the most stressful things that a person can do during his or her lifetime. Make sure your friends and family know you’re jumping into something that will take up the vast majority of your time. Also, have a set of mentors and advisors on your side, so you can reach out to them when times get rough.
4. You see the problems that no one else can spot.
You pay attention to details and are able to see opportunities when others don’t. If you’re constantly coming up with innovative ways to change your employer’s business but no one is listening, it may be time to take what you learned and see if you can do it better.
Keep in mind your idea may already be out there, so do adequate research. Also, talk to others to see if they are feeling your same pain points, and make sure there is a need for your startup concept. If so, take steps to turn your idea into a reality.
5. You’re willing to live below your means for a while.
One bonus about working at an established business is you understand the cashflow metrics. That may not be the case when you open up a new venture. We all understand entrepreneurship is about playing the long game, and that means if your business hits a wall, then you’re going to have to be willing to take the biggest financial hit.
No matter what your current situation is – corporate or simply successful small business owner – there comes a time for a lot of us when we have to think about moving forward into uncharted territory. Not to worry, if you’re thinking about building out a new idea, my team and I can help you figure it all out based on your current economic strategy and your future one! If this is your goal for 2023, let’s get the ball rolling today!