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When Is One Ready To Start A Company?

When You Know You're Ready To Launch Into Business

When [how] do you know you are ready to start and run a company of your own?

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22 answers

When you are ready to commit to breaking through.

Your level of committment will determine how far you will go.

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i av really learnt alot from this conversation.MR SORIN i will really like to meet u but how can i.i have always had the idea of startn Event Buz,but i need a guide.maybe u are God sent.i could have what u have been looking for.pls can U reach me on radobaby@yahoo.com

thks

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@magneto,

U are my man.d suggestion u gave is wot i used some years back and it really worked for me like MAGIC and is still working for me till tomorow.

good and right thinking pal,thumb up 4 u.

Cheers

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@Idjones

Good questions, but complex answer.

Some guys out here have mentioned really important points, though.

I got a site from another thread on this forum which could really be helpful

http://nigeria.smetoolkit.org/nigeria/en

You will discover more about this question from this site and can actually

answer your question in full detail.

Good luck.

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"Passion for the idea will pull you through the grey days"

I agree completely, passion drives you to keep moving even in the face of failure. My ex-boss told me that the only thing he learnt during his MBA is that the most significant factor of a business succeeding is the determination of the business owner him/herself. Not finances, not suport or lack of it but sheer determination of the dreamer to keep moving

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I live abroad and i have a buring desire to set up a company at home,actually i am in the process of making the registration i need to ask you if you think its a good thing to do ?Like your contribution above i have quite a bit of investment in asset,like stocks,parcels of land and also some liquid cash.Hence to you advise one should commit himself into the incorporation inspite the fact that iam not there ?

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When you have an idea that can meet a need and you have the resources (technical, material, human, academic etc) to meet the need.

Passion for the idea will pull you through the grey days.

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when you can see a need and meet it.loooook at the neglected sectors.there is always a need to fill in every nich.i graduated from school and went straight to form my company and now i have a working company with six staffs and we building a world class company, and an asset base of over 15 million in less than 8 months.

warning:don't rush into this if you don't have enough information about how i did it. guys i have more ideas and still counting.an dit takes more than an idea

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"start small" by investing in assets which ensure steady cash flow, then plough back those generated income into more assets and watch your net worth rise dramatically.

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good contributions, but to me, the truth is u may never be ready to start if you have to follow the "getting started step by step'

what works for 'A' will not work for 'B' i belive that the moment you conceive the idea you have already started.

its left for you to follow it up or drop it.

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Guys all your insights have been good, but i have heard one that really intrigues me. Its the statement that you shouldnt start a company until you have a customer willing and able to pay for the product/service you want to base the company on.

My real concern is that people start off with all d things w say they shld have (an idea, resources, a plan etc) yet they don't succeed!

So when do u know u're ready to start a company? I guess its when you've reached a point of no return. when u have a sink or swim conviction about the company

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it is a thing of the mind.if u beliv in your self u can do it.the good part is that u take all d profit and the better part is that u take all the losses too.meaning u have to be strong and willing to work hard.u will have the time to take bigger risk and think deep.And if you're working in d right direction,greatness is not going to be too far from u.i started my business on d 8th january 2007.can u imagine starting d year with no job,but i had 2 things with me God and a burning heart of passion that told me i can do beta.TODAY 1st july 2007 i have made my annual income 3 times over and beliv me i hav not started makein money.it is not that i knw beta dan those still workin their Bottom off.but all i did was see something in my heart and followed it.every one can do d same.My name is sorinola Lawson and i am an events manager.

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When your vision grows larger than what youre currently doing, and it starts to feel like youre not functioning at an optimum- even though youre churning out excellent results but still feel you can do better.

Meanwhile thats the extreme of it, youre ready to start once you have the ff:

0. The realization that affluence (and poverty) are states of mind

1. The desire to make money

2. Written and organized plans to achieve your desire

3. The faith that such plans would lead to the achievement of your desire

4. Openness of mind in the reception of specialised knowledge and new ideas

5. The readiness to persist in the event of (temporary)failure

Those are the basic qualities to possess and youre ready to start

Also, read Think and Grow Rich by Napoleon Hill

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You will never be ready until you start. Every day in a business you will take a risk. Why don't you start when you want a change.

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i agree perfectly with 3d_hunter.

cos there are too many excuses out there to bar you from takin action.

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When you run out of excuses and dont have an alternative

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In addition to Doncaster's contribution, you are ready when the following additional conditions are manifested:

IF You HAVE PAID JOB

1.    When you think you can do the business better than your employer

2.    When you can practice your passion and GET PAID for doing it

3.    When you have any form of small capital you don't want to consume it

4     When ideas are striking you at the rate of 10 ideas per minute and you are afraid somebody might do it

5.    When you can no longer tolerate receiving instructions from your boss

6     When there is TOO MUCH MONTH at the end of your pay (i.e. when the time between your monthly pay seems longer than 31 days)  AND ABOVE ALL

7    When you have just been FIRED by your employer

IF You ARE UNEMPLOYED

1. When you look for job for 3 years and canNOT find any

2  When you are ready to S.U.M.O. (Shut Up and Move On)

3  If living or dying broke looks scary

Just a short list

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it is when you are ready to take the risk associated with running a company,

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when u r set financially, and when u're ready to take the risk

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well said!

its like asking "when do You Know You're Ready To get married " -- when u find ur partner, and enuf resourses to keep the marriage goin,

but the funny thin about starting a business is that, there's always an excuse to delay ( expecially when u have a full time job), so i guess u're not ready to start a business until u've actually started

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Gud Question?

When r are really really ready. Could it be when ur Mission ,Vision,Strategy and Resources are ready and available.

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i av really learnt alot from this conversation.MR SORIN i will really like to meet u but how can i.i have always had the idea of startn Event Buz,but i need a guide.maybe u are God sent.i could have what u have been looking for.pls can U reach me on radobaby@yahoo.com

thks

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