When is the best time to become an entrepreneur? 5 key aspects
If you are considering starting a business and you´re wondering when is the best time to start? Maybe here we can help you clarify your ideas with some key aspects that revolve around this question.
The truth is that if you have been curious about entrepreneurship and especially about sports entrepreneurship, you are in the right place.
In addition, we will tell you that if the thought of wanting to undertake has knocked on your door, do not let it go and try it, the adventures and learning that await you along the way will make it all worthwhile.
The best moment to start a business
We can really say that there is no precise moment to be considered as "the best time to start a business", but you can be guided by some keys to know if you are at the right moment. Let's go and see them!
1. Business opportunity 📌
The recognition of good business opportunities is essential to decide to undertake or not. However, it may not be enough of an incentive to do so if people do not see themselves as having the necessary skills, knowledge, and experience, or if they fear that the businesses they start may fail. Therefore, self-perceptions and attitudes towards risk may be important factors influencing the decision to start a new business.
2. Competence level 📌
Realizing a market study to find out the competition that our business may have can help us decide if it is the best time or not to start our activity. If there is a lot and they have a price war, it means that you have arrived late. On the other hand, if you see that there is not much competition, it is probably a good idea to start your business.
3. Motivation 📌
According to a study by the Global Entrepreneurship Monitor, younger entrepreneurs (ages 18-34) are more likely to agree with the aspirational reasons "to make a difference in the world", while older entrepreneurs are in favor of "earning life because jobs are scarce".
4. Passion and desire 📌
Starting a new business is a personal decision that reflects an individual's drive, competence, and motivation. However, if you have passion and desire, and you are clear about your business idea and believe in it, it is time to start a business.
5. Context 📌
Be aware of how the world changes, the market and especially the industry in which you want to start a business. All the information you may have access to analyze the environment you move through will be valuable to make your decision. For example, many people around the world are working differently because of the pandemic. The rise of online business and home office may be the best for you. In that case it is your time to start a digital business or in which you do not need to have a physical office.
Where to start?
New businesses that last tend to be in niche markets, selling differentiated products that consumers or businesses are willing to pay for. Many of these businesses are in services to other businesses (B2B) rather than services to consumers (B2C).
First you must find what product or services you would like to sell and then decide how to bring it to market: on your own, through an ecommerce, in a marketplace, with a franchise, etc.
One of the easiest businesses to start in a short period of time is a franchise, since the headquarters will give you everything you need to start up and you will have their support throughout the process. So, this could be a good way to start.
Nowadays, you can start from home and have your business operating from anywhere, the barriers of time and money have been reduced thanks to technology and the rise of digital businesses.
How much money do I need to start a business?
The question that many ask themselves, is it possible to undertake without money? What to undertake with little money?
It is always better to have some savings, but if this is not the case, you can consult the different aids for entrepreneurs that exist and are provided by governments and other entities.
Another option is to open a franchise. Starting your business through a franchise will eliminate costs and risks, since most of the work is already done, it will cost less than opening a business on your own. At Sportmadness you can have a franchise for sports events and academies starting at 10,000 euros.
Another idea could be create a crowdfunding or seek for investment rounds.
We have reviewed some of the factors that can help you decide to undertake and find the best time for you.
Remember that there is never the best time and there is never the perfect date. But if you analyze the most important variables for you, you have a business idea and you believe that you can achieve it, it is your time to start a business.
Sources: GEM (Global Entrepreneurship Monitor)