Entrepreneurs: Is there a ‘right time’ to start a business?

To start a business takes a lot of grit, resilience, vulnerability and motivation. If you’re reading this, chances are, you’ve contemplated starting your own business at some point. But, is there ever really a right time to start a business?

The short answer is “no.”

You’ll always run into reasons to put off your business idea and entrepreneurial dream.

Why?

There’s always going to be something in the way. From a lack of capital and vision to fear of failure, it will always feel like it’s not the right time.

In fact, some of the top reasons why entrepreneurs give up — maybe even before they start — is due to human behavioural reasons. Things like not believing in themselves, expecting fast results in a cutthroat world built against “overnight success”, and dwelling on past mistakes are recipes for failure in entrepreneurship.

But if you’re confident that entrepreneurship is for you, then lets re-focus your energy on the positives. Be inspired by entrepreneurs who didn’t give up. Ones like Oprah Winfrey, Henry Ford (Ford Motors), and Jack Ma (Founder of Alibaba) had many reasons to give up. From rocky starts and failing investors to multiple early rejections both at work and in school, these successful entrepreneurs had one common theme — even when faced with failures, they held on.

If you’ve ever wondered “is there a right time to start my business”, then the answer should be a resounding “hell yes!” And these are some of the ways you can pump yourself up enough to believe in it.

Use Pride as Your Motivator to Start a Business

The last time you accomplished a major goal — what was the goal? And more importantly, how did it make you feel? The goal could range from travelling solo for the first time to landing your dream client.

A big part of achieving a long awaited goal or milestone is the sense of pride it gives you. We’re talking about the good kind of pride — the kind that increases your self worth and motivates you to do more with what you’ve got.

If you’re ever feeling stumped about the timing of starting your creative business idea, then try this vision exercise. Write down what your dream life would look like in three to five years’ time. Do this without any limitations or thought as to how you’ll get there just yet.

In this dream life, where do you live? What business are you operating? Do you have a team and if so, what does it look like? Do you have free time and if so, what do you do with it? What are our day-to-day energy levels — are they positive? How does your ideal audience and existing client view your company and of you?

Ignoring all limitations and the “how will I get there?”, now imagine it’s all reality. Feel the pride that comes from having built something that’s yours — one that you’re proud of. This is your Vision Board or Painted Picture. It’s also your roadmap to success. Now that you have a destination, you’re in a much better position to start making moves towards it.

Embrace the Possibility of Failure When You Start a Business

20 percent of businesses fail within the first year.

The number one reason why businesses fail is that there’s no market need.

29% failed because they ran out of cash.

23% failed because they didn’t have the right team running the business.

There are staggeringly discouraging statistics that may make even the most brave person to shy away from entrepreneurship.

Most people who want to start a business may think the top barriers to success is time or money. In reality, it’s fear of failure that tends to drive many business owners to close their doors.

How you view and handle failure is a key predictor of success in your lifetime. This goes hand-in-hand with resilience — the capacity to recover quickly from difficulties and adversity. After all, it’s not how many times you fall down, but how many times you stand back up after you do. If you do decide to start a business and become an entrepreneur, just know that failure is something that you’ll need to get used to.

Prioritize your Vision when you Start a Business

Choosing to start a business doesn’t happen over night. It’s usually a small, planted idea that blossoms into a big enough idea to get the motions going. Starting a business takes a certain type of person — one with grit and the guts to make the happen and not be afraid of failure.

Remember that Vision Board or Painted Picture we described above? Well, this is all a part of this vision that you have, the one that you work towards.

Prioritizing your vision means being all in on your vision. It’s being able to view the bigger picture while also being able to roll up your sleeves and get the smaller, mundane tasks done to keep the lights on.

Ready to Start a Business?

So, let me ask you again: when is the best time to start a business? The answer is simple: it’s right now. Stop, drop whatever you’re doing. Whether it’s reading this article, taking your dog out for a walk, or harsh cleaning your apartment to avoid thinking about it, the time is now to start a business!