Before you start building your dream company, you'll need to face these six difficult questions.
The main reason there aren't more entrepreneurs in the world is fear. Entrepreneurship is a risky business, and there are many uncertainties that can leave even bold and seasoned professionals feeling intimidated.
Some entrepreneurs get over this by simply ignoring the dangers and risks around them, but I don't favor that kind of recklessness. Instead, I try to face my fears head-on, calculating the risk and being honest with myself about the potential consequences of failure.
In line with this philosophy, I've come up with six questions that every entrepreneur should ask him/herself before getting involved in a new venture:
1. What is this going to cost you? The first question is one of the most intimidating: how much of your time and money are you going to invest in this enterprise before it hypothetically starts to make money? Can you afford it?
2. How reliable are your numbers? Many entrepreneurs get ambitious and optimistic when calculating sales projections. How realistic are those figures? Are they sustainable?
3. How probable is your timeframe? Be honest with yourself? Is it possible to get everything done before launch the way you've outlined in your plan?
4. Do you truly believe in your idea? You're used to saying yes, and you're used to pitching your idea to others by now. But are there any apprehensions holding you back? You'll need to address them, or they may compromise your efforts.
5. Is your team going to stand by you? Your partners, your coworkers, your investors, and your mentors are all vital to the success of your business. Do you trust them all?
6. What happens if you fail? It's the scariest question of all, but you need to address it honestly. What happens to you, your business, and your finances if your venture fails?
If you can answer these questions comfortably, regardless of the risks, you'll be mentally prepared for anything that comes your way.
Jose Vasquez is a serial entrepreneur and tech enthusiast dedicated to helping startup technology companies get the direction and momentum they need to succeed. As the founder of Build. Brand. Blast., Jose has established a collective resource for tech entrepreneurs to consult when brainstorming, creating, launching, or expanding a new business. Jose is also the founder and CEO of Quez Media Marketing, a marketing firm that combines technology and creativity to help new and growing companies get the results they need.