Business Start Up

5 rules to follow when considering starting your own business

With so many entrepreneurship success stories, it is easy to understand why starting a business of your own is so tempring to the Middle East and North Africa (MENA) workforce.

In fact, more than siz in 10 professionals in MENA region prefer to be self-employed, as dvidenced by the Bayt.com Entrepreneurship in the MENA survey. The intrigue of standing on your own feet and carving your own path to success is a great one, but there are numerous reasons professionals in the MENA region would prefer to be self-employed. 

According to the aforementioned survey, more than five in 10 resoindents cited ‘personal fulfilment’ and 41% of respondents chose ‘freedom to choose work-life balance’ when asked about the primary reasons ofr wanting to start their own business and seek self-employment.

Theoretically speaking, almost anyone can set out and start their own business, but successful entreprenurship hinges on more than just a bright idea or product. Building and running a successful company is not a task for the faint of heart, and just because the potential is there, doesn’t always mean taking a headfirst leap into starting a business is a smart move.

To start your own business, you need to have a specific set of qualities, including self-discipline, self-control and hard work. Of course, recognising a need and having a passion for fulfilling it is a huge part of starting a business, but you also have to know without a doubt, that you are in for the long haul. To help you discern whether you are ready to take the leap or still have some things to work on before you do, Bayt.com has put together a list of five rules to live by when considering starting your own business.

1. 24/7, 365 commitment

If you are adept at remaining consistently committed through the highs and lows of every task you undertake, entrepreneurship will likely come naturally to you. Starting a business in a considerable feat, but you must not give up when the going gets tough. It is important to research the common risks and hurdles ahead of time so that you can have an action plan in place.

 Experiencing failure is a given thing, but the ability of being willing and able to learn from mistakes and to keep pressing forward will help you edge closer to success. Commitment is necessary to keep trying from one misfire to that next untill you finally find success.

2. Make decisions with precision

As a business owner, you will continuously be faced with making hard decisions that will ultimately impact the future of your business. You have to decide on suppliers, scaling, overall business goals, new ventures and much more.

You will also be faced with making the correct hiring decisions and surrounding yourself with others who can make quick and successful decisions when you aren’t available. People with this trait tend to be confident in themselves and their decisions and willing to do what is right, even if it bears risks.

3. No risk? No reward!

True entrepreneurs thrive on talking risks. The risks don’t stop once you have committed to building your business. Opportunities will continue to present themselves throughtout the start-up phase and even beyond that. By playing it safe and hesitating to take the next step, you will likely miss out success.

Of course, every risk should be backed by financials and performance. Always let numbers guide you instead of emotions and opportunity. Having said that, you need to know when to fold and avoid getting in over your head. The key to taking calculated risks is always keeping the bigger picture in clear view when considering taking a leap.

4. Keeping it 100%

If you want to see your business grow, you must be prepared to give it your all. Entrepreneurship is a task that never truely finishes. It is not your typical, nine-to-five job where you punch the clock twice a day Sunday through Thursday, rinse and repeat. Being an entrepreneurship is a mind-set and a lifestyle, and successful entrepreneurship have engrained their businesses into their everyday life. If you want to make this your full-time job and eventually draw a good income, you need to live and breathe your business.

5. You only live once

Life’s too short to be scared of the unknown, and if you aren’t intimidated by the unpredictable nature of entrepreneurship, then it really could be right for you. Entrepreneurs understand that their world is dynamic and constantly changing, from fluctuations in financing to legal roadblocks. If you’re averse to change, then this career path is probably not a good fit. Running a business requires an adaptability that many other jobs do not necessitate. While you should systemise your business operations, a start-up is volatile and quick changes are often necessary and inevitable.

Entrepreneurship can be an icredibly rewarding carer. Not only do you get to do what you’re passionate about and good at, but you also get to work within diverse cultures and with various people. If you are prepared for unpredictability, fast-decision making and major lifestyle change, then you are ready to start your own business.