In the long journey towards entrepreneurship, it can sometimes be hard to figure out whether or not your idea and how you execute it is going to be successful. Yet there are some signs you can look for. Here are some, based off of an article I found on entrepreneur.com:
You’re excited about your business: Those who start a business for the money or to please friends will most likely burn out or fall flat. The concept behind your business should be exciting from the start to the finish. When you talk about it obsessively with your friends, can’t wait to get to work in the morning or even feel particularly excited about accomplishing a minor business-related task, you know you’re excited about your company.
People are talking: If you have a good core idea that’s marketed well, then people will talk about it. Check out the conversations circulating social media – you’re doing pretty well if it doesn’t take hundreds of social media posts per week to get people talking.
Your net income makes overhead costs look reasonable: When you first start out, shelling out the money for things like web domains, logo design and other startup costs can get painful. It often takes 12 to 36 months for businesses to be qutie profitable, but you’re on the right track if you’re drawing in disposable income before or at that stage.
You’re willing and able to adapt: Successful entrepreneurs understand that the business world is fluid, just like the fields in which their products are services are encapsulated. Any business, regardless of its size, will have to change along with the times.
You welcome criticism: No entrepreneur can grow and enhance their business without learning how to learn from it. Feedback often comes in unpleasant forms, but many times it reveals areas for improvement. If you can receive criticism and turn it into positive change, it will give you a natural edge. Develop a thick skin and learn from those opinions that offer valuable tips on polishing your business.
You learn from your mistakes: Making mistakes doesn’t mean you won’t be successful, but you won’t be if you can’t learn from them. A good entrepreneur will view mistakes as lessons in disguise. You might not have time to make every mistake, so also be sure to learn from the mistakes of those around you.
You’re grateful for what you have but still want to get more: If you can’t be grateful for what you already have, then you’ll never be satisfied with your progress. During the startup process, make sure that you differentiate resources you already have from those you need to acquire. Perform brief check-ins with yourself or your team every six months or so, so you can pay close attention to your successes.
You have no regrets: Entrepreneurs should know that this is a business with its ups and downs. You’ll be more inclined to reap benefits if you can recognize that even through the hardships from starting a business, you don’t regret stepping foot into this field of business. Those who are meant to be entrepreneurs love the hard work they put into their business regardless of the results.