So you’ve got the idea for the next big thing. You’ve talked to some key partners and think your product or service has the potential to perform well in the market. The question is, when do you pull the trigger? The most important decision you will ever face as an entrepreneur is when to pull the trigger, taking the risk to turn your idea into an actual venture.
Be forewarned, not only is there no answer to the question of when to pull the trigger, there isn’t even a lot of information that can make you more comfortable with your decision. In fact, you will never be comfortable with your decision. The only thing you can do to add a greater degree of comfort (greater degree being a relative term) is to perform as much research as possible. Research the market. Research your potential partners. Research the design and specifications to see the practicality and feasibility of your offering. Research everything.
As part of your research effort, talk to as many people as possible. You’ll find that nearly everyone has an opinion as to what you should do. Its easy for these people to offer an opinion because they have nothing to lose. You’re the one taking on the risk. If you find that majority of people are urging you to enter the market, actively seek out parties that would be likely to dissuade you from entering the market. Only when you have heard equal voices on both sides should you weigh your options and decide whether to move forward.
Try This: There will never be a perfect time to start your own venture. While you can seek to achieve self-comfort through the aforementioned strategies, the most convincing answer you should be able to supply is when questioned, “Why did you start your own company?” If you can confidently cite the factors that made it clear to you, then you made the right decision.
Continue to No One Wants to be the First to Support You