The Right Time to Start Business Is When You Can Answer These Three Basic Questions
Founder and CEO of Hire Right Co.,Ltd, Vorn Sokhemarin said, “Starting a business doesn’t determine what age we are ready to start, but it will be always a good time for a person to start a business when they can answer these three basic questions.”
Question 1: What factors propel you to start a business?
Generally, there are two factors that one should find out first before they can start any business. The first factor is extrinsic motivations. Mr. Khemarin said if one opens a business only because of extrinsic motivations, such as not wanting to work for others, following others’ ideas, or wanting others to call them an entrepreneur, that business will not progress well. The second factor is passion. In fact, when one starts any business with passion, that startup will be full of energy and commitment. Even if they encounter obstacles along the way, they won’t give up. Overall, they must be honest with themselves and be aware of what drives them to start the business.
Question 2: Are you well-prepared before starting a business?
Before starting a business, every business owner has to be well-prepared. Do they have enough knowledge of their business or the industry they like? Do they have basic skills or knowledge of their job? Do they have relevant skills to their basic or business skills? How well do they develop their soft skills? Do they have enough capital? If not, where do they find capital? Plus, they need to find out whether there are people who are helping or knowing how to recruit people; are they committed and strong enough to face risks and issues that may come up anytime? Do they have the attitude and personality of a business person? How will they organize the production process or product line and supply and deliver it to the customer? How about legal, regulatory issues related to their business, services or products? Thus, they must know about these things beforehand.
Question 3: What are your plans for achieving those goals?
A proverb says that successful people are those who know what they have to do. This is true, especially for people who are starting any business. Sometimes, they start with a clear goal, but the problem is when they start, they don’t know what to do. Mr. Khemarin added that business owners should know when starting a business, they need to clearly define the company’s goals, plans, strategies, and actions appropriate to the time and stage. For instance, in one month, three months, six months or two years, five years or ten years, they have to clearly define what they want their business to be and what strategies and actions will they will achieve when they start a business.
By: Yuulin An