How do you assess whether the time is "right" to start-up?
This article first appeared on October 10, 2011.
How do you assess when is the ‘right’ time to start up a business?
I have been put off until now by the GFC and the fact I have a young family.
Is there ever a good time to leave the security of regular, paid employment?
It’s always the right time to start a business and never not the right time.
Most people are risk adverse. I take risks everyday – but they are always calculated. I have had many successes and I have experienced disappointment. However, my set-backs have never been due to timing.
When times are tough many businesses go into hibernation. This means less competition but equally more opportunity. When times are good there is always opportunity.
For me, the GFC was an opportunity. I secured the best people. While many companies were retrenching staff, I went on a hiring spree. You need to look at the strengths of timing and weigh them up against weaknesses.
It’s always a good time to leave the security of regular, paid employment - if you know and believe you’re employable. If you can back yourself then go for it.
Paid employment may be secure but it will not give you the long-term growth prospects you can gain from starting your own business. It can be tough starting out, but a young family will reap the rewards of a successful business start-up.
If you can understand the risks and successfully start a business and keep it growing it could be the best thing you ever do for your family’s future.