Starting a business – just like other events in a person’s life – must be well planned and timed, and a number of factors must be taken into consideration before launching out the new venture. Before I delve into those factors and my opinion of what time is right to start your business, I would like to draw your attention to times that people commonly start businesses.
SCHOOL YEARS
This is period/length of time during which you are studying for expertise in a chosen field. During your secondary school education or university (B.Sc or M.Sc) education, you may suddenly come by a nice idea and decide to try your hands out on it. You may decide to partner with someone else: your school mate, friend or family member. Starting a business during this time is usually with low financial risks as you have almost nothing to lose; your parents probably fund your studies and associated costs and you are not at risk to lose any essentials aside from the money, time and effort put into starting the business. However, starting a business during this time can be risky, in the sense that you might get so involved with the idea and begin to neglect school work, affecting your studies so badly that you may have to drop out. Ironically, a lot of celebrated entrepreneurs started their business during these times e.g. Bill Gates, Mark Zuckerberg, Steve Jobs and many others.
POST SCHOOL YEARS
This is the period when you have finished your education (at least to a certain level, usually B.Sc) and you are waiting at home hoping to get a good job soon. Most times, the people who start businesses at this time have been waiting for about 2-3 years, and have gotten tired of hearing the popular ‘start your own business, be your own boss’ song. They usually start out as freelancers or part time businesses because they are still looking out for jobs and aren’t fully committed to the business yet. They start the business primarily to provide themselves with a source of income and to preserve their dignity. They usually go for low cost ideas, as they may not have access to substantial funding and don’t want to gamble too much with other people’s money. Examples of businesses that are started at this time are sales of bags and shoes, catering businesses, soap/cream making, home tutoring, poultry farms etc.
JOB LOSS
This is the period when you have been laid off or retired from your job. Most times, the push for entrepreneurship for these people maybe for reasons such as: putting their gratuity to good use, creating a source of stable income and preserving their dignity amongst others. Depending on the jobs they just lost and their financial intelligence, they usually go into business with a lot of money. They are already used to having an office, a secretary, an official car and an organised and structured environment, so they start out in business by getting a shiny business card, renting a lovely office, employing 10 people and starting big (which is not bad). Unfortunately, they usually run out of money after a few months and their business might fail because it wasn’t properly planned and it started in a craze and at the impulse of the moment. Examples of businesses that are started at this time are consulting firms, farms, manufacturing companies etc.
MARRIAGE
This will commonly apply to women and is usually the time period starting from when they get married. Some women may become housewives after getting married or giving birth so they can have more time to take care of their family and new babies. And when the babies start rolling in year after year, getting a job may not be feasible and so they are thrust into entrepreneurship. These are usually home based businesses, with offices not far from home. They are usually started with capital from their husbands; an attempt to set his wife up and eliminate her boredom and loneliness while he is at the office. Examples of businesses that are started at this time are retail shops (where things like shoes, bags, baby things, food stuff, home supplies etc. are sold), schools, salons, bars and restaurants, recreational centres and gyms, pharmacies etc.
While there are many paths to entrepreneurship, I chose to highlight only the above. What stage are you at right now and when do you think is appropriate for you to start your own business? Now, when the risk is minimal? After you are laid off from the job you probably hate? When you get married and find it hard to keep up with job responsibilities and family pressures? Or when you have spent your active years and are retired?
Of course, there are also those who decide that NOW is the time to change the direction of things and take charge of their time, effort and financial future. Yes, there are many factors that can determine when a person starts a business such as availability of funds, support from family and friends, acquisition of relevant skills and education amongst others; but true entrepreneurs know that they can’t be satisfied with the status quo and need to start NOW. This doesn’t mean they quit school and their jobs or rush into it without planning; it means they don’t wait for life to present them with opportunities; they go out, look for it and make it happen.
It depends on you. Stop waiting. Start NOW!
We can help!
About the Writer: Omotayo B. Adeoye is the founder of
The Wumbb, a Startup and SME consulting firm. She is passionate about improving the standard of living of people through the nurturing of business ideas into viable business ventures. Contact: oadeoye@thewumbb.org
