In the new year post, I said I would publish articles on entrepreneurship, here is the first one.
After creating Beamap, which is now part of Soprasteria, lots of people came to me to ask what the best timing is to set up a company. It’s not an easy question.
I created Beamap more than four years ago. Before Beamap, I was working in a bank in an excellent position. My wife and I were working and we, as like many people, have two kids, a house and financial responsibility for our family.
I was working on IT strategy when I saw the Cloud Computing Opportunity. I had always known that I would create a company, and that’s when I created Beamap.
So, let’s come back to the question, is there any perfect timing to create a company?
In fact, I have bad news; timing is never good!
Let’s consider some questions you might have about your project:
- is the idea good enough?
- how can I compete with the best?
- have I got the right skills?
- will I have enough resources?
If you look at all the facts behind a business venture, you might never start. It could be why so many people are looking for the perfect timing.
I will answer all these questions. But first, I want to ask one.
Will you commit yourself 100% to the project?
Will you live, dream, think of the project 100% of the time?
Will you go the extra mile for your project when you are tired?
If you answer to these questions is yes, you are ready to start!
A business is not a hobby. I have seen some startups handled like a part time job. It looked more like a game of Lotto than a business commitment. Do you know the Lotto rule? Be prepared to lose.
So, back to the questions.
Is the idea good enough?
A starting point is just that, it’s where you idea starts growing. Does this idea address any concrete issues for clients? Can you see any competitors in the market? Yes? Good. Refine and improve. I suggest you share your idea with your friends and some people who can give you constructive feedback. No worries about copying, if it’s easy enough to copy, how can you imagine it growing into a successful company?
How can I compete with the best?
The competition is excellent news! Yes, it is. It means you have a market. You have to make sure you can offer something better if you want to start. Be yourself and do not focus on what the competition is doing . In the beginning, you are tiny and you can adapt faster to what the market requires. Be bold and be yourself to make the difference and build up your reputation.
Have I got the right skills?
One thing is certain, to create a company you need extensive knowledge. The good news is that knowledge is now everywhere then you can learn on MOOCs on the Internet. You can also connect with entrepreneurs like you on social networks or in startup meetups. Keep learning and developing your skills, you need to have the best skills to be able to decide. No, you can’t be the expert in everything but you might be able to find who can help you and give you the right support.
Will I have enough resources?
Yes, resources are a key point. Enough money to survive the first months, enough money to hire the best people, enough money to catch the first sales. What could happen in the worst case scenario? Don’t fool yourself. There are always options when you just put the facts on the table. You need fewer resources that you imagine. Fewer resources will push you to creativity and focus. Good news for anyone starting a company.
Do you want to create a company? If you are committed to doing it, then, like Seth Godin writes: “it’s your turn!” You can find some great tips in his last book on what to do when it’s your turn, and the good news is, “that it’s always your turn.”
Are you ready? The perfect timing is now!
Should you have more questions, feel free to contact me, I would be happy to help future entrepreneurs!