Why now is the best time to start a business
Since launching Hustle Crew in 2016 I’ve had hundreds of conversations with aspiring entrepreneurs. One of the most common questions I’m asked is, “How will I know when I’m ready to start my business?”
Reflecting on my own experiences I can safely say that those seeds of doubt never go away and it’s possible you will never feel ready. I’m still waiting to feel ready four years into the journey! So here are my top three reasons why now is the best time to start a business. I hope they give you the encouragement you need to finally share your vision with the world.
The “I’m ready” moment may never come
There will always be an excuse to not start. There might be drama in your personal life, or even a global pandemic. Maybe you’re planning your wedding and already have a lot on your plate. I can’t give you advice on how to maintain your physical and mental health - which is of course very important - but I can definitely tell you that there will always be something you could be spending time on that isn’t your business. Yes it’s a risky choice to be an entrepreneur, and yes you might fail. But if you never try, you’ll never know.
You don’t just launch your business once, you will always keep launching
While working at Product Hunt I had the pleasure of interviewing Indie Hackers founder, Courtland Allen, about common mistakes founders make when trying to build a successful company. One pitfall he highlighted was the assumption many founders make that they only have one chance to launch their business. In reality, you are always launching. Whether it’s a new product feature or design update, you can always create new opportunities to present your business to your target audience.
You don’t know what you don’t know
Remember the first time you took up a new sport or hobby? Once you had committed a decent chunk of your time to the activity, you probably discovered a lot about it that you never could have imagined. Starting a business is just like that. There’s only so much you can learn from research. To run a successful business you need to learn about how you respond to situations as they unfold in real time e.g. in conversations with customers. Only then can you improve. Real life data from the market is far more valuable than any research you do or advice you receive before you launch.
Apply to Future Startup Now Founders programme
Future Startup Now Founders is a five-week virtual programme for aspiring founders aged 18-24 from underrepresented backgrounds, led by Hustle Crew and Create Jobs and funded by the Mayor of London. You’ll have the chance to learn from me and tech leaders from companies including Snap, MVF Global, Deliveroo , 1Password, Onfido and GoCardless and pitch for a £5,000 grant at the end. Apply now on the Create Jobs website linked here. Deadline to apply is Wednesday 17th June, 2020. Good luck!