When should one start a business?

Aspiring entrepreneurs should start their business within 18 to 36 months, regardless of the “idea.” Business forecasting accuracy drops tremendously beyond 2 to 3 years. In addition, new businesses need real customers to develop working business models. During the 18 to 36 months, one can: 1) clarify, sell, and acquire skills for the vision, 2) prepare one’s nerves and affairs, and 3) build up sufficient full-time runway of 6 to 12 months. Using a sample estimate of $1k/month for living and business costs, each, the sum required is $12k to $24k, or, saving $666/month. Requiring a minimum wait period de-risks the chance of an impulse, unclear decision. Similarly, defining a maximum wait prevents stagnation and failure by default. Every moment only happens once, as time is perfectly inelastic. Thus, aspiring entrepreneurs must learn to function like a business: setting clear, time-bound goals and ignoring everything else to achieving them.

Get New Posts Automatically By Email:
Leave a Reply

Your email address will not be published. Required fields are marked *

How would you rate your experience?
Do you have any additional comment?
Enter your email if you'd like us to contact you regarding with your feedback.
Thank you for submitting your feedback!