Riskometer: Evaluate the risk - whether you can start afresh - Can you Startup?

When you hear the word "Startup", you often picture a group of energetic young people who want to build completely original enterprises.

But I know of many people who started quite late on this journey of building an enterprise from scratch.

I would not say 20’s are bad and 40’s are good but one thing that I am sure of is that one has to have some kind of a scale or an evaluation method to decide whether it is good to start fresh or not.

There are different kinds of entrepreneurs, there are some who start without having worked for anyone or any company, and then there are those who gain some experience before they venture out. It is equally a difficult decision to make for both types.

But the common opinion is that it is more nerve-wracking for people who have had a great career in the corporate and then wish to startup. India is an ambitious nation though, and many aspiring business owners have taken a risk by quitting their employment to launch a venture. Some have been extremely successful too.

Today with all the hype that Shark Tank has created and with the most supportive business environment in the history of our country available, indeed it has catapulted the entrepreneurial journey for many.

But then, like in all other such hypes, there are many who get wiped out because of multiple non-favorable factors. If I can precisely recollect one of the recent research papers on successful startups, just about 10% of the startups survive the first five years.

So what should one do, to find out whether the new start they are going to make will be a good venture or not?

From the experiences that I have had, I have brought before you these 10 questions, the answers to which will help you to evaluate your decision of starting afresh- starting a new venture.

These 10 questions will act like a Riskometer for you. Answers to these questions will help you decide whether you can take the risk of starting up a new venture, and start afresh.

1.?????What inspires me to think of a fresh start??

It is critical to comprehend your motivations before making a significant shift. Are you dissatisfied or unsatisfied with your present circumstances? Do you want a fresh challenge or a sense of direction? Knowing what drives you can make it easier for you to decide whether or not a fresh start is suitable for you. Are you starting up because you are driven by the purpose of your dream goal?

2.?????What are the possible advantages and disadvantages of making this change??

Every significant change has advantages and disadvantages. Think about the effects of this shift, both for now and in the future. Will it affect your relationships, finances, or health? Will it ultimately result in more fulfillment and happiness? Before making a choice, think about both possible outcomes—positive and negative. Will your start-up affect all these personal factors in a big way?

3.?????How will this fresh beginning affect my relationships and way of life now??

Changes in direction may affect your relationships and your way of life now. Will you need to slightly change or drastically alter your daily schedule? Will your loved ones and friends back your choice? Before making a change, consider how it will affect the people in your life.

4.?????Have I got the means—financial, emotional, and social—to accomplish this change??

Resources, such as financial, emotional, and social support, are necessary for any significant transformation. Think about whether you have the tools you need to succeed before making a change. Do you have enough money in savings to get by during a transition? Do you have close relatives or friends who can help you emotionally? In your new environment, will you need to establish new social connections?

5.?????How comfortable am I with the unknown and uncertainty??

Because change entails uncertainty and the unknown, it can be frightening. Before making a change, think about your level of comfort with uncertainty. Do you enjoy taking chances and pursuing new opportunities, or are you more comfortable with consistency and predictability?

6.?????How will this fresh beginning fit with my values and objectives personally??

It is crucial to think about how a fresh start fits with your values and aspirations. Does this shift go against your values or will it help you achieve your long-term goals? Think about if this adjustment will result in a better fit between your values and priorities.

7.?????What do I anticipate from this fresh start, and are they reasonable??

With any significant shift, it is critical to have reasonable expectations. Think about your goals for this fresh start and whether they are reasonable or not. Will this transformation bring enjoyment and prosperity right away, or will it take time, effort, and hard work?

8.?????What potential challenges or stumbling blocks might I face, and how will I handle them??

Any significant change could encounter difficulties and barriers. Think about the obstacles you might encounter and how you will overcome them. Will you need to acquire new abilities or information? Will there be opposition from others? Before making a change, think about how you'll get through these obstacles.

9.?????Am I prepared to accept the difficulties and obligations that come with this fresh start??

Any significant change demands effort and commitment. Think about if you are prepared to accept the difficulties and obligations that come with a fresh start. Are you prepared to put in the work necessary to succeed? Think about your level of dedication to the change.

10. How will I gauge my development or success along the way??

Finally, it's crucial to have a strategy in place for tracking your success and development. Think about the measures you'll employ to gauge your performance and advancement. Will you establish precise objectives and benchmarks? Will you keep a journal or another type of tracker to document your development? As you start your new beginning, having a strategy for assessing your success will help you stay motivated and on course.

If you can find reasonable answers to these 10 questions and your evaluation says, that you should go ahead and hang your boots from your well-settled corporate job, I believe you should not ignore it.

Go take the risk and live the dream you have always wanted to. Solve problems, Create mind-blowing products, Provide unimaginable services, Create huge value in the marketplace, and make this world a great place.