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There is a huge difference between starting a small business and actually making it successful.
This is why management is one of the most important determinant factors influencing whether a business is successful or not.
I was once told that anybody can start a business, but it’s only the ‘best’ one – the passionately motivated and dedicated one – that stands a better chance of making a business successful.
Meanwhile, motivation and dedication only can’t make you a successful entrepreneur because there is more to entrepreneurship than that.
Entrepreneurship also entails being patient, focused and socialising or making the right connections.
Also, there is this question of the right time to start a business. How do you know you are good to go? I meant how do you find your window of opportunity?
What’s window of opportunity?
So you are wondering what I meant by the window of opportunity?
According to Investopedia, “a window of opportunity is a short time period during which an otherwise unattainable opportunity exists.
After the window of opportunity closes, the opportunity ceases to exist. Since good deals on real estate, business offers, etc. do not exist forever, the window of opportunity is the ideal time to act.”
As as an aspiring entrepreneur, it’s important to find and evaluate business opportunities around you. But it’s not just about finding and evaluating business opportunities around you, it’s also about knowing when to start your business.
So what’s the best time to start a business?
So what is the best time to start a business? According to the infographic below, window of opportunity is the best time in your life to start a business. The author, Anna Vital, used the infographic to illustrate the possible times one can start a business.
What makes this infographic more interesting is the fact that it helps us to understand that there is always a “window of opportunity” at every stage of our life. Every life event, positive or negative, is an opportunity to start a business.
Whether you are just getting into college or graduating and whether you are just falling in love or ‘out of love’, the window is almost always open. There is always a window of opportunity for you to aspire becoming an entrepreneur.