The Leadership Insider network is an online community where the most thoughtful and influential people in business contribute answers to timely questions about careers and leadership. Today’s answer to the question “What advice would you give someone looking to start their own business?” is by Ryan Harwood, CEO of PureWow.
Ask yourself this question: Are you ready to adopt another family--one that could potentially grow to be bigger than your own? I ask this because it’s the type of responsibility you will feel on your shoulders. The same concept “you’re only as happy as your unhappiest child,” goes for your employees as well. If you’re ready to take on that burden, then at least one box is checked. Here are a few others to consider :
Can you successfully execute an idea?
Ideas are a dime a dozen— people around the world are developing new ideas every day. Only the ideas that are executed properly will be successful. Often times, you don’t have to reinvent the wheel, you simply need to outwork your competition and execute a better (and more sustainable ) idea. For example, look at Facebook versus Friendster and MySpace. Both Friendster and MySpace were ahead of the curve, but Facebook had a better execution.
Are you resilient?
You will receive more rejection and hear 'no' possibly more than you ever have in your entire life. Does rejection fuel you or break you? Every time you hear 'no' it should make you stronger and even more determined to finally get the 'yes' you deserve. Rejection may leave scars, but it helps to build a thick skin. I try to recruit people who have this same DNA. Resilience is a powerful force when you have a team that's dedicated to outwork the competition at all costs.
Can you control your emotions?
The highs are exceptionally high and the lows are extremely low. Try to figure out a way to maintain your composure and never get too excited or too down. Don’t sweat the small stuff--it’s not worth it and the distraction can be costly. Focus your energy and attention on the main KPI’s of the business--everything else is noise.
This may sound scary, but that’s because starting your own business is scary . But completely worth it. It's rewarding and the experience is invaluable. However, the most important piece of advice may be to make sure you hire employees that you want to spend time with—there needs to be respect, trust, and chemistry.
Read all answers to the Leadership Insider question: What advice would you give someone looking to start their own business?
The most important lesson I learned as a tech CEO by Kyle Wong, CEO of Pixlee.
How to avoid a startup failure by Jim Yu, CEO and co-founder of BrightEdge.
3 things to consider before starting your own business by Sunil Rajaraman, co-founder of Scripted.com.
4 ways to persuade people to join your startup by Nir Polak, CEO and co-founder of Exabeam.
GoDaddy CEO’s 5 tips for aspiring entrepreneurs by Blake Irving, CEO of GoDaddy.