Litmus Test to Know When You are Mature to Go into Business

How to be an entrepreneur of excellence

Maturity has nothing to do with the date on the calendar. Maturity is a state of the mind and the mind a factory of ideas. How did I know? Mark Boa was only 17 years old when he founded 11 companies and three foundations.  Mark Zuckerberg was only 23 when he became a billionaire and at 29 he bought WhatsApp for a whooping sum of $19 billion, making two men [Jan Koum and Brian Acton] billionaires overnight.

However, knowing when to start is as important to an Entrepreneur as rain is to a farmer. No matter how interested a farmer is to plant, the farmer is always careful to note if it is yet time to resume planting. So also it is in business that no matter how you have been so fascinated about owning your own life as an Entrepreneur, it is important you answer this question of “how mature enough am I to start up a business? Can I be my own boss? And have I got all it takes to move into the world of entrepreneurship?”

Over the period I have spent as a Serial Entrepreneur, those who cared have always asked this question of when are they mature enough to start. Although there is no barrier holding anyone back from entering into business but there are things you need to know which if you fail to know can cost you all your life savings. 

A young man by the name Andrew Fashion dropped out of High School in 2005 and started developing websites. After months of just scraping by, Andrew made it big by pulling over $100,000 checks monthly but after few years of living the high life, his revenue dried up and from being a millionaire, Andrew became trapped in debt. Although he might be accused of living the high life but the truth was that his real problem was far more serious than living the high life. This young entrepreneur called Andrew had the problem of immaturity. He was never careful of noting the time he was mature to become an entrepreneur. If you think Andrew Fashion was stupid, what then can you say about Eike Batista, the Brazilian business tycoon who lost $25 billion within a period of one year? J. Paul Getty, one of American’s foremost billionaires said; “if you can’t count a million, you can’t become a billionaire.” In other words, if you cannot control a million dollar, you cannot make a billion dollar. Life will naturally drag you to where you belong, be it up or down.

Understand that everything you will be doing in the world of business is all about exchanging valuables. You are only permitted to make as much money as the value you can create. More and uncommon value means more money. Immaturity gets you kicked out of business, and to rise again, you will require double of your initial effort. Convince yourself that you are ready to dance to the tune. Dancing to the tune may require quitting your full-time job, getting one more part-time job, multiplying your streams of income or taking a drastic risk to see the course you believe in succeed. 

When I started my own business of blogging and publishing the first thing I did was to ply the route of independence by quitting my full-time job to obtain sales skills, which is the number one entrepreneurial skill. Sales skills mastery gives you an edge over your competitors; it helps you deal with rejections, it shoots up your turnover and it is a great motivation for greater height in business. Emchis Consulting is speedily gaining online influence today because of this primary reason.

Now, are you sincerely interested to know, when and how mature you are to start up a business as an entrepreneur? Then answer these 15 questions with the best and correct answers: Here it goes;

·        What level of risk can you afford to take for the kind of success you’re seeking for in business?
·        What do you label as your biggest limiter?
·        What is your emotional bank account like with the people you consider to be your prospects?
·        What is your level of resourcefulness?
·        How long can you afford to stay self-funded?
·        To what extent do you know about the management of crises?
·        Do you have a business plan and if you do, how dependable is it?
·        What was the best financial advice you ever got and how did it influence your life and business?
·        When you grab a newspaper, where do you go first?
·        What is the best strategy you know that suits a business starting from scratch?
·        If the offline market is congested and full of sophisticated competitors, to what extent can you make it doing business online?
·        How many online businesses do you have an idea of?
·        Who is your mentor in this line of business? And can you really trust the person for financial advice?
·        What happens when you start today and the projected income didn’t show up? Do you change the line of business or you re-fire?
·        And how many of the entrepreneurial skills do you have as an advantage?

Maturity in Money Management Skills
Money management skill is one level of maturity that must be reached before one should think of becoming an Entrepreneur. Unfortunately, most people who often raise interest to go into business do not possess this skill. Ability to save money is called financial discipline. If money cannot stay with you until a plan is made for it to be spent, then you are not yet ready to be rich. Only business owners with poverty mentality spend with little or no regard to their budget, if they have any. Robert T. Kiyosaki said; “if you have poor money management skills, then all the money in the world cannot save you.”

One of Nigerian’s Business Gurus I have great respect for, named Gabriel Ogbechie, MD/CEO of Rainoil Ltd said; “as you generate your funds you must find a way of retaining the money in the business. Only by this means will you grow. But when you burn your candle from both ends, you will discover that competition will naturally catch up with you, market dynamics somehow will catch up with you. And if you dwell so long in that dead-zone ‘comfort’, fortune will move away from you.

Maturity in saving money must be learnt and mastered. However, if you ignore this skill then I can assure you that no amount of money in the world can help you succeed as an entrepreneur. One of my most admired but arrogant billionaires the world ever produced named Donald Trump said it is moronic to be too proud to save money. In other words, it is only IDIOTS who are proud to spend without limit and with no budget. They think that bargaining for products and services will make them less of a man or woman of high esteem.

Conclusively, some other key areas you need to carry out a litmus test of your maturity in business are the areas of learning to stand and succeed self-funded, building on your negotiation power as an entrepreneur and also improving on your ability to analyse the market and distil useful information from it.

About the Writer
Emenike Emmanuel is a Motivational Speaker, Entrepreneur, Author and an Award winning Inspirational freelance Writer. He is passionate about teaching young people how to become Entrepreneurs of excellence. He is the Author of the bestselling audio book; HOW TO BE AN ENTREPRENEUR OF EXCELLENCE. You can contact him to speak in your conference through 07036251361 or