How To Know If You’re Ready to Start a Business

Updated: April 28, 2023

Many people dream of starting their own business, but unfortunately only a few can do so. The reasons vary – from having no business idea to lack of startup capital; from having no time to just being too scared of failure.

In short, a lot of them delay becoming an entrepreneur because they feel that it’s not yet the right time; which brings us to the question…

How do you know if you’re ready to start a business?

Is it when you stumble upon a great business idea? Is it when you can save enough money? Is it when you already have more free time?

Or is it when you have all of the above and more?

The answer…



Imagine that you have 100 pieces of a 1,000-piece jigsaw puzzle and every hour, the next 100 pieces are given to you.

Do you wait for 9 hours, when you have all the pieces before you start solving the jigsaw puzzle? Or do you immediately start and work with what you already have?

I’m sure you’ll choose the second option because it will be more time-efficient.

Starting a business is the same – that is, you don’t wait until you have everything you need before you begin building it.

I don’t have a business idea yet

Well, at least start saving for your capital already. Also, work on your schedule so that you’ll know how to manage your time already when that business idea comes.

I don’t have money yet to start a business

Raising business capital is Step #10 in my Step By Step Guide To Starting A Business. Yes, it’s the 10th task – which means there are 9 other things you can do first.

I don’t have time yet to start a business

If you have time to read this article, then you have time to start a business.

Use whatever free time you have to already work on your business, even if it’s just a few minutes a day.

I don’t have all three – no idea, no money, no time

It doesn’t matter because it’s all about baby steps.

My recommendation, start with your mindset and nurture the entrepreneur inside you by reading business books and attending networking events.


It’s about Progression, not Perfection

Entrepreneurship is not a profession nor a career path – it is a lifestyle.

There is no perfect time to do it, no perfect situation to begin with, and no perfect moment to start building one.

It’s all about taking small, progressive action, every single day.

So that when you receive the last 100 pieces of the jigsaw puzzle, you’re already more than halfway done to becoming a full-fledged entrepreneur.

What to do next: Click here to start your financial journey with IMG Wealth Academy
Photo credit: Cindee Snider Re


  1. Im a frequent reader and I dont think this article is helping. I wanted to start business myself and surprised that this article is more like discouraging me to not to start a business.

    Nakakaagaw attention ang bold fonts ng
    I don’t have a business idea yet
    I don’t have money yet to start a business
    I don’t have time yet to start a business
    I don’t have all three – no idea, no money, no time

    Just saying,i think this article isn’t about being ready to be rich as your blog name says.

  2. There is an urgent need for most to learn more about business administration. Unfortunately, both our primary and secondary education do not prepare us enough to know about the administrative side of a business to help up succeed, including dealing with the necessary gov’t agencies such as the BIR, SEC, DTI and local government. We have to learn the ropes as we go along…

  3. Grace,

    Basahin mo ang buong article at huwag lang yung mga naka-bold. Actually, yung unang naka-bold font is already the true essence of the article:


    At may ending pa na napaka-meaningful:

    “It’s about Progression, not Perfection”

    Honestly, I don’t understand why you felt discouraged about this article.

  4. What Mr. Norman say is correct, Ms Grace read first the whole article before commenting. . . God bless you both.

  5. grace is near having Slow Digestion pardon her can somebody translate in tagalog so she can digest it.


  6. I fully agree that starting a business is not a foot race. Developing a business is a process. Taking that first step and then continue to place one foot in front of the other will get you to the finish line.

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