Signs you are ready for entrepreneurship (Photo: iStock)

One trend that has been growing in recent years is the shift towards entrepreneurship. More and more people are deciding to give up their 9 to 5 and become fully self-employed, or at least combine the two.

For some, this decision to explore entrepreneurship has been an amazing life-changer, but for others it hasn't worked out so well. And one of the reasons it hasn't worked out for many is that they went into business at the wrong time.

You may be motivated to start your business after hearing someone else's story, but you need to be aware of your personal journey and the perfect time for you. You'll know you're ready to dive into entrepreneurship when you've ticked these five boxes:

You can describe your idea well

One sign of someone who is ready is, they will be able to confidently describe their idea. If you find that you can describe what you want to do without laughing, getting confused or feeling embarrassed then it’s a good sign.

When you’re yet to find the words, it means you don’t have a good grasp of what you’re getting into. You need more time to figure that out, then you’ll be ready.

You have a solid business plan

Being able to describe what you want to do doesn’t necessarily mean you have a real business plan. You know that you want to sell wigs and that you can make good money from it and still not understand how to make it all work practically.

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You need to have details like who your target market is and whether your finances will be able to support this plan realistically. This is something you need to document and if you have that already, then you’re good to go.

You’re aware of the risks

Most of the time we pay attention to the glamorous side of being an entrepreneur and forget the blood, sweat and tears of the process. People want the money that comes with it but not the real problems.

If you’ve taken time to research and understand the risks of the industry you’re planning to enter, you’re solid. But if you haven’t thought about the challenges and risks, and whether these are things you’re ready to deal with, you need to pause.

You’ve gained enough experience

Having enough experience is another way to tell whether the time is right. Certain fields need a good amount of experience before you can branch out and offer your own services.

When you’re going to these specific fields, make sure you’ve spent enough time in employment where you can get a strong foundation.

You have the personality for entrepreneurship

Entrepreneurship demands certain qualities. You need to be someone who is patient rather than someone who goes for quick results, someone who has good networking skills and someone who is good at managing their own life without needing others to push them all the time.

Some people function better in a structured environment where they have clear schedules and tasks planned out for them. These are people who would thrive in employment.

Then there are others who do better when they manage themselves, or even having a balance of both sides, which is one of the right qualities.