Is Becoming an Entrepreneur for You?
Do you find the prospect of being responsible for your schedule, workload, and income appealing?
The best way to achieve this is by becoming an entrepreneur and managing your own business. But, do you have what it takes to succeed?
According to most accomplished entrepreneurs, you don’t need a special talent and, if addressed correctly, anyone can be independent of an employment contract. However, according to the SBA, about 50% of new businesses fail during the first five years of activity.
So, clearly, not everyone possesses the skills to fund and run a viable business. This brings us to today’s topic: what does it take to be an entrepreneur, and do you have it?
We’ll explore the skills that are crucial for you to succeed as a business owner and the ways to get them if you’re contemplating the idea.
How Are You with Taking Risks?
To become an entrepreneur, you need to be somewhat comfortable when it comes to taking risks.
You won’t be asked to jump from a cliff tied with a bungee cord, but the business world comes with uncertainties that you’ll have to sort out. Being an entrepreneur means making difficult decisions that may influence the people who work with you (both employees and partners).
So, do you feel comfortable taking risks? If you’re the kind of person who can’t stand the thought of not knowing where the next paycheck comes from, you may be better off. You have to be able to deal with stress if you want to become an entrepreneur.
On the other hand, if you truly want to become an entrepreneur, you can rehearse taking risks. Start small (enroll in an activity that breaks the comfort zone) and move towards bigger risks until you feel comfortable to run a business.
Do You Enjoy Setting and Following Goals?
We deal with goals at work and in our personal lives, only we don’t exactly define them as such.
For instance, “I want to have two children by the time I turn 30” is a personal goal that has you focused on the idea of building a family.
The same works for building and growing a successful business, only that your goals must be part of a strategy. Also, fluffy goals like “I want to be successful” or “I want to get rid of my boss’s bickering” lack substance and don’t help on the long-term.
Business goals must be realistic but also must drive the business forward. As such, ‘I want to make 50K by the end of the year” is a good example because it is limited in time and doesn’t set the bar too high or too low.
How Do You Handle Stress?
We live in a crazy world, but as an entrepreneur, you must be prepared to deal with a lot more stress than as an employee.
When you run a business, there’s a bunch of things that could go wrong and ruin everything you’ve built. Now, if this scenario gives you a panic attack, you may not be the best person for entrepreneurship.
However, there is a way around stressful situations and that is preparedness. This doesn’t mean you won’t be facing impossible situations that may bring you closer to failure. It just means that you are prepared to make the best out of a bad situation.
When you’re are prepared to face the stress and transform it into productive power, you’ll always find a new door or window to open. In fact, every successful entrepreneur had to deal with piles of failure before they got their first break.
The secret is in learning from failure and moving forward with your goals and strategy.
In summary, if you value comfort over taking risks and you’re not ready to create and implement a strategy, you may not have what it takes to become an entrepreneur. Also, before you ditch the current job, ask yourself why you want to do this?
If the only motivation stands in getting rid of the current job, the answer is not entrepreneurship. You just need to refine your job search so that the next one will be better.