People have many reasons to choose entrepreneurship. Some want to be their own bosses, some desire big money. You may want to become an entrepreneur because you think you have a brilliant idea to change the world.
Whatever reasons you may have, you know that entrepreneurship brings freedom, and with it responsibility and a tsunami of challenges. Therefore, there are a few questions that you should ask yourself before leaping.
When you can earn a 9 to 5 job without risking your career and income, then why do you want to do this?
Be honest and consider every aspect of being an entrepreneur. Are you doing it for yourself? Or you have a vision, a purpose to serve the community and bring changes in the society.
Be clear about your purpose and goals. Your ‘why’ should be your source of motivation whenever you feel you are losing it.
Are your goals realistic?
It is easy to get carried away with the position and power that one attains with entrepreneurship. You can decide to start a business any day. But, without realistic goals, you will fall flat on the ground.
Ask yourself if you can project your business for the next two years. It will help you in setting your business goals.
Are you resilient?
Entrepreneurship will throw at you many unpleasant surprises every day. You will get knocked off many times, and failures may become your best friends. Are you strong and motivated enough to get up and hit harder? Do you have the grit and resiliency of a fighter?
Entrepreneurship isn’t for you if failures scare you.
It is a critical question that you should ask yourself before diving into the ocean of entrepreneurial challenges.
Let’s take Sheldon Inwentash as an example- a career that began in the life insurance industry as an oil and gas analyst quickly evolved into one that would include creating five companies and nine CEO roles, including a 20-year stay as the founder of Pinetree Capital.
Is your family ready?
We often undervalue our families when trying to establish ourselves at work. Entrepreneurship requires your complete focus, your dedication, and all of your time. If you fail to manage your family with your business, you may end up choosing one. Therefore, it is important to understand if your family members are ready to sacrifice their time with you when you are busy building your business.
You must discuss your plans, visions, and goals with your family members before setting up for it.
Do you have a plan B?
The sad truth is that around 30% of new businesses fail in the first year. You shouldn’t get discouraged by the figures, but ask yourself if you have a backup plan to meet your financial and emotional needs if you fail in your first attempt. Your entrepreneurial journey will affect your family, friends, and many other people related to you directly or indirectly.
You should prepare yourself to support them in case your plan fails.