“Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule, and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.” U.S. Small Business Administration
Lots of people from different walks of life and varied age groups would like to start their own businesses. If you want to be your own boss, or have a great idea, ask and answer these 10 questions honestly before thinking about becoming an Entrepreneur.
10. Are you comfortable with taking risks? Being your own boss also means you’re the one making some difficult decisions.
9. Are you afraid of uncertainty? Entrepreneurship means you have to take calculated risks. Even the best-laid plans can go wrong – and usually do.
8. Can you make a lot of decisions on your own? You will need to trust your instincts and not be afraid of rejection every now and then.
7. Are you persuasive? Even if you have the greatest idea in the world, you will need to persuade customers, employees, investors, and partners to ‘buy in’ to your idea(s).
6. Are you able to negotiate? As an Entrepreneur, you will need to negotiate everything from sales orders, contracts, and leases to employment offers and the like.
5. Are you able to think of new ideas? Entrepreneurs must be able to think creatively and take advantage of new opportunities.
4. Do you have a strong support system in place? You’ll be making many important decisions, especially in the first months of opening your business. You’ll need mentors, family members, and other business/professional people to talk to and obtain advice.
3. Have you clearly identified your ideal customer? Remember my golden rule – nothing happens until you sell something (and get paid)!
2. Are you prepared to spend the time and money needed to get a business started? Don’t expect investors to support you and your business unless you have invested time and money and are 100% committed to your entrepreneurial future.
And my number one question:
1. How long will it take to start making a profit? Who is my competition? How will I price my product compared to my competition? How will I advertise my business? These are all things you need to find out before taking the leap because you need to know when your business will be profitable. Always remember, it’s going to take longer than you think and it will likely cost more than you thought it would. Plan accordingly and you’ll be fine!
If you can honestly answer these questions with good, well-thought-out answers, chances are you’ll make a very successful entrepreneur.
Entrepreneurship requires resilience, endurance, and stamina, and you’ll have to ask yourself if you are prepared to go through some tough times as an entrepreneur. What level of anxiety are you willing to endure to achieve your goal?
Focus on your idea and building a great company. As David Karp, Tumblr founder and CEO, said: “An Entrepreneur is someone who has a vision for something and a want to create.