Working for yourself can be as challenging as it can be rewarding. The questions below can help you decide if the entrepreneurial route is right for you.
- Are you willing to take risks?
Going into business for yourself means giving up many benefits (such as health and dental) available to employees. It may also mean going without a regular salary, especially in the early years.
- Are you willing to work long hours?
If you enjoy the 9-5 lifestyle and taking annual vacations, then starting a business may not be right for you.
- Have you done your market research?
Do you know who your potential customers are? Are you convinced they will buy your product or service? Is someone already doing what you’re doing? What makes your product or service unique? Take the time to research the market before starting your business.
- Are you willing to market your product/service?
You may have a great product, but if you’re not prepared to market it (and yourself), you should think twice about whether starting a business is right for you.
- Have you determined your start-up costs?
Thanks to communications technologies, many businesses can be started without much cash. But you still need to budget for things like computers, web-hosting services, and supplies.
- Are you willing to learn?
Combining your passion and your business is the dream of many budding entrepreneurs. But be prepared to learn all about the nuts and bolts of business as well — things like finance, operations, accounts, and customer service.
- Do you have what it takes to lead?
If your business becomes successful, you may need to hire employees. Do you enjoy giving direction to people? Can you bring out the best in them?
Having a great idea for a product or service is a good start, but do you have what it takes to build your own business? Take a look at these questions to find out if you have what it takes to be an entrepreneur.