Is entrepreneurship right for you?

The truth about entrepreneurship

Many people have a lot of ideas about what working in entrepreneurship is like. Some see it as a walk in the park – you may your own hours, make all of your own decisions, and get to work on something you’re passionate about! Sounds like a dream, right?

While these perks certainly exist when you work as an entrepreneur, the truth is this – it can be extremely difficult to start and run your own company. If you’re considering entrepreneurial life solely because you want more flexibility or autonomy, think again. It takes time (and a whole lot of work!) to get to a point in your journey where you can enjoy these aspects of the job. So, is entrepreneurship right for you?

How you can tell if it’s right for you

1. Your idea is unique

The best ideas deliver value to customers. Does your business plan address an existing need in the market? If yes, look to see if there are other businesses that offer solutions to the same problem. Run a quick SWOT analysis to see the areas where you can offer more than your competitors.

2. You have the ability

Unfortunately, not everyone is a natural born leader. However, there are certain traits that natural born leaders tend to possess. According to a Harvard Business School study, successful entrepreneurs have the following qualities: the ability to identify opportunities, vision and influence, comfort and uncertainty, network building capability, and financial management skills. If you have most or all of these traits, chances are you will excel in a leadership position.

3. You persevere

As we said before, starting your own business is tough. This holds especially true in the beginning, when you’re likely to be working without substantial profits. According to this census report, you have a fifty fifty chance of surviving to your second year as a new business. During your first two years, you will undoubtedly face major obstacles and setbacks. If you can handle challenges without wanting to give up, entrepreneurship may be right for you.

4. You’re willing to learn

As an aspiring entrepreneur, having an open mind is critical. Moving into a position with a much larger scope of responsibility means you have to learn and implement new skills. For example, you may find yourself needing to hire and run a team or manage your own sales. The willingness to research what’s needed to succeed in a new field and the ability to implement those changes can definitely help you when starting your own company.

5. You have access to resources

Realistically speaking, you won’t be able to run a company without the necessary resources. For many entrepreneurs, acquiring the appropriate amount of capital in the beginning is the most important step. You may need certain levels of funding in order to turn your idea into reality. Other great ideas may require a bit of technical engineering before they can be turned into something great. Check to see if your great business plan can operate realistically within your means, or if you have the ability to expand those means.

If you’ve kept along and have decided that entrepreneurship is right for you, that’s great! There are a lot of advantages that come with working for yourself. Here are some tips and tricks to help you get started. Or, start your journey on our site to receive custom recommendations for service providers that will help you get your business up and running. Good luck out there!