Let’s face it, the thought of being your own boss is pretty appealing. No one telling you what to do, how to do it and when. You could be the one charting the course, calling the shots and making the decisions, right? Sometimes, it’s that very drive that launches a person into a successful entrepreneurship, and sometimes, it leads to bad decisions and an empty bank account.
If you’re seriously thinking about starting your own business, it’s important to understand whether or not you’ve got what it takes to be an entrepreneur. Good business is more than just a good product, service or idea. Not everyone is cut out to be a CEO, and that’s OK.
So, before you quit your day job, ask yourself these 5 questions to determine if entrepreneurship is right for you.
Self-Evaluation for Prospective Entrepreneurs
1. Are You Really Passionate About What You Want to Do?
If you are in it for the money, you’re making a mistake. Most entrepreneurs work endless hours and spend many sleepless nights between paydays. What motivates them to persist long after most of us would have thrown in the towel is an unshakable sense of purpose to solve a problem, help others or otherwise contribute to the greater good. Through all the ups and downs of starting a business, it’s this overwhelming passion for what they are trying to achieve that motivates them to keep going long.
2. Are You Willing to Work Really Hard?
While being the boss may look easy from where you’re currently sitting, it most certainly is not. Especially during the start-up phase, most entrepreneurs work 18-hour days, 7 days a week – far more than any salaried worker. Even as a CEO of an established company, you are always “on call” in the event of a crisis. Being a business owner means you’re willing to make sacrifices to succeed. If work/life balance is important to you, entrepreneurship may not be the right path.
3. Are You Comfortable Taking Big Risks?
While the risks are different for every business, all successful entrepreneurs take chances in order to grow their business. Whether you’re simply resigning from your current position and foregoing a steady paycheck to pursue your dream, or deciding to buy a competitor’s business, there will be risks and sacrifices along the way that you have to be ready to make. If the thought of taking a leap of faith and hoping for the best makes your stomach churn, you may not have what it takes to be a CEO.
4. Are You Able to Motivate Others?
In addition to being self-motivated, entrepreneurs must be able to provide direction and motivate others. As your company grows, you’ll need to hire and inspire others to believe in your vision, and you may need to convince lenders or investors to fund your company’s growth. Leadership skills can be learned, but most entrepreneurs are natural-born leaders. As the owner of a business, you have to be comfortable with marketing yourself, making decisions and having others look to you for direction and inspiration.
5. Are You Willing to Accept Failure?
The unfortunate fact about entrepreneurship is that you are going to fail, but when others give up, entrepreneurs pick up the pieces and simply start over. You have to be able to learn from your mistakes and be resilient. You also need to be flexible. For successful business owners, every setback represents an opportunity for a comeback. You have to be willing to trash your original plan, change course and start anew, with no loss of enthusiasm.
Are Your Ready to be Your Own Boss?
Being an entrepreneur can be scary, but it can also be exhilarating and very rewarding. If you’ve answered yes to these five questions, then you just might have what it takes to start your own business.
Need affordable office space near Boston? Perhaps a fully-furnished executive suite to get started? The Lakeside Park in Wakefield MA is less than 20 miles outside Boston and has both temporary and long-term office space for rent at prices that even start-ups can afford.