Entrepreneurship is like a voyage…a journey of discovery towards your vision of a venture. An entrepreneur is much like the captain of the ship. He/ she decides the path the ship will take, is responsible for the entire crew on board, navigates the ship through the choppy seas and ensures that it reaches the final destination in good shape.
It's imprudent to wear the mantle of entrepreneurship unless you've got enough passion that will get you through the arduous times and keep you motivated once the preliminary zest has dimmed.
Starting a business is a critical decision that you make that will impact all aspects of your life. So dive into the entrepreneurial ship only if you are willing to deal with all that it entails -- the rough seas, the uncertainty and the responsibility to keep afloat and keep your crew motivated.
Here are 7 questions to ask yourself before you start your own business:
- Do I passionately believe in my product or service?
This question is really a no-brainer. Without passion and strong belief in one’s idea and vision, an entrepreneur is not likely to sustain all the challenges of establishing and running a business.
- Am I averse to risk?
Being an entrepreneur is definitely not for the faint-hearted. One must be willing to brace oneself to face any situation and take certain calculated risks.
- Am I a decisive decision maker?
When you are running a business, you have to take major and minor decisions pertaining to finance, personnel, strategy and management on a daily basis.
- Can I multitask?
An entrepreneur must be able to juggle multiple responsibilities. Solo entrepreneurs especially need to be able to wear many hats and be efficient multitaskers.
- Am I able to negotiate?
As a small business owner, you will need to negotiate everything from leases to salaries, contract terms to rates. Refined negotiation skills will help you get the best deals, save capital and run your business smoothly.
- Do I have the creative spark?
Entrepreneurs must be able to think of new creative ideas and be resourceful at problem solving.
- Do I have the support of others?
A strong support system is invaluable for every entrepreneur. If you do not have a support network of friends and family to assist you, consider finding a business mentor. A business mentor is a trusted guide who counsels one their specific venture with their vast wisdom and insight.
After some serious soul-searching, if you firmly believe that you have what it takes to be an entrepreneur, then set in motion this exciting voyage of learning and discovery.
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.