Testing Your Entrepreneurial Aspirations
Aspiring to open up your own business is a lot like becoming a parent. It needs constant dedication, affection, and financial support until your business is up and running. Even then, you need to ensure the financial deals your business enter into are not harmful to its short and long-term viability.
As such, it is vital to realize whether one has the attributes to open up and operate a relatively successful business with realistic objectives. The following provides a primer on such self-introspection:
- Passionate about Your Business: Starting a business is not easy, as we all know. There are ups and downs. There are periods when one asks about the prudence of involving in such enterprise. The profits tend to be lean or non-existent at the outset. However, with passion and business acumen one can forge ahead patiently despite challenges, even after the initial enthusiasm has faded.
- Right Level of Risk Tolerance: Whether quitting a job, leasing a place, entering into a contract, or not having a steady paycheck could be a daunting prospect. In fact, one needs to prepare for jumping off the cliff with a parachute and then having the insight and expertise to fly and land safely.
- Decision Making: Do I exhaust all of my savings? Do I advertise? Do I get into a long-term contract? Do I hire employees? Do I cater to high end clientele or pursue Walmart model? Indeed, these are some of the questions an aspiring entrepreneur should ask and be comfortable to make decisions about with prudence and required insight.
- Numerous Responsibilities to Undertake: An entrepreneur needs to wear different hats especially in the beginning. Paying for rent, advertisement, probably web design and yet make a living to sustain a modest life are just some examples of the responsibilities an entrepreneur needs to undertake.
- Burning Out: At the outset, one has to dedicate a life to success of a business. Friends, family, hobbies, interests become secondary to work. However, still one should find a right balance to avoid burning out while working probably seven days a week. An entrepreneur does not want to have a business but a ruined family life. Indeed, a successful entrepreneur is a successful person with ongoing family relationships whose priorities are based on prudence and long-term health of relationships.
Thinking of becoming an entrepreneur, do some soul searching and then if you have what it takes, go for it.