A lot of people aspire to become entrepreneurs and want to start their own business, while this might be a very rewarding choice for some, the truth is, entrepreneurship is not for everyone.
If we are all destined to become successful owners, then there would be no employees. Take a look around you, how many business owners do you know? Compare that to the number of employees you know, you would find that entrepreneurs and business owners make a very small percentage of the population, more of a proof that it’s not built for everyone.
To determine whether you have the goods to become a successful entrepreneur, here are 10 questions you should ask yourself.
Remember that this self-assessment is only meaningful if you answer it honestly, so you should take the time to carefully examine each of these questions. Here is goes:
1. Do I have the right skills to run a successful business?
Running a profitable and successful business is no easy task. You may know everything there is to know about making ice creams, but running an ice cream retail business requires a completely different set of skills.
Besides the actual process of producing ice cream, you need to deal and negotiate with suppliers to get quality ingredients at competitive prices and make sure you you have enough cash to pay for those supplies. You need to select the right employees and manage them effectively to make sure they are motivated and accomplishing their individual roles. You need to make marketing decisions to get the word out and let people know about your business. These are just a few examples of the daily challenges you will be facing as an entrepreneur and business owner.
The good news is that there are plenty of materials available to entrepreneurs, so before you take the big step to start your own business, take the time to educate yourself on these key business concepts. Buy a book, take a course or join a seminar, whatever works best for you.
2. Am I passionate about the business concept or idea?
As a business owner, especially at the early stages, you will find yourself spending more time on your work than you spend with your family or friends. In those long days where you realize that you have been working for 14 hours non-stop, when all doors seem to be shutting down, when nothing seems to be going in the direction you want it to, passion might be the only thing that will get you going through these rough times. Pick a business that you love doing, something you look forward to when you wake up in the morning.
If you don’t like the company of children, running a nursery may not be the best business option for you. Ask yourself this question: If I had all the money in the world, what business will I want to be in? Whatever your answer, this is the business you should be in. People who start businesses just to make money, find that financial motivations alone are not enough when times get rough, needless to say, many of these businesses fail.
3. Am I a good seller?
Selling is a key component of your everyday life, more so in the entrepreneur or business owner’s life. When you are still in the concept stages, you have to sell your business idea to investors and loaners, when you are hiring, you have to sell your business to employees, when you are in a meeting with a customer, you have to sell your product or service.
Practically in everything you do in your business, you have to sell your business, your product, your service, your idea, or yourself to the person in front of you. It’s all sell, sell, and then sell some more.
With that in mind, it might be a good idea to read a few books on the topic or enroll in a sales course.
4. Do I have a learning attitude?
Business is an ever changing environment, you need to constantly update yourself on the latest developments in your industry and polish your skills every once in a while.
The most important asset you have to invest in is yourself. If you are resistant to change and not open to constantly learning new skills and quickly adapt to changes in your environment, you will find it extremely challenging to succeed in business.
5. Am I willing to put in the work?
Many people have a general misconception about entrepreneurs, they think that business owners have large bank accounts and have all the freedom to do whatever they want with their time.
The hard truth is that most business owners work twice as hard as normal employees do. Many business owners work as much as 80 hour a week. As an employee, your work is behind you once the business day is over. On the other hand, entrepreneurs live and breathe their business all hours of the day. It is not unusual to find a business owner sitting in his office 10 o’clock at night writing a proposal or reviewing the accounts.
Before you earn the rewards of entrepreneurship, you have to put in the hours, ask yourself this question: Do you have the will and desire to put in all the hard work? Or is being an employee enough for you?
It takes more than a good idea to make a successful business. Before you make the leap:
- Learn the fundamentals of business.
- Enrich your skill set.
- Choose a business domain you are passionate about.
- Be open to learning new things.
- Be prepared to work hard.
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