Deciding to become an entrepreneur requires a lot of commitment, skills, and the drive to succeed. However, there is no test that will tell you whether you will succeed or it is a bad idea. An education in business is not enough to guarantee your success.
Forbes has put together a short list of “reality checks” that you should look at before you make a decision.
What is your motivation?
[If] you’re focused on solving a real problem, believe you can do it better than anyone else, and confident in wearing many hats, you have the right start-up mindset.
Who will be your boss?
When you start your own business, you are no longer in control. You will likely not have the freedom you dreamed of. You will be controlled by your customers, investors, lenders – and you are personally responsible for answering to all of them, all of the time.
Do you have any management or industry experience?
Being able to manage employees and vendors is the type of skill assumed before starting your own business. You’ll also need to know your industry inside and out.
What is your personality style?
If you are a person who likes stability and control, or if you prefer when things go as planned, the roller-coaster ride of a new business may not be right for you. Every new business has highs and lows, and plenty of the unexpected.
Photo by Pamela V White