You might be fixated on the idea of entrepreneurship, but are you ready to take on the challenge? These five questions will tell you.
Entrepreneurship is an appealing idea to many, but few go through with starting their own companies, and even fewer end up being success. Why is this? The challenges of entrepreneurship are tough, multifaceted, and daunting--and not everybody's cut out for the work. You don't need a degree to be an entrepreneur, nor are certain people "born" to be entrepreneurs; in fact, you can get everything you need to start and manage a good business from free resources, networking, and hard work.
Still, some people try to become entrepreneurs before they're ready, resulting in disaster. So how can you know if you're ready?
Ask yourself these five questions:
1.Can you handle the financial risk? Most startups require a bit of startup capital from their founders, but the financial risk is more than that--you might go years before receiving a reliable paycheck for your business. Are your personal finances in a position to handle that?
2.Do you know what entrepreneurship entails? It's more than just thinking up an idea and sitting back. As an entrepreneur, you'll wear a lot of hats during your business's creation, and it's going to take everything you have to make your business a success.
3.Do you know where you're going to start? Do you know the key entrepreneurship resources in your area (including possible mentors or investors)? If not, start the research now.
4.Do you have the personal experience? Experience isn't a requirement to be an entrepreneur, but it is helpful. Where you get the experience doesn't matter. You need to be able to manage people, manage your time, make important decisions, adapt to new circumstances, and of course, experience working in your industry of choice doesn't hurt either.
5.What do you really want out of entrepreneurship? If the answer is money or fame, chances are, you aren't going to get far as an entrepreneur. The money is nice, and a motivation for many, but you have to be passionate about your ideas and your personal growth if you truly want to be successful.
Can you answer all of these questions honestly and affirmatively? If so, you're personally and logistically ready to take the next steps in building your business. For all its challenges and hardships, entrepreneurship is uniquely rewarding--so prepare yourself, and take the next steps when you can.
Jose Vasquez is a serial entrepreneur and tech enthusiast dedicated to helping startup technology companies get the direction and momentum they need to succeed. As the founder of Build. Brand. Blast., Jose has established a collective resource for tech entrepreneurs to consult when brainstorming, creating, launching, or expanding a new business. Jose is also the founder and CEO of Quez Media Marketing, a marketing firm that combines technology and creativity to help new and growing companies get the results they need.