As COVID-19 causes layoffs and extends uncertainty about employment in 2021, many people are considering new options They’re thinking of reinventing themselves or trying to decide whether working for themselves is more desirable than finding another 9-to-5 job that might not last. Entrepreneurship brings a lot of freedom, responsibility, and risks. Before people commit to taking that […]
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As COVID-19 causes layoffs and extends uncertainty about employment in 2021, many people are considering new options They’re thinking of reinventing themselves or trying to decide whether working for themselves is more desirable than finding another 9-to-5 job that might not last.
Entrepreneurship brings a lot of freedom, responsibility, and risks. Before people commit to taking that big step, there are several important questions they should ask themselves.
Entrepreneurship is a career that offers a kind of freedom and personal satisfaction you simply cannot get from traditional 9-to-5 employment. You will never know if you have what it takes to be an entrepreneur unless you take the leap of faith and experience it yourself.
It’s a big decision, though, involving many factors and inherent risks. There is a lot to navigate and endure on the way to reaching your dream destination of professional and financial freedom. Many people don’t make it because they simply weren’t cut out for the challenge from the start.
People who are considering entrepreneurship should first ask themselves these five questions.
• Why do you want to do this? Let’s be honest: if the business endeavor is just about us, we will want to give up on ourselves when things get hard. Your why, which is your purpose, has to be much bigger than yourself. You must believe in a vision of why you want to be an entrepreneur and develop a plan for how you will involve others in your vision. Sustainable entrepreneurship requires the efforts of other people. It’s imperative to write down your “why” and keep it in front of you as a reminder when tough times come.
• Are you being realistic? One can get swept up in the emotion of starting a business, but it’s vital for all potential entrepreneurs to be realistic in their business projections for the first two years of the startup. Answering this question before you open can prevent some unpleasant surprises as you try to build your company.
• Do you have daily discipline? You are the boss, and only you can hold yourself accountable. If it’s hard for you to stay on task or stay motivated, and you think being an entrepreneur is a fast ticket to easy street, entrepreneurship definitely is not for you.
• Can your relationships survive the sacrifices? The time commitment to starting one’s own business and getting it running efficiently goes well beyond a typical 9-to-5 job. Relationships can suffer. All entrepreneurs have to understand that they are going to be forced to make sacrifices on a personal level with their family and friends. You have to stay focused without letting your dedication to your entrepreneurial pursuit harm your relationships with those to whom you are closest. Communicate with them and mutually come up with adjusted expectations as you build the business.
• Can you withstand the struggles? Rejection and failure are realities that new entrepreneurs have to get accustomed to and learn to overcome. You need to understand how many times you will fail before you succeed. You’ll get turned down by prospective customers constantly and your self-value will be tested on a daily basis. Is your why strong enough to keep you going?
Overall, deciding whether you are an entrepreneur or not boils down to how comfortable you are being uncomfortable. Only time will tell if you have the people skills and business skills to be a successful entrepreneur but rest assured that you will have to endure periods of real discomfort.
Tim Mercer (www.timtmercer.com) is founder of IBOXG, a company that provides technology services and solutions to government agencies and Fortune 500 corporations. He is also author of “Bootstrapped Millionaire: Defying the Odds of Business.”