Should I start a business? This is a question many people ask themselves at some point in their lives. Maybe you feel stuck in your career or have a burning passion you’re yearning to explore. Starting a business takes discipline, hard work, and perseverance. However, the internet has created so many opportunities for aspiring entrepreneurs, it’s a difficult temptation for many to resist. If you’ve thought about starting your own business, but are still on the fence, here are three questions you should ask yourself to determine if you’re cut out to be an entrepreneur.
How do you handle risk?
Risk is an important part of life. Many people are trained to think the risk is bad and should be avoided at all costs. However, a certain degree of risk is necessary to start a business.
In reality, risk is present in our lives whether we like it or not. Even if you have a stable job, there is always a risk you may be laid off or the company could go out of business. The risk is smaller than other choices you could make, but it still exists.
It’s impossible to avoid risk completely. But there are skills you can learn to help mitigate it. Being an entrepreneur doesn’t mean you’ll need to make crazy, unhinged decisions every day that will put your life and career in jeopardy – in fact, it’s quite the opposite.
It means you look for ways to use risk to your advantage. To be truly successful in business means accepting a degree of uncertainty and learning to navigate in uncharted waters.
If you’re the type of person who gets anxiety just at the thought of deviating from the norm, starting a business may not be for you. However, risk mitigation is a skill that can be learned like anything else. If you’re seriously compelled to build your own business, that anxiety can be overcome with time and effort.
What are your goals?
Consider your end game when deciding whether or not you should start a business. Although it can be a rewarding experience, taking the leap of faith necessary to becoming an entrepreneur can be hard to undo. If you’re not committed it will do more harm to your career than good.
If you’ve always secretly dreamed of going into business for yourself and your long-term plan includes running a company – then taking that leap is necessary to achieving your goals. But if you’re dreams are better oriented toward a corporate environment; it may not be smart to throw away any progress you’ve already made. There are certain benefits to working for a large corporation that you may never achieve. The same is true the other way around which is why it’s important to listen to your instincts.
Self-awareness is critical for success in any field. If entrepreneurship has always appealed to you or has become a newfound passion than it’s better to try and fail than live your life in fear.
But the truth is not everyone is destined to start a business. If you’d rather have the free time to spend with family or are more comfortable and productive in a traditional work setting, there’s nothing wrong with sticking to a nine to five. It’s all about how you orient your work habits to build an ideal life and it’s up to you to decide what that means.
Why are you the best person to start this business?
Everyone should strive to reach their goals. But in order to be successful in business, you have to be painfully honest. Self-delusion doesn’t bring value to customers, so if you’re serious about starting a business, it’s important to be self-critical and realistic.
Competitive advantage is crucial for the success of a business. When you’re starting out, there will always be competitors with more money and a larger market share than you. In order to succeed, it’s vital to offer fresh ideas and a new perspective.
If you’re a soft-drink company that wants to reinvent Coca-Cola, you’ve got a better chance of winning the lottery. But if you’ve got a recipe for a new flavor that may appeal to a demographic that is tired of Coke, you may have a shot.
People don’t buy products because you think you’re a genius. They buy products because your genius is able to create something they value. Understanding your own unique genius is the true test of an entrepreneur. It’s the only way you’ll succeed in the long run.
In business, genius doesn’t equal IQ. It’s an ability to understand and serve a market. If you can’t come up with a unique idea, then starting a business may not be for you. But everyone has the ability to give a different perspective on something. Whether or not you hedge your career on your ability to invent ideas determines whether or not you are cut out for entrepreneurship.
