From an outsider’s perspective, being an entrepreneur seems glamorous and exciting—millions of people dream of working for themselves or having their own business.
However, being an entrepreneur is a serious commitment, and it’s not for everyone. Entrepreneurship means something different for every person, and it demands a lot from people. If you’re interested in becoming an entrepreneur, you should consider several aspects of your personality and lifestyle.
What’s Your Relationship With Risks?
Image via Flickr by flawedartist
You’ll likely be taking risks as an entrepreneur, and it’s important to remain calm in the face of doubt. A high level of self-confidence can be crucial in overcoming the obstacle of fear.
Many entrepreneurs are adrenaline junkies. This doesn’t necessarily mean you have to be one, but having the ability to go full steam toward a risk will certainly help you. If you usually prioritize stability and security, you may not enjoy the risks of entrepreneurship.
How Financially Stable Are You?
Starting your own business or working for yourself can take money and be financially risky. You may earn little to nothing some days, weeks, or months.
If you’re not financially stable, or if you have a large debt burden, the stress of insecurity could lead you to make poor decisions. If you have a decent amount of money stashed away, or if you have passive income, your life as an entrepreneur can be somewhat easier. How much do you need to start a business, you ask? Of course, the amount all depends on many factors, but the figure may be less than you think.
How Motivated Are You?
If the idea of working for yourself and being independent excites you, that’s a good start. However, it’s not enough to be excited — you must have the drive to finish tasks you start and to continually improve your knowledge and skills. It’s OK to be a relaxed person, but if you generally wait for things to come to you, then entrepreneurship may not be the right fit.
Many entrepreneurs are driven by the idea of freedom. For example, Amway is a business that appeals to entrepreneurs. The company provides independent business owners with a range of health, beauty, and home products as well as ongoing education to help business owners maximize their business potential.
How Well Do You Deal With Other People?
Part of your job as an independent business owner is dealing with other people. From hiring staff, negotiating contracts, and raising funds, to collaborating with other entrepreneurs and businesses, you’ll need to be able and willing to work closely with others.
Social skills can be crucial to your career. For those who are naturally extroverted, this element may sound like a perk of the job. However, it can be daunting for introverts. If you’re a shy and reticent person who avoids contact with people when possible, consider the possibility that you may struggle with the social aspect of entrepreneurship.
How Creative Are You?
If you find yourself consistently thinking about how something could be rather than how it is now, entrepreneurship may be for you. Innovation is a large part of the job, and it requires originality and forward thinking.
People may be surprised by your ideas. Recall that Napoleon Bonaparte dismissed Robert Fulton’s steamship as nonsense. Later on, Fulton’s idea revolutionized sea transportation. Jeff Bezos, Amazon’s founder, says that you should be prepared to be misunderstood.
What Type of Support Do You Have?
When you’re first starting out, you’ll have many crucial decisions to make. Having a strong network of friends or family to talk to will greatly help. Not only can they provide emotional support, but they can also be a sounding board for your ideas. Alternatively, they can share insights and thoughts with you.
It’s critical that you adequately assess your personality and circumstances to determine if entrepreneurship is right for you. If it is, great! Maybe you’ll make the world a bit better.