Is Entrepreneurship for You?

Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:

Risk Taker – Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks?  If so, then entrepreneurship could be for you.

Desire and Passion – Do you have the drive, motivation and emotional strength?  Do you have the fervent drive to succeed and zeal for the tasks required?

Independent – Being your own boss also means you’re the one making tough decisions. Entrepreneurs have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection every now and then — you could be on your way to becoming an entrepreneur.

Persuasive – You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, and can engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.

Ability to negotiate – As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.

Creative – Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.

Supported by others – Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance.