At some point in your life, you will be faced with three options: stay at the current company, find something else to work, or work for yourself. There isn’t a right or wrong choice. Every person is different. But, if you are asking me, the third option is best for you. Being your own boss is overwhelming and at the same time exciting. Entrepreneurship gives you an opportunity to run your own business company the way you want to. Taking that step comes with a few challenges. If you decide to take the entrepreneurial path, you are not just taking control of your finances and your future in general but you are making yourself responsible for establishing, building, and growing a company.
You will be also responsible for your employees and if it all falls, there is no safety net. You need to face the consequences. Yes, that is the ugly truth. As you consider your career and what is ahead of you, you need to decide whether entrepreneurship can give you what you are looking for. So, how can one know whether entrepreneurship should be the next career move? You can start by asking yourself these three questions.
1. Do You Have the Right Skill Set?
Whether you are thinking about building a company from scratch or purchasing an existing business, you need to know for sure you have the skills, connections, and resources you will need to be an entrepreneur. At this point, you must acknowledge both your strengths and weaknesses. You must be clear about your personal characteristics. Being self-aware and honest is the first step of the project. If you can see growth potential and have the experience and background required, there is no reason why you wouldn’t become a successful entrepreneur. You need to become more aware of your skills and how they relate to entrepreneurship. Keep in mind that you don’t need to be good at everything in order to succeed as a business owner.
You can identify the departments where you are lacking experience and focus on gathering the right people who can assist you. Your own strengths and skill set should be aligned with your business. Let’s face it – there is no point in building a business around your weaknesses, right? It takes courage to go from being an employee and working for someone else to being an entrepreneur and running your own business. Self-awareness is one of the keys to building a successful brand. It is important to identify the skills that align with those of prosperous entrepreneurs. However, it is also important to reveal the characteristics that make you one-of-a-kind.
2. Are You a Problem-Solver?
Most people solve problems only when there is a problem to solve. If you fantasize about building your own business that is free of sidetracks and complications, you are going to be unhappy. Why is that? Well, because true entrepreneurs thrive on problem-solving and will look out challenges and issues that need to be solved or improved upon. So, if you are a problem-solver, then entrepreneurship is definitely a good path for you. This doesn’t rely on any specific skills. You just might be a little bit more creative and think outside the box. When describing the fundamentals of entrepreneurship, the owner of Money Done Right, Local Allec said: “It is the ability to understand the feelings and needs of others”. If you are good at solving problems, the thing that drives you is helping people by offering a solution that no one else has provided yet.
3. Can You Deal with the Risk of Instability?
Running your own business and being your own boss, controlling your employees, and setting your own working hours may sound empowering. However, the truth is that entrepreneurship requires you to sacrifice your time in exchange for power and flexibility. Your business success will be driven by your moves and decisions. That level of pressure might lead to more stress and anxiety than you experience as a regular worker at a company. That is why it is highly recommendable to have a real vacation or contribute to your 401(k). One significant part of running a business is taking a risk. Taking risks doesn’t mean you can’t acknowledge fear or you don’t feel fear, you just don’t let it stop you from achieving your dreams. According to a study from Harvard Business School, being a risk taker ranks at the top of personality traits shared by successful business founders and entrepreneurs.
Second on the list is innovation. Building a professional career as an entrepreneur means you will need to be comfortable making some decisions without guaranteed results. If you worry too much about the safety and security of your business, you probably shouldn’t try to run your own business. Some people have the right skills and enough drive to become successful entrepreneurs while others have the ability to see companies succeed through the beginning startup phase. Ask yourself these three questions, before you try your hand at entrepreneurship.