Is small business entrepreneurship for you? Many of us have thought at least one time in our life about being an entrepreneur. Either its something we want to do or it’s not. Running your own business is more than meets the eye. Yes you are free to set your own hours, and yes to an extent you are your own boss. Even though you have to keep in mind that you still have someone to answer to. Being an entrepreneur takes a lot of hard work and lots of planning.
With anything there are risks and there is no way to eliminate them. It simply is what it is. But for those of you that aspire to become entrepreneurs there is hope. It is possible for you to become successful with good planning, preparation, and insight.
You might want to ask yourself a few questions.
Are you a self-starter? It’s going to be up to you to implement projects. You will have to organize your time and to follow through on what you have started.
How well do you get along with different personalities? As a business owner you will need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants. Can you deal with demanding clients and unrealistic expectations?
How good are you at making decisions? Small business owners are required to make decisions constantly — often quickly, independently, and under pressure.
Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it’s also a lot of work. Can you face six or seven 12-hour work days every week? There will no more 9 to 5, as if you are still working for someone else.
Starting a small business is always risky and the chance of success is slim. According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years.
These figures aren’t meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.
The following exercise will help you determine approximately how entrepreneurial you tend to be now. From it, and from other self-assessment exercises in MVP, you’ll be able to determine how you can become more entrepreneurial. Take this self-assessment to see if entrepreneurship is for you. Click here for the self-assessment.