Chances are, when you see entrepreneurs on popular social media platforms, their lives are filled with freedom, glamour, and stability. We are constantly fed photos of people living their best lives by working for themselves. Sure, the appeal of owning your own business and setting your own rules is very appealing.
Especially, if you’ve been chewed up and spit out by the unpredictable nature of the workforce. Owning and operating your own business takes hard work, dedication, and persistence. Do you have what it takes to run your own business? Analyzing the three basic qualities needed will help you determine if entrepreneurship is the right path for you.
Are You Afraid of Failure?
The importance of this question is imperative to the success of your business. Branching out on your own involves a certain set of risks. These risks could either succeed and generate revenue, or, they would be a total flop. What sets the ones who are serious about achieving their goals apart from the ones who aren’t is the motivation to try again after failure.
All-star and basketball legend Michael Jordan once stated, “”I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game’s winning shot and missed. I’ve failed over and over and over again in my life and that’s why I succeed.”
Can You Handle the Logistics?
Sure, deigning your logo, brainstorming ideas, and hosting launch parties are all exciting aspects of the business cycle. However, are you prepared to have to handle taxes, insurance and the dreaded…math? Running and operating your own business requires liability and taking responsibility for what could go wrong.
Developing a detailed and accurate business plan also takes time and skills. Are you going to be a solo entrepreneur, or do you aspire to have employees? Are you good at taxes, record keeping, and marketing? You may want to learn ways to do this, or you can hire someone to handle it for you, or maybe partner with someone who has complimentary skills to yours. Once you’ve gotten a steady hand on the boring side, the excitement of being your own boss will illuminate through.
Are You Prepared to Make Sacrifices?
Every entrepreneur will tell you that his or her success didn’t come free. This is especially true if you must balance working a full-time job and chasing your dreams. Running your own business takes time, money, and work. Starting off, you may need to say no to certain social events to make time to work on your business.
A lot of people are looking for ways to “get rich quick” without having to put out any money to get started. While there are some legitimate opportunities out there that you can start for free, you have to be ready to eventually put money into growing your business. Free is great if you don’t have the money to get started, but then you need to re-invest at least a good portion of what you make to grow your business.
If you’re saving money for start-up fees, you may have to sacrifice eating out or other simple pleasures that could add up. Wheywhey Protein Ice Cream is a popular brand created by Greg Duncan and Damien Kennedy. On their way to sure fire success, the duo had to make their fair share of sacrifices. Duncan alludes, “when we started the company and had quit our full-time jobs, we worked three jobs each, literally anything to keep the money coming in – we weren’t picky – and bought discounted food.” Did the sacrifices pay off? Kennedy says, “This might sound odd, but it was actually quite inspiring. It felt like we were working towards something wonderful. It was kind of a naive excitement.”
Sure, possessing million dollar ideas and even the desire to start your own business are great initial qualities for any entrepreneur to have. However, there is a long road met with many obstacles before one can reach complete self-employment.
It is vital to build your self-confidence and push yourself to creating the life you always wanted to have. If the millions of business owners doubted their abilities, our world would be less exciting. Believe in yourself, continue to grow and the benefits of running your own business will blossom with time.
Are you facing any challenges trying to get started as an entrepreneur? I would love to hear how you are moving forward on your journey to owning your own business!