Are You Considering Entrepreneurship? If So, Read This.

There are more entrepreneurial opportunities today than ever before. We have the knowledge and tools to create thriving businesses. Think Squarespace – website builder, Monday.com – project management platform, Shopify – e-commerce platform, etc. Building and running your own business can be rewarding and fulfilling, but not for everyone. Your entrepreneurship journey starts when you ask yourself: where would you be most successful and happiest, having a role within a company or being an entrepreneur and owning the company?

I have a friend, Susan, who started her own PR firm after working for a large, successful firm, where she was a senior leader, very accomplished, well respected, and highly compensated. 

I had to ask, “How’d you know when it was time to branch out on your own?” Susan said that once she was at the point where all she could think about day and night was having her own PR firm, she knew it was time. 

Are you at that place in life? Have you done extensive research on your industry for new business opportunities, networked and developed relevant contacts, written a detailed business plan, and started socializing your business concept with your colleagues in your industry? If the answer to each of these questions is “yes,” you are, without a doubt, on your way! 

For those who answered “no” to most of the questions above, it doesn’t mean entrepreneurship won’t be in your future. You need to do more homework before making a decision. In addition to the above questions, think about your values. How vital are independence, control, and self-sufficiency to you? If you are unsure of your values, here is a previous blog I wrote that will help you identify them. In short, values are your internal motivators and what drive your behavior day in and day out. You need the right personality and values to be successful as an entrepreneur. 

Being unhappy in your current role with your existing employer does not necessarily mean you should start your own business. Instead, if you think you want to be an entrepreneur but have not done enough homework and soul searching yet, consider a job change that is solely remote or even take on a freelance role. Or hey, work for an entrepreneur in your field! These are great options for you to understand whether being an entrepreneur is a good fit for you. 

Give yourself a timeframe where you can decide your career path, potentially six months. Assess how you are doing mentally, emotionally, and financially at the end of every week. 

Is this life for you? 

Are you excited or at least comfortable with constant change and uncertainty? 

Are you more fulfilled than working in an office for a company? 

Are you enjoying wearing many hats and tackling responsibilities where you have little experience? 

Can you financially support yourself? This last question is a big one for most of us, and the answer has to be yes, whether living on revenue earned from your business, your savings account, or the generosity of your friends, family, and investors. Making ends meet each month is required, and the first few months are always the toughest.

Owning your own business can be a tremendous professional journey and lucrative, but you need to know what you are jumping into and have the right personality. Only you can know if and when it is the move for you.

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