The idea of becoming an entrepreneur and finally staring your own business has a lot of appeal. But there’s a big difference between dreaming of being a business owner and actually having to put in the time and the effort to do it. Being an employee is tough, but being a boss is harder, and if your business doesn’t succeed, you don’t get paid. So before you start thinking about quitting your job and running your own business, ask yourself three important questions.
Are You Being Realistic?
You may simply be thinking about not having to answer to a boss, or being able to eat lunch as long as you want, but are you also thinking about how much time and effort this will require? Do you have an actual, reasonable business plan that can be executed, or just an interesting idea with no research behind it? Take a look at the requirements in both funding and time required to run a business and ask yourself if you’re willing to commit.
Can You Live Without A Salary?
In most cases, starting up a business means pouring every financial resource you have into the business itself, with little in the way of a salary for yourself. Remember, if the business fails, you don’t get paid, so if you’re allocating a big salary for yourself right at the start at the expense of the business, you may not have a business for very long. You need money to live, but if your business is suffering and you are not, you’re not allocating your resources properly.
Are You Willing To Fail?
Sometimes the most important learning experiences are the failures, and most people who get into business for themselves for the very first time run a risk of over 50% that this first venture will not succeed. Can you tolerate and learn from that failure? Or is any kind of failure unacceptable? If you can’t risk failure, you’re probably not cut out to be an entrepreneur.