Entrepreneurship is the newest “cool” thing to do.
With the rise of internet startups, the popularization and glamorization of owning a business has gone through the roof. But let’s not be mistaken…
With a 90% failure rate, starting a business is the toughest career and money making choice available.
It’s important you consider whether you’re right for Entrepreneurship before diving in. I’ve found the questions below will help you understand whether you are fundamentally ready to start the building blocks of creating a business.
Do I have a high-risk tolerance?
Every entrepreneur needs a relatively high-risk tolerance level. There’s several tactics and strategies you can use to minimize risk, such as the Lean Startup methodology, but ultimately there’s no way you can hide from scenarios when you’ll have serious risk put in front of you.
It might be paying for a conference with little promise of return, or investing in new employees or product. A risk could be moving into an entirely new product category and ditching your current business model because it’s not working properly.
Whatever it is, you’re going to have regular battles with risk, and you have to be ready and prepared to accept the worst possible outcome for each risk you take.
In these scenarios, imagine how you are likely to respond. You may misjudge with personal bias, but giving yourself a thorough exercise in self-awareness is good preparation so you know how risk tolerant you are.
Can I sell? What examples can I provide?
Regardless of what skills you bring to your Startup, you cannot succeed if you don’t know how to sell. You have to sell at every level of building a business — you have to sell your idea and vision to:
- Early team members
Those are aside from having to sell your product/services to early customers. You are constantly selling, and if you don’t know the basics of how to tell a meaningful story that can sell your vision then take that as a personal development goal to improve before launching into Entrepreneurship.
Am I passionate about the problem/solution?
This one is absolutely nonnegotiable. You cannot start a business that you’re not entirely passionate about. Steve Jobs sums this up perfectly, so I’ll share his words below
“People say you have to have a lot of passion, and it’s absolutely true. And the reason is because IT’S SO hard, that if you don’t, any rational person would give up…the ones that were successful loved what they did and were able to persevere when it got really tough.” Steve Jobs