Almost everyone dreams, however briefly, of being an entrepreneur. The independence, the passion, the flexibility—these are all attractive prospects, especially after a long, gruelling day at a conventional job. Who among us hasn’t imagined what it would be like to be our own boss?
No matter how exciting entrepreneurship may seem, it isn’t for everyone. It takes a special person to conceive a viable idea, make it grow into a successful enterprise, and nurture it through inevitable ups and downs. Some lack the zeal, confidence, and work ethic; others, the money and time. If starting a small business isn’t suited to your personality, you’re in for a long, hard road.
If you’re on the fence, here is a starting point. This assessment won’t give you a definitive answer, but if you answer “no” to one or more of these questions, entrepreneurship probably isn’t for you.
- Do you enjoy challenges? There’s nothing easy about establishing your own business, so you’ll need to relish a challenge and enjoy new experiences, no matter how anxiety-inducing they are.
- Are you competitive? Whether your business is unique or an innovative approach to an existing product or service, be prepared to face competition.
- How well do you handle risk-taking? If you’re risk-averse, you’ll find the entrepreneurial lifestyle stressful, and it’s unlikely that you’ll be able to sustain it for long. Even highly-successful business owners will have to make calculated risks at some point in their careers. On the other hand, if you’re “comfortable with being uncomfortable,” you’ll be right at home!
- What’s your approach when spending money? You have to spend money to make money, but unhealthy spending habits are hard to break, and can do serious harm to your business.
- Can you handle long-term commitment? Growing your business means you’ll be pouring your resources and time into the same project, day in and day out. It won’t always be fun, interesting, or successful, so you’ll need to know that you can weather the tough times—and there will be tough times.
- Do big decisions scare you? Decisiveness is one of the qualities entrepreneurs must possess if they hope to succeed. Running a business means you’ll be faced with all sorts of decisions, and many of them will involve huge expenditures and frightening risks. If you believe you can handle these decisions under crushing pressure, you’re likely to be an excellent entrepreneur.
- How do you respond to stress? Burnout is common for new business owners, since they work long hours with minimal support (or none at all). Coping with stress and exhaustion in a healthy, efficient way is key.
- Is persistence in your nature? Throughout their journeys, many entrepreneurs contemplate giving up. A strong work ethic and zealous passion aren’t always enough. While it’s important to practice self-care and avoid unnecessary stress, entrepreneurship means refusing to fold under significant strain.
While these questions can serve as a springboard, remember that there’s no replacement for research and hands-on experience. Even if your personality matches that of the ideal entrepreneur, you still need to discover whether your idea is viable and, if it is, whether you actually want to pursue it. Examining your chosen field, starting your business on a very small scale, and interacting with other entrepreneurs are additional ways to test the waters. You can also get out and participate in entrepreneurship workshops or programs, such as Ventures, DECSA’s program for entrepreneurs with disabilities. After all, studying entrepreneurship on paper is nothing like the real thing.