Is Entrepreneurship For You?
Starting your own business can be an exciting and
rewarding experience. It can offer numerous
advantages such as being your own boss, setting
your own schedule and making a living doing
something you enjoy. But, becoming a successful
entrepreneur requires thorough planning, creativity
and hard work.
Consider whether you have the following
characteristics and skills commonly associated with
successful entrepreneurs:
Comfortable with taking risks: Being your own
boss also means you’re the one making tough
decisions. Entrepreneurship involves uncertainty.
Do you avoid uncertainty in life at all costs? If yes,
then entrepreneurship may not be the best fit for
you. Do you enjoy the thrill of taking calculated
risks? Then read on.
Independent: Entrepreneurs have to make a lot of
decisions on their own. If you find you can trust
your instincts — and you’re not afraid of rejection
every now and then — you could be on your way to
being an entrepreneur.
Persuasive: You may have the greatest idea in the
world, but if you cannot persuade customers,
employees and potential lenders or partners, you
may find entrepreneurship to be challenging. If you
enjoy public speaking, engage new people with
ease and find you make compelling arguments
grounded in facts, it’s likely you’re poised to make
your idea succeed.
Able to negotiate: As a small business owner, you
will need to negotiate everything from leases to
contract terms to rates. Polished negotiation skills
will help you save money and keep your business
running smoothly.
Creative: Are you able to think of new ideas? Can
you imagine new ways to solve problems?
Entrepreneurs must be able to think creatively. If
you have insights on how to take advantage of new
opportunities, entrepreneurship may be a good fit.
Supported by others: Before you start a business,
it’s important to have a strong support system in
place. You’ll be forced to make many important
decisions, especially in the first months of opening
your business. If you do not have a support
network of people to help you, consider finding a
business mentor. A business mentor is someone
who is experienced, successful and willing to
provide advice and guidance.


Now, ask yourself these 20 questions to make sure
you’re thinking about the right key business
decisions:
1. Why am I starting a business?
2. What kind of business do I want?
3. Who is my ideal customer?
4. What products or services will my business
provide?
5. Am I prepared to spend the time and money
needed to get my business started?
6. What differentiates my business idea and the
products or services I will provide from others in
the market?
7. Where will my business be located?
8. How many employees will I need?
9. What types of suppliers do I need?
10. How much money do I need to get started?
11. Will I need to get a loan?
12. How soon will it take before my products or
services are available?
13. How long do I have until I start making a profit?
14. Who is my competition?
15. How will I price my product compared to my
competition?
16. How will I set up the legal structure of my
business?
17. What taxes do I need to pay?
18. What kind of insurance do I need?
19. How will I manage my business?
20. How will I advertise my business?

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