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Do you have what it takes to start your own business? The American Dream is to be your own boss, but only select few have the drive, determination and know-how to run a successful business. Although entrepreneurship sounds like a dream come true, it’s a lot of hard work, and before you decide to delve into owning a business, it’s important to first learn if you have what it takes to be an entrepreneur.
Do you have managerial skills?
As the owner of a business, you will need to oversee every single employee of your company. You will need to know how to delegate responsibilities, how to handle unruly employees, how to do all the work, and how to ensure production is optimized. If you have trouble working with people or prefer to be told what to do instead of be the leader, then entrepreneurship may not be the best option for you.
Are you financially savvy?
Starting a business requires startup capital, and if you’re looking to take out business loans, you need to be financially savvy. Many companies will not give out loans to people with poor credit or a bad history with money, so if you have suffered from collections, bankruptcy or foreclosure, it could haunt your business dreams. You also need to be smart with budgeting. Once your company is up and running, you will need to be in charge of your finances and make smart financial decisions. You’ll need to have a basic understanding of exactly what office items and purchases are absolutely necessary and which you can live without for now. It’s also likely that for the first few months of your entrepreneurship you will not receive a paycheck, as the majority of your earnings will go towards the business. You need to be able to live without any source of income, so it’s important to have a healthy savings account ready to use.
Can you handle stress?
There will be a great deal of stress that comes with starting a business, so it’s important that you can easily roll with the punches. You will need to deal with banks, employees, clients, vendors and everything else that comes with running a business, and this can be extremely stressful. You will work hard and you’ll work long hours, and this can have an impact on your social and family life. If stressful situations do not bode well with you, then entrepreneurship may not be a good idea for you.
Are you shameless?
One major hat you will have to wear as an entrepreneur is marketing. You will need to build partnerships with vendors, and you’ll need to get customers. In order to do this, you will have to shamelessly self promote yourself and your business wherever you possibly can. You will need to take to social media, talk about it at family outings and do whatever is necessary to get the word out there. If the thought of talking about yourself makes you uncomfortable, entrepreneurship is not for you.
Are you responsible?
As a business owner, you are going to be solely responsible for the business. You will need to locate and fill out all the necessary documents needed to start your business. You’ll have to reapply and update these documents annually too. You’ll need to create a smart budget for your business. You’ll need to hire and train the right people. You’ll have to keep accurate records of your business for tax purposes. The list goes on and on. If you are not a responsible individual, entrepreneurship may not be the right choice for you.
Can you make decisions?
When you start a business, you will have to make a variety of decisions. You’ll need to decide what to name your business, where to run your business, what type of budget you’ll create, what target audience you want to reach, which marketing tactics to employ and a variety of other decisions. If you have a hard time making decisions, it could have an impact on the success of your business.
Can you handle failure?
No entrepreneur wants their business to fail, but it is a possibility. If your business were to fail, would you be able to handle it well? If the thought of having your business fail is something that starts an anxiety attack, then you shouldn’t try your hand at entrepreneurship. Successful entrepreneurs are able to bounce right back from failure and try again until they’re successful. Image Credit
Lizzie Lau is a freelance writer who combines personal opinions and research to create appealing and informative articles on various topics.
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