14 Questions to Ask Yourself Before Becoming an Entrepreneur
Everybody dreams of big.
The pressure to be successful is higher than ever before.
People are coming up with new business ideas every day. According to data from the US Census Bureau, there are about 4.4 million businesses started each year. That’s over 12 000 new companies a day.
Why do people want that? You are your own boss. You decide your schedule, your paycheck depends solely on you. The possibilities are infinite. The dream is alive.
Do you want to do that?
The first step
When people are asked why they desire to create their own business, they say things like:
I want to change the world
For real? That’s neither true nor specific. My advice, use that kind of motivation but channel it correctly. Ask yourself what you want to produce, who it is made for, and what purpose it serves. Be specific!
If you want to be successful at this, you gotta ask some questions. Be honest with yourself.
The big dream
I am a dreamer myself.
I see someone who has built a successful business and ask myself if that could be me. What if I quit my job and stop putting insane hours of work for a job I don’t even like?
What if I could earn money from doing something I actually enjoy? What if I could decide how to spend my own time and have more of it for my family and friends?
The dream is alive.
The dream itself is nothing
I’ve spent my fair share of daydreaming. I can’t lie.
But dreaming is not helpful.
Let’s say you get your inspiration and actually start something on the side.
You spend a couple of weeks working on your new idea. The first few days are exciting. You are actually creating something. Then, unfortunately for you, you see no results.
Your motivation decreases. You start doubting yourself. You start working less.
The dream dies.
No!
This shouldn’t be how it all ends.
What’s the problem?
The problem here is the mindset. Success takes time. Sometimes years.
And that’s exactly why people should ask themselves some questions before starting a new endeavor. If you want to start a business only to enjoy its potential benefits, you will most likely fail.
You have to be in for the right reasons.
The Questions
As you see, I’ve already pointed out a few questions that one should ask themselves before considering starting a business.
Why do you want to do it? Who are you doing it for? What is the purpose of your product/service? Are you in just for the money?
Now let’s move to the deeper questions. The ones that will give you an answer if you could be a real entrepreneur.
Here they are:
- What motivates you to become an entrepreneur?
- Do you have a clear business idea or plan in mind?
- Are you willing to take risks and face uncertainty?
- Do you have the necessary skills and expertise for your business idea?
- Have you researched the market and competition for your idea?
- Do you have a strong work ethic and the ability to handle stress?
- Are you comfortable with making decisions and taking responsibility?
- Do you have a network of contacts and potential customers?
- Do you have the financial resources or access to funding for your business?
- Can you handle failure and setbacks?
- Are you comfortable with promoting and selling your product or service?
- Do you have a team or the ability to build one?
- Are you committed to your business idea for the long term?
- Have you considered the impact of your business on society and the environment?
The Answers
I’ll repeat myself. Be honest with yourself.
My advice, write down the answers. Explain with details, this will help you paint a picture in your head.
When you complete the exercise, you would have already assimilated the information and you would know for certain if you would want to proceed with becoming an entrepreneur.
Sometimes that truth can be painful. If you answer “No” to 10 out of 14 questions, well maybe this is not for you.
But even this is helpful. Because in that case, you have two clear paths. The first one — you don’t pursue this. The second one (more optimistic), you ask yourself what should I do to change this “No” into a “Yes”?
In the other scenario, when you’ve answered positively to most of the questions, you would certainly have more inner confidence after that. You would know that you are not wasting your time and have all the chances to create something big and meaningful.
Final Thoughts
Keep asking yourself questions.
Reflect on your answers, adjust your approach, and move on! Then, when necessary, repeat the whole thing.
