Entrepreneurship is not for everyone. In fact, it is not for a fraction of people on this planet. Sure, most people THINK they want to be business owners because of the freedom and flexibility that such a position allows, but the truth is, most people wouldn’t make it a day in the life of an entrepreneur.
If you’ve ever dreamed of owning your own business and want to know if you could cut it as a CEO, partner, or owner, keep reading. This post shares four telltale signs that the entrepreneurial life is right for you.
You’re Passionate About What You Do
Successful businesses are not founded by individuals who take a ho-hum approach to their careers. Successful companies are established by those who see an issue but who do not see a solution. They are founded by people who persevere despite the obstacles they will undoubtedly face, despite the long hours they may be forced to put in, and despite the huge emotional and physical toll bringing that business to life is bound to take. In short, they are founded by people who are passionate, people like Peter Foyo.
If you are passionate about the problem you intend to solve or the solution you hope to make better, then you have a very real chance at succeeding out on your own. However, if you’re luke-warm toward your field, you may find it difficult to succeed as a business owner.
You’re a Self-Starter
As a business owner, there will be nobody there telling you to do this, or to do that, or to check your bank statements. You need to do these things on your own. If you’re not someone who can see what needs to be done and does it without being asked, then you might not cut it as an entrepreneur. Scratch that—you won’t cut it. Most people go into business ownership because they cannot stand people telling them what to do. If you’re not one of those people, you might want to keep your day job.
According to Entrepenuer.com, over 50 percent of startups fail after five years, and over 70 percent fail after 10 years. While hard-times do account for some failures, they account for a small portion. The real reason startups fail is because the driving force behind them is broken.
Business ownership is not easy, and over time, you may discover that you are forced to restructure, downsize, change directions, budget more strictly or loosen the reins a bit. You will hit roadblocks and oppression, and you will face periods of no work and periods of too much work. Most people buckle at the first signs of adversity, but those people aren’t true entrepreneurs. True entrepreneurs persevere and succeed despite the odds. If you’re someone who can get back up over and over and over again, you might cut it as an entrepreneur.
As a business owner, you’ll discover that you’re not just competing against the competition to get the most customers—you’ll also find that you’re competing to get the best prices, work with the best vendors, and hire the best talent. Entrepreneurship is cutthroat, and if you’re not willing to bust out your claws every once in a while, or if you shirk in the face of rivalry, then business ownership may not be for you.
Business ownership is life-changing endeavor—but whether in a good way or a bad way is up to you. Just because you don’t possess all the traits of a successful entrepreneur now doesn’t mean that you cannot develop them. The thing about the entrepreneur life is that it is what you make of it. If you’re willing to mold yourself into a passionate, self-starting, resilient, and competitive individual even if nature says that you’re not any of those things, well, then, nature’s wrong.