Should I become an entrepreneur and start my own business? That’s a question more people are asking today, for a few reasons:
- They believe long-term job security is a thing of the past in many career fields, and they see the value of starting a side hustle or part-time business that could grow to full-time if needed.
- More than ever, people want to do the work they love, and pursue a life of passion and purpose. For some, that means starting a business instead of working for someone else.
Is Entrepreneurship Right for You?
How do you decide whether or not entrepreneurship is right for you?
In a recent article in Harvard Business Review, Jeffrey Bussgang explained that the decision to be an entrepreneur is not often a rational one. It doesn’t always “make sense.” It is a journey defined by passion, personal satisfaction, and, of course, the hope of a financial payoff.
Bussgang offers five questions to ask yourself when contemplating whether or not you should start your own business:
- Do you have an idea that no one can talk you out of?
- Do you have a partner you trust with complimentary skills?
- Are you prepared to endure with modest or no salary for a few years?
- Are you bored with your current work environment/situation?
- Do you perform best in the absence of structure?
Here’s my take on them:
- I think you definitely have to have an idea you’re passionate about and driven to make happen.
- There are plenty of solopreneurs out there, so I don’t think you have to have a partner. That being said, you need to be a good networker, know what kind of help you need, and be willing to go and ask for it.
- It takes money to make money, and sometimes it takes a lot of time, too.
- I don’t think you have to be bored, but I do think you need to be up for a challenge.
- If you want to own your own business, you definitely need to be a self-starter and be able to bring order out of chaos.
What are your thoughts on whether entrepreneurship is right for you?
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Great post, Rich.
Risk tolerance must be part of the equation. In that, I think family unit risk tolerance is key.
If it were up to me, I’d be starting a new venture monthly, but my wife and son have a vote that slows me down a little bit. (wisdom)
We cannot accomplish the Will of God, by violating the principles of God. He would never ask us to grow a new money making business at the expense of our marriage!
This is the lesson I’ve entered into this season of entrepreneurship….
God Bless,
Rob Hughes