Written by 10:06 am Learning Chronicle

Yes, I can.

Would you like to start your own business but aren’t sure if you’re up to the task? It’s impossible to know for sure. I do find some similarities in the family and emotional elements of people considering entrepreneurship.

Is your personality suitable for running your own business? 

An entrepreneur needs to have an entrepreneurial fire in his/her belly in order to start and run a successful business. Not everyone is born with it.

In order to start a business, what do you need to know? Nobody really knows for sure. However, I do find things in common among people who are able to consider becoming entrepreneurs.

To be a good candidate for entrepreneurship, you do not have to fall into all of the categories mentioned below. However, it would be helpful if you did. Generally speaking, the more you have in common with these traits, the closer you probably are to being ready to try things on your own and become a successful entrepreneur. 

1. Throughout your family history, there have been people who could not work for others. In no way do I mean it in a negative way. Those who are successful at establishing their own businesses are likely to have had parents who were self-employed. Generally, it is easier to get a job with a company than it is to start your own business. People who go out on their own often have their parents as a direct source of inspiration. 

2. You must be a lousy employee. Let’s face it. It is common for entrepreneurs to have quit or been fired from more than one job before starting their own business. This does not mean that you were laid off due to a lack of work or that you changed jobs for better pay. Rather, you were asked to leave or quit before you were fired. Think of it as the market telling you that you are the only one who can motivate and manage yourself effectively.

3. There are various ways of defining the concept of “job security.” I am envious of the few people I know who have remained with one employer for 25 or 30 years. They appear to be in good hands. But how many people do you know who have been able to stay with one company for that long? With a rapidly changing economy, job security can be fleeting to the point of being frightening.

4. Either you’ve gone as far as you can, or you’re not going anywhere at all. It is sometimes the feeling of reaching the top of your pile, looking around, and saying, “I want to start something new.”. Early success can be wonderful, but early retirement can drive energetic and motivated individuals into madness.

5. Market research has already been done. If you haven’t researched your product or service market need, don’t even try to pitch me your great business idea. If you ask the people behind a number of failed ventures, they will tell you that “cool” does not necessarily translate into “profitable.” Don’t build it if you have not yet determined whether there is a good chance of customers coming.

6. Your family supports you. Even under the best of circumstances, starting your own business can be stressful. If you attempt to do so without the support of your spouse or other important family members or friends, it would probably be impossible and not advisable.

7. You know that you cannot do it alone. For example, you might be good at promoting a business. Perhaps you enjoy managing finances. Perhaps you can start a business because you are creative or have the technical expertise to create a product.

The above are all possible, but you are unlikely to be good at all of them – or all the tasks involved in operating a business. Don’t try to do everything yourself. You will need some assistance at some point. 

Having employees, partners, or consultants for those areas in which you lack expertise is an indicator of future success. Successful entrepreneurs have never achieved success on their own. It is most likely that someone who is most capable of enlisting the support of others will succeed. 

“Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve.”

– Mary Kay Ash, Founder Mary Kay Cosmetics

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