Is entrepreneurship for you?

Starting your own business can be both exciting and rewarding and at the same time demanding and stressful.  There are many advantages to becoming your own boss, such as setting your own schedule and doing something you truly enjoy.

Becoming a successful entrepreneur requires hard work, dedication, planning and creativity.  Is entrepreneurship is for you?  You need to evaluate your personal traits before starting a business.

Risk – How comfortable are you with taking risks?  Becoming your own boss means making tough decisions, potential financial risks and a bit of uncertainty from day-to-day.  Business risk management focuses on risks to business operations, systems, processes, and should be part of any major change for an organization.

Independence – Starting a business could mean you are on your own for a lot of things, including decisions.  Although you could have a mentor that may be able to help with tough decisions, are you ready to take responsibility of solely making business decisions?

Creativity – Creativity is key when starting your new business.  Are you creative?  Can you think outside the box, problem-solve and think of innovative solutions?  A successful entrepreneur is always thinking, solving, simplifying and improving their business.

Negotiations – Are you persuasive and can you negotiate?  First, you must sell yourself and your business idea, whether you are looking for financing, customers or employees.  Negotiating is an art.  Successful negotiators help their business decrease costs, sell products and services and hire high performing, key employees.  You will find that negotiating is a necessary skill to help save you money.

Support – Lastly, before you start your business make sure you have a strong support system.  You will be forced to make important decisions, it is always best to have a support network or business mentor to help you work through issues.  Your support system or person should include other experienced and successful entrepreneurs who are willing to provide their advice and guidance.