Are You Ready to be an Entrepreneur?

The Millionaire Blog has some questions that can help you decide if you’re ready to make the move to go out on your own.  Here are some highlights:

• How well do you get along with different personalities?
• How good are you at making decisions?
• Do you have the physical and emotional stamina to run a business?
• How well do you plan and organize?
• Is your drive strong enough?

Theses questions are a great starting point.  You also have to take into account your risk tolerance and your feelings about success. 

Risk tolerance is something that naturally varies from individual to individual.  Some people are more risk averse than others.  Experience and knowledge can increase your confidence and help make it easier for you to face the risks necessary to start your own business but ultimately you need to be comfortable working “without a net”. 

You attitude toward success is key point that is often overlooked.  On some subconscious level people often feel that they are not ready for or don’t deserve success. This can often lead to unintentional self-sabotage.  This is a deep psychological issue that can often be routed in alack of self esteem. May people who sabotage themselves feel as though others will perceive them as unworthy of success.

To address these two areas I would add the following questions:

• Would you risk your life’s savings if there was a 60% chance that you could triple it in five years and a 40% chance that you could lose it all?

• Imagine that you have achieved all of your goals.  You are receiving recognition on a national television show.  Are your friends happy for you or are they jealous? If they are jealous – how does that affect your behavior?

You need to ask yourself all of these questions and answer all of them honestly.  The value comes from the self awareness they generate.  In business you must know and understand what makes your employees tick this starts with employee number one – you.

Comments

[regina]

Thanks for the post. The questions are good thought provokers. I am in the middle of the transition to life without a net and it is a very different experience. I am questioning if my drive is strong enough to follow through with the biz ideas I have and are they good enough to back with own savings. I'll ponder these questions...

[regina]

Oh and good blog!