According to the Kauffman Foundation’s State of Entrepreneurship 2017 report, entrepreneurship is on the rebound across the United States. Job creation is on the rise, and optimism has been growing among small business owners.
But before you decide to quit your day job and start a business, it’s a good idea to determine if the entrepreneurial path is the best one for you. Ask yourself these five questions before you begin your pursuit:
1) Do you have time to focus?
Starting a business is a huge commitment. It requires a lot of energy and a significant time investment to succeed. Consider everything that you’re currently balancing in your personal and professional life, both financially and mentally. If you have enough time to set aside for running a business and the determination and drive to push yourself toward success each day, go for it!
However, all is not lost if you don’t feel 100 percent ready to take the leap. You can start off your entrepreneurial journey in smaller bites. Keep your day job, but bring on a freelance client. Here, you’ll be able to get a taste for what it’s like to be an entrepreneur on a flexible schedule that doesn’t interfere with your existing job.
2) Are you open to feedback?
If you’re going to be an entrepreneur, you’ll need thick skin. There will be many disheartening moments when your ideas do not get approved or a planned partnership doesn’t work out. The best way to avoid taking it personally is to resist taking it personally and focus on feedback. If you are open to feedback, however constructive it may be, you’ll be able to take your ego out of the equation and get a better understanding of your customers’ or clients’ needs.
3) Do you have a positive attitude?
Can you bring a positive, can-do attitude with you to work each day? If you answered yes, then you’ve got the kind of attitude everyone wants to see in an entrepreneur. Throughout good and bad times in business, you’ll need to concentrate on your achievements and all of the things you feel grateful for, and then let those positive thoughts motivate you.
4) Do you have the right contacts?
Your contacts should be people who are as passionate and hardworking as you are about making your goals a reality. If you aren’t connected to these kinds of people, start getting out there and making the right contacts now! Attend networking nights and conferences, connect via social media platforms like LinkedIn and Twitter, and cold-email people you admire that you think would be a great fit to work alongside you.
5) Are you inquisitive?
Steve Jobs famously said that entrepreneurs need to stay hungry and foolish. As an entrepreneur, you should constantly remain curious and eager to learn more about the world around you. If you’re seeking a comfortable career where nothing challenges you, you should probably pursue something other than entrepreneurship. Push yourself to think outside of the box, ask questions and teach yourself new ideas as you go — and you’ll be on the road to being an entrepreneur!