Blog

3 questions to ask yourself before becoming an entrepreneur

Entrepreneurship can be a risk. There is nothing safe about quitting your day job, maxing out credit cards for capital and pitching an idea that may or may not succeed to investors in the hopes that they will fund you. Starting a business from scratch means having nerve, determination and drive. It can be a rewarding and fulfilling experience if you are willing to take the challenge.

Before you get started it is necessary to know if you have what it takes to get the job done. Here are three questions to ask yourself as you start a new company:

Are you prepared to adopt the entrepreneurial lifestyle? It’s not all independence and being your own boss, after all. Entrepreneurs must be willing to pour blood, sweat and tears into their work. Sometimes this means giving up time with friends and family because there is so much on your plate. Many business founders face loneliness, due to the workload, and because there is no one else to make their decisions.

Are you confident and disciplined? Okay, you’ve gotten this far. You have a brilliant idea, you’ve written up a plan and you’re ready to build a team. Can you keep that sort of momentum going, not just for days or weeks, but for years? Do you have the passion and discipline it takes to see your business through, to stick with it for better or for worse? Entrepreneurship is not a get-rich-quick scheme. It requires long term dedication.

Do you understand the legal responsibilities? There is a lot of paperwork that comes with starting a business: licensing, registration, taxes — the whole nine yards. You should understand the benefits of incorporating, for example, and know when to contact registered agent services. Do your homework before venturing too far into the process.