People throw around the term entrepreneur all the time. And most times when people make a mental picture of what an entrepreneur is, they conjure up images of a person working on a laptop sitting on a beach, or some variation of it. During the age of COVID-19 and working from home, more people are beginning to understand that isn’t even remotely the case (pun intended). Most entrepreneurs would argue it’s way harder than having a conventional job. So, are you ready to be an entrpreneur?
Let’s talk reality first. Are you mentally, physically and even financially prepared to give up everything in your career to start a new one or have what it takes to work on the side to begin a career you seek? Here are 25 questions (trust me there’s really about 1000) that might help you decide.
- Question 1: Are you willing to undergo sacrifices to gain possible long term rewards?
- Question 2: Do you enjoy tackling a task without knowing all the potential problems?
- Question 3: Are you prepared to make sacrifices in your family life and take a cut in pay to succeed in business?
- Question 4: Are you willing to try a new way of doing things even if you are not fully sure you will succeed?
- Question 5: Do you have a deep burning passion to make your idea work?
- Question 6: Do you have a lot of energy and are willing to work hard?
- Question 7: Do you need less sleep when you are interested in a project?
- Question 8: Do you keep your goal clearly in mind where there is something that you want?
- Question 9: After a severe setback in a project, are you able to pick up the pieces and start over again?
- Question 10: Can you accept failure without admitting defeat?
- Question 11: Do you see opportunity in every difficulty?
- Question 12: Are you ready to say no when other people say no to you?
- Question 13: Do you like the feeling of being in charge of other people?
- Question 14: When you think of your future do you ever envision yourself running your own business?
- Question 15: Do you like to take responsibility and see things through?
- Question 16: Do you believe that people must be the master of their own fate?
- Question 17: Do you find yourself constantly thinking up new ideas?
- Question 18: Do you enjoy finding an answer to a frustrating problem?
- Question 19: Are you usually able to come up with more than one way to solve a problem?
- Question 20: Do you come up with an innovative way to do things?
- Question 21: Do you have enough money or a source of money to operate and run the business for two years.
- Question 22: Did you ever start a business before the age of 18?
- Question 23: Will you wake up at 3am to tend to your business every time something goes wrong?
- Question 24: Can you put in 15 hours a day if need be for the first year?
- Question 25: Do you have the support of your friends and family?
Assuming you’ve answered “yes” to all of these questions then it might be time for you to read on and consider pursuing your own endeavor. But bear in mind these 25 questions are merely a primer and don’t cover the thousands upon thousands of unexpected events that are going to come up in your business (which we’ll go into a bit further). But here are 10 just for your amusement that have happened or are happening to me personally.
- My websites were down for a 6 day period in which I barely ate or drank anything. I completely froze, but I’m still here.
- One of my best websites was hacked twice in the span of 3 weeks and I was completely helpless to fix it.
- I lost a $10,000 a month revenue stream in less than one minute
- I was in striking distance of having to pay nearly $500,000 in legal fees over a potential litigation
- I had to completely shut down a website because Facebook told me if I didn’t I would be sued
- My first year profits were under 30K and I left my full-time job making less than $2,000 a month.
- I wasted over $200,000 on poor hiring
- I had to revamp my business at least 6 times because I nearly lost it those 6 times
- I’ve had over $1MM in revenue paid extremely late to me
- I’ve had over $100,000 NEVER paid to me
Let’s talk bottom lines here. Being an entrepreneur is not having a desk job. It’s not getting paid at the same time every month and getting paid the same amount. It’s not having a set schedule. It’s totally unpredictable, risky, in most cases ventures fail, and no one is holding your hand. On the flip side? It can be incredibly lucrative, you can have an excellent quality of life, and you can pursue whatever you want without anyone saying yes or no to your idea.
Something to think about folks….