Tired of the workaday grind, feeding the company bottom line instead of your own?
How do you know if you have what it takes to become an entrepreneur?
- Sufficient Drive: Are you committed to your new business idea enough to see yourself doing it in six months, next, year, in five years? Something to seriously consider before embarking on all the preparation and research necessary to enable you to become successful. Do you have the energy to work long hours, especially at the beginning as you just start to grow your business?
- Independence: Have you always been a self-starter? Being the boss requires you to make a lot of decisions and to think on your feet. If this makes you uncomfortable, then entrepreneurship may not be for you. If, on the other hand, you would feel differently when your effort directly impacts your income, starting your own business may be worth further exploration.
- Financial Savvy: Are you comfortable putting your money behind your ideas? While lots of resources exist to help you finance your new business, you certainly want sufficient capital to get you through the start-up phase. And since it will take time before your new business starts to generate profits, you need to be able to pay your living expenses until your business starts earning you income.
- Ability to Reassess and Reinvent: When something’s not working, you may have to figure out a new way to operate. If you’re one who likes to stick to the tried and true, a franchise may be a good option since the franchise company will be constantly reviewing its systems to optimize results.
- Desire to Follow a System: If you like to follow someone else’s protocols, a franchise may be your perfect choice. If you prefer, however, to invent your own unique path, an independent business is a better option.