Entrepreneurship Week 2009: Are You Ready for Entrepreneurship?

Much of success in business is related to the business idea itself. To make it, your business idea has to have potential. There must be a distinct need for your proposed business in the marketplace and a realistic potential for profitability. But oftentimes, what’s more telling than the business idea is the person behind the business idea. The right entrepreneur is the main ingredient in any successful small business venture.

Many businesses fail early on, and that failure can frequently be attributed to the entrepreneur. So how do you know if you’re the kind of entrepreneur who has the potential for success? Here are four questions you should ask yourself and answer honestly before you dive into entrepreneurship.

Am I passionate? One of the most important characteristics a person can have when starting a business is passion. If you’re passionate about what you’re doing, then success will come that much easier. It’s also crucial that you really believe in what you’re doing and what your business can do for others. Having a passion for what you do will fuel your commitment and give you the energy you need for the long haul.
Do I have the knowledge and skills? Though much of entrepreneurship can be learned, you have to have a certain amount of knowledge and the right set of skills to make it off the ground. If you’ve worked in the industry you’d like to start your business in for a while, then you may already have many of the skills necessary. If the industry is fairly new to you, however, you’ll need to engage in extensive research and training, as well as hire staff that is familiar with the industry. You’re also going to have to be able to take care of many other aspects, like planning and strategizing, sales and marketing, finance, taxes, legal issues, etc. All of these things fall on the shoulders of the business owner, at least in the beginning, so at some point you’re going to need to have at least a basic knowledge of each of them.
Do I really know what it takes? Starting a business means long hours, intense pressure and high stakes each and every day. It requires energy, motivation and a willingness to be pushed to the limits and tackle a workload that never ends. Anyone who is not 100 percent on board with living this kind of life should carefully consider the idea of starting a business.
Am I risk averse? Starting your own business involves taking risks, and sometimes they can be big risks. Starting any business takes money, whether it is your own or someone else’s, and there is a strong chance that you might fail and risk losing everything you have put into your business. At the same time starting a business may require that you spend less time with family and friends, which could do some damage to relationships that are important in your life. Are you prepared and willing to take the risks that are required to be an entrepreneur? This all goes back to whether or not you have the passion and are tough enough to push through the hard times without giving up.

Entrepreneurship is typically a long-term commitment, and as such it shouldn’t be taken lightly. Don’t be afraid to take your time in figuring out if this path is really for you.