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Do You Have All It Takes to Get Started as an Entrepreneur?

October 7, 2015

Who doesn’t want to be their boss? Most people do. So how would you know if you have all it takes to be a successful entrepreneur? With continued longing for ownership of ideas, riches and freedom – the restrictive policies at workplaces, and cubicles, corporate politics and all those that rob you from experiencing freedom both financial and creative can actually impact your happiness quotient.

While starting your own business can sound quite fascinating at onset, however you need to have a thorough detailed plan before venturing into one. How do you know if you are prepared to take up the entrepreneurial dream and make it a success story? Sense of ownership accompanies the need to take up more responsibilities – both for good and bad, profit or loss.

You are required to nurture your dream and follow your heart especially during economic downtimes and sustain pressures if you choose to be an entrepreneur. You need to be ready for all the hardships that every entrepreneur is put through to rise above all occasions as a sound leader of immense strength.

Here are some questions that will help you derive answers to know if you have all the traits and qualities required to become a successful entrepreneur. When answering these questions you need to be absolutely honest to your true self by recalling experiences in the past or lack thereof:

  • Do you initiate projects on your own and execute them successfully within a stipulated time frame?
  • Are you inertly driven to achieve your long-term career goals?
  • Do you have the ability to manage projects without much supervision?
  • Can you hire and fire people, when situation gets out of control?
  • Can you delegate responsibilities effectively? Are you a good manager?
  • Are you critical about other’s work and provide feedback to the team for improvements?
  • Do you negotiate and compromise without actually selling out?
  • Are you energetic and enthusiastic about a new project?
  • Can you handle pressures and rejections?
  • Do you have the ability to take up risks?

See: Prospects and Pitfalls of Working for a Start-Up

If your answer to most of these questions is with doubt or No, then you’re perhaps not ready yet to become an entrepreneur.

However, on the other hand if you are highly confident about your abilities and answers to most of these questions are an affirmative Yes, then you need to roll up your sleeves to get started on an entrepreneurial journey.

It is advisable to not start out on your own first, begin with working for an established entrepreneur and see how it’s done, observe and understand the workings. Gauge your risk taking abilities before you dive into the competitive market. There is a need for structure and discipline if you want to make your entrepreneurial dream come true.

There is more to your risk taking ability and leadership skills to make your own venture a success. The business should be able to make profits, so find groups that will fund and support your ideas.

Build a team and network with people to understand the business and industry demands, customer mindsets and study the competition in detail to know where your business could stand a winning edge over other players.

Meet investors and interview new recruits to form a part of your team, seek voluntary participation from individuals who share the same vision and make them a part of your brainstorming exercise. Meticulous planning to detail holds the key to getting started right as an entrepreneur.

Also read: The Good and Bad of Being a Company’s First Employee

Image credit: flickr.com

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