A great idea or a great invention does not a great business owner make. However, it is a good start. With the right plan and the right product or service, every entrepreneur hopeful has a chance at success. With over 27 million small businesses in the US, per the Small Business Administration, there’s proof that the small business pie is large enough for everyone to eat.
Today I am going to provide you with the biggest question all entreprenuer hopefuls need to answer, which is “Are you truly cut out to start a business?” You may be thinking this is a no brainer. You may also think you already know the answer to this question. Sadly, as the owner of a marketing and consulting firm, I have encountered many people who have a great idea or a great product, but they run their business into to the ground because the business side of owning a business was not for them. Bloomberg reveals every 8 out of 10 entrepreneurs face failure only 18 short months after business inception. With these kind of odds, you’ll see a greater ROI if you place your money on a winning business who has a winning entrepreneur fueling it.
No one can ultimately determine if you are cut out to be an entrepreneur but you. Entrepreneurs are not cookie-cutter, and the business world is an extremely diverse arena. Conduct an honest and in-depth analysis on yourself. Determine if you are a go-getter who usually transforms ideas into actions. Do you have a thirst to be an expert in a specific area? Are you easily frustrated when things do not go as planned? How do you recover from a failure? Are you susceptible to change? Do you manage high levels of responsibility well? Are you open-minded and accepting of advice? Are you resourceful? All these questions will help you in your self-analysis. For further investigation, take this quiz and see what it reveals about your entrepreneurial personality.
After you have reviewed all the information gathered about yourself, take action. If you determine that you do have what it takes to be an entrepreneur, then begin the process and take the proper next steps to reaching your goals. If your analysis yields unfavorable results and you still want to achieve your dream of becoming an entrepreneur, my advice to you is the same. Take action. Become educated on what it takes to become an entrepreneur. Obtain a professional mentor. Seek viable resources. Hire a business advisor. Equip yourself with the tools you need to be a successful business owner despite the odds. In the words of Benjamin Franklin, “To succeed, jump as quickly at opportunities as you do at conclusions.”