7 Questions to ask yourself before you jump into Entrepreneurship.

You are passionate about a product or service and want to turn it into a business but one of the many questions running through your mind is “Am I cut out to be an Entrepreneur?”

According to the Small Business Administration (SBA) Office, 1 out of 5 businesses do not survive the first year. Within 5 years over half of the business will have failed. My goal in bringing up this information is to shed some light that will help you carefully consider and navigate the entrepreneurial journey.  Simply put, Entrepreneurship is not for all.      

I have found that starting a business is very much like becoming a parent.  When your business is new it needs a lot of your time, attention until it is mature enough to stand on its own. And no matter how old it gets, your business will always need you.

So before you think of starting a business… before you think of being an entrepreneur… consider these seven questions.

#1 What do you have to offer?  What is your secret sauce? What is your ‘super power’?

Most of the time we think of this question in terms of the Product and/or Service one is offering. However, this is only one part of the equation.  Don’t pursue a business idea because someone else is making money in it. Think of your unique offering that is based on your strengths, passion, & expertise.

Is there a need for what you have to offer? Do some market research.

Pro Tip: You don’t always have to be that one thing you start offering.  The best business evolves and could pivot in response to the market  – what the customer needs.

#2 How passionate are you about your product or service?

Back to the baby analogy, you can’t run before you walk.  The beginning can be very slow – the crawling phase! Your enthusiasm for your product or service is your strongest marketing tool as you communicate to potential customers what you can offer them.  There will be a lot of time and effort to put in and the profits may be very lean in the beginning. No baby ever mastered walking after one try – your passion, zeal for your products/services will get you through the rough patches, growing pains. 

#3 Why

The most basic of all questions is why do you want to start a business.  Ask WHY 7 times. For every answer, you come up with, ask yourself Why that answer.  Keep going until you get the 7^th Why.  

This exercise helps you iron out your mission, purpose, vision, philosophy/ manifesto.  You will also know who you are serving and why you are doing it. This is going to help you out you put in those long days and nights and are just trying to stay financially afloat.

#4 What are you willing to give up? Are You All In?

In the beginning, your business baby needs a lot from you.  Time is a key ingredient to starting a business. Time is also finite – we all have 24 hours in a day so even with the best time management skills something has to give —  sleep, losing touch with friends, abandoning hobbies, etc. No one else is going to be as invested in your business as you are. How much sweat equity are you willing to put in to make your dreams come through?  

Are you willing to be selfish and give your business baby the best part of your Day, Money, or Time?  

#5 Are you Comfortable with Risk? What is your Appetite for Risk?

Nothing about starting a business is for the faint of heart.  Starting a business may call for research, smarts, and self-confidence but I’d say a good ol’ healthy dose of Fearlessness.  According to the Small Business Administration (SBA) Office, success is not guaranteed for most businesses.  So then how confident are you to go cold-turkey quit your job and solely focus on your new business (baby)? How will you handle the funding for your business – bootstrap, business loan, or investors?  As your business matures, the problems you face will become bigger.   

#6 Are you decisive?  How good are you at decision making? 

You are the boss now! So that means all decisions fall on you.  How do you communicate with your customers? How do you market your products/services? What are you going to do yourself or what are you going to outsource?  As your business grows and evolves the decisions you have to make also get more complex. You have to be confident with your ability to make the right call at any time.

#7 Do you plan and organize well? How good are you at juggling stuff? 

As a business owner, you will be called on to work IN your business putting you in the ‘weeds’ and sometimes you need to be at 10,000ft looking down casting a vision for your biz i.e working ON your business.  For solopreneurs, you are the CEO, COO, CFO, Head Marketer, Chief Salesperson, and your own Assistant. All tasks are on you even the monotonous, boring ones, or those you would like to avoid. For some, it may be accounting/ bookkeeping. For me, I’d rather not know what a Facebook Pixel is or what it does.  

Ponder these questions as a guide to get your mental game face on.  I believe that each and every one of us has the ability to make our dreams a reality.  So go for it. I’ll meet in on the inside (the Entrepreneurship world)