May 16th, 2016 / Insight posted in Blog

Are you a Potential Entrepreneur?

There has never been a better time to become an entrepreneur. Many sectors are being transformed by innovation lead by entrepreneurs. Self-employment and start-ups have been on the rise for the past few years and will continue to do so as more individuals choose the self-made path. But if you’re thinking about becoming an entrepreneur there are a lot of considerations to take into account; aside from working out the technical details, you need to analyse yourself to see if you’re a good fit for entrepreneurship. Ask yourself these questions to find out if you’re ready for it.

Do you fully understand what entrepreneurship entails?

The first thing an experienced entrepreneur will tell you is how difficult running your own business is as well as how rewarding it can be. You need to be ready for the unique pressures and stress that come with self-employment. The hours are much longer because if you aren’t working, you aren’t earning. Sick leave and personal leave won’t be covered. At the beginning you are the head of every department, from IT to HR. But this also means you have full control.

Do you have the right traits?

There is no one personality type that you need to have to be an entrepreneur, but there are definitely some traits you need to possess in order to succeed. You need endless confidence; if you don’t believe in what you’re doing, how can others? You also need determination and strong willpower to get what you want. Patience is essential because most businesses take time to get off the ground; overnight success is rare. You also need to be sociable; networking and collaboration will help you attract high-quality investors, partners and employees.

Are you financially aware?

One of the most important sections of a business plan centres on the financials. Do you understand the full financial implications of running a business? Do you have initial capital or a viable way to gain it? What will your overheads be? Added to this, you need to figure out your financial priorities within your business structure. On a personal level, are you ready to live flexibly around a budget?

Do you have enough support?

Entrepreneurs without a support network struggle inordinately compared to those who do have one. It can be as small as your family, but you should discuss your plans with those close to you and listen to their opinions. Friends, colleagues and former managers can help. If you know experts or other entrepreneurs, you should seek their advice as well; they will have invaluable wisdom gained from experience.

The route of an entrepreneur is a difficult one, but it’s also one of the most fulfilling. As long as you analyse yourself thoroughly and come to the conclusion that it’s right for you, then it is. The harder aspects of working for yourself, such as the long hours and the high level of self-sufficiency are balanced by the creative and inventive freedom you gain as a newly-fledged entrepreneur.

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