5 Things You Need To Know About Entrepreneurialism

Business.com / Starting a Business / Last Modified: February 22, 2017

Being your own boss can be very rewarding. However, entrepreneurialism isn't for everyone; here are 5 important key things to consider.

Entrepreneurialism is in the global zeitgeist. It is a fulfilling lifestyle that requires hard work, but can be very rewarding. The freedom of being your own boss is quite enticing, but entrepreneurialism is not for everyone. The reality is that you have all the freedom, and all the accountability, when you become your own boss.

You have to be the one to take charge of the business, make the tough decisions and work just as hard as "the boss" has to work to make your business successful.

If you're wondering if entrepreneurialism is right for you, here are five key things to consider:

1. Are you comfortable with change?

In the dynamic lifestyle of entrepreneurialism, no two days will ever be the same. As the owner of your own business, you will be handling a variety of diverse tasks. You will be in charge of everything from sales and marketing to handling financial issues.

Because there is such an array of responsibilities, quick thinking and problem solving skills can be very beneficial, but that also requires you to be flexible.There will be times of ambiguity, times of waiting, times of struggle and you will have to be comfortable with staying fluid, flexible and really embracing change. Your business will rely on it.

Related Article: 6 Signs from Childhood You're a Born Entrepreneur

2. Are you self-driven?

To be a successful entrepreneur, you must be extremely self-motivated. As your own boss, there is no one to discipline you except for yourself. You will have to set your own deadlines and meet those deadlines. In the beginning, you will be the head of all of the departments within your business.

Once you build your team, you will need to effectively manage them and set a respectable example. Not only will you need to be self-driven, but you will also need to inspire and motivate your team. For your concept to become a reality, it will be up to you to make it happen.

Be honest with yourself; entrepreneurialism requires a high degree of self-motivation, do you have what it takes?

3. Are you clear on your vision for your business?

It will be up to you to drive your idea forward into a viable business. You will need to be very clear on the vision you have for your business. Your vision should act as the cornerstone of your business. You need to be clear about the focus of your business and the direction you plan to take it.

You will need to implement your vision and also motivate others to follow your concept. Having a clear concise vision will put your business of a focused path to success and will motivate your team, both internal and external vendors, to come along the journey with you.

Related Article: How These 3 Entrepreneurs Are Rethinking Their Business

4. Do you have the financial backup to ease you into entrepreneurialism?

Don't expect to start making money right away. Making the jump into entrepreneurialism with some savings in the bank will make it far less stressful. Begin with low overhead and low personal operating costs. You will be saving money by doing the majority of the work yourself, or by outsourcing certain aspects of your business on a contractual, short-term basis to keep your burn rate low.

As business sales increase and you become more financially stable, you will be able to hire motivated team members and have more time to focus on new ideas; but don't expect that to happen in the first year of going into business or starting your company. 

5. Are you ready for a fulfilling lifestyle?

Despite all of the hard work, the truth is that entrepreneurialism is a very rewarding lifestyle. Being able to see your ideas come to life is exciting and very satisfying. You won't just be a boss; you'll be a leader and mentor to a team of your making.

Your success will be intricately tied to your drive, desire and abilities, which is a rewarding way to live life. It's not easy, but it is worth it.

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