Entrepreneurship sounds like the best of both worlds to most people. You get to do what you want, when you want it. Not so fast! Being an entrepreneur is hard work. Ask yourself these questions before launching head first into entrepreneurship:
Have I Tried a Side Hustle Before?
One of the most obvious questions to ask yourself before joining the world of entrepreneurs is have you ever done this before? Do you have any relevant experience The answer is probably yes! Nearly 4 in 10 (37%) Americans have a side job. Often times, people go in search of being an entrepreneur because their daytime job is not fulfilling them. Instead of completely going out on your own, try launching a side hustle first. This is a great way to get a taste of being an entrepreneur, and have a satisfying job, without giving up your career to do so.
Can I Handle Extreme Highs and Lows?
It’s no secret that being an entrepreneur is risky. That is why you need to ask yourself how well you can deal with highs and lows. The benefit of a corporate job is that while there may be highs and lows, it doesn’t come down on your shoulders because you are not the owner. No matter how badly you mess up, you’ll likely still receive a paycheck. When you are your own boss, this is not the case. As an entrepreneur, your success and/ or failure lies entirely in your own hands. There will be great days where you make a profit and feel like everything is going great and there will be plenty of days where you want to throw in the towel. If you’re not able to handle highs and lows, being an entrepreneur is not for you.
Do I have a Back Up Plan?
As rewarding as being an entrepreneur can be, it can also be highly stressful and sometimes unsustainable. Before you decide to be an entrepreneur, it is imperative to ask yourself what your backup plan is. Can you return to your previous employer? Do you have enough money saved to make it for a year without a job? These are critical questions to think about.
Before doing anything new, it is important to know all of the facts. In order to reach those facts, you have to ask yourself important questions. Before you decide to become an entrepreneur, there are three questions to ask yourself. Have you ever done it before? Can you handle highs and lows? And lastly, do you have a backup plan?