Entrepreneurship brings a lot of freedom and responsibility: You set your own hours, rates, and produce the kinds of services or products you’re passionate about. You’re also likely to have staff who will look up to you, and you’ll get a shot at making significant profit. But for all these advantages, there are also risks: businesses failure, damaged relationships and loneliness. So before you commit to becoming an entrepreneur, what questions should you ask yourself?
A. What Am I Willing to Give Up?
Entrepreneurship is glorified in all that you get from it — such as money, recognition and flexibility — but often overlooked is what you’ll need to give. What parts of your life are you willing to give up in the meantime? What parts of yourself will you give over to your idea or company? This route isn’t merely about what you get: It’s far more about what you give. – Sam Davidson, Batch
A. Can I Be Self-Disciplined Enough?
Some people actually need to work for others to stay on task. While you may think you can work without guidance, some have found that they can’t get off the couch when left to their own devices. You need to decide if you can work hard without anyone lighting that fire for you. – Murray Newlands, Sighted
A. How Am I Going to Retire?
Be practical, and have a savings plan in place before you try to start your own business. Many businesses fail, but there are ways to protect your retirement savings in the event of bankruptcy, so don’t stop investing in your future even when your business is having struggles of its own. You need to be prepared for the worst. – Matt Doyle, Excel Builders
A. Can I Deal With Uncertainty?
Being an entrepreneur, especially in the early days, means that no two days are quite the same. There are tons of varying tasks to do, and the core tasks six months out could be very different from what you are doing when you first start. Some people are better suited to a job where they show up and know exactly…