10 Questions to Ask Before Becoming an Entrepreneur

Your decision that you want to become an entrepreneur is only the start of the journey. You have made up your mind that you need to say bye to mundane job and own your own business and be in control of your destiny but you still do not know exactly what you should do. By answering these 10 questions truthfully, you can know your choices in all the exactness and find your much desired place in the entrepreneur world.

What interests you have?

Though it is not mandatory that you are already an expert in the field of business you wish to start but you can surely feel confident and be ahead of the game already if you have a genuine interest in it. And if you have a passion for the subject, it will be even better. And if you are already an audience member of the niche you are thinking of starting a business in, you might already be having a lot of useful information about details of the business to get started right away.

What is starting capital requirement?

No need to panic even if you do not have any capital to get started with your entrepreneurship but you should be having an exact idea of how much capital you already have. Try to work out those things which you may part with and sell to get a starting capital of some kind. If you have an exact number in mind, then you might get a better idea of which business ideas you might try your hand at and which ones you should postpone for want to enough capital requirement to a later date. At this planning stage, you should be very realistic and stay away from pie-in-the-sky kinds of endeavors.

What is your skills profile?

Clearly identify your skills even if you are not quite sure yet of what you want to do. Are you the kind of person who likes people? If yes, what are the kinds of people that you like most and would want to be working with them? One of the best ways to choose a business is to get a start with your target audience. You can make a good decision when it comes to choosing a business, if you can realistically identify your skills and pinpoint the type of people you want to work with.

Which skills you need to learn?

If you identify some gaps in your skills profile, think if you can learn these skills? If there is anything which requires you to get a license, will you be able to get it? How long will you be taking to get this? What are the costs? How will you be able to attend classes; are these classes offline or online option is also there?

What resources are there?

Some of the resources that almost all of us already have  are a desktop, internet, your own skills and the people that you know. List down all the resources, whether it is a person, a thing or a place, that can aid you in establishing and achieving your goal of owning your own business.

What resources you need?

After listing down your existing resources, you will probably come up with a list of those resources which are short. Do not panic. Prioritize these resource wish list in order or priority from “must haves” to “should have”.

What kind of personality you have?

Are you the kind of person who likes to work solo? Do you like to sit many hours at a stretch in front of your computer screen or you would rather like to do something more active? Are you a person who likes only certain kind of personalities? Do you like to wake up early in the mornings or you are a night owl? After you have identified what works best for you and the persons that you would prefer to work with, you can use this to further narrow down your choices.

What is your risk appetite?

All of use have different levels of risk aversion. You can realistically review yours by asking: how much money you may lose without impacting your marriage or relationships, loss of home, or sacrificing your time for the kids? You may not be interested in becoming a day trader if you a low tolerance for risk.

How much time you can devote?

If you are already doing a job which you have to go to and are looking to start some business part time, it is wise to clearly identify how much free time you have that you can invest in starting and taking your business off the ground. Even if you only have two hours after dinner that you can utilize, it is still possible to start a business. But having a clear idea of free time and the other information that we have discussed above will give you better understanding of narrowing down your choices.

By answering the above questions, you will be able to easily determine the area where you can enter as an entrepreneur. You can look forward to immediate and long lasting success if you give a lot of consideration and thought to the results of your self evaluation.

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