Many of us prefer to stick with our 9-5 jobs because we fear the risks and challenges that come with becoming an entrepreneur. And, while many dare to go down this road, a few days are enough to make them realize whether entrepreneurialism is meant for them or not. If you were thinking of starting a business, you need not be deterred by stories of bad decisions, failure and loss. What you need to do is take a short and simple self-evaluation test before you get started. This way you will always get off the right foot.
Tick against the questions listed below to determine if you have what it takes to become a successful entrepreneur.
Do you have an analytical bend of mind?
This has to do with the problem solving aspect of entrepreneurialism. When conducting business, you will encounter more problems than you can handle and many of these require immediate solutions. As such, you need to have the presence of mind. To add, you should be adept at identifying problems and implementing measures to troubleshoot them.
Do you have the financial stability?
We’ve grown up on inspirational stories of persons like Simon Arias who made it big in business based on their merit; many of them the “rags-to-riches” stories. There is no denial of it, but we’ve also got to be a little practical here. Know why you are becoming an entrepreneur. If you’re looking to broaden your horizons on the financial sphere, you can go ahead. However, if you’re struggling to make ends meet for your family, it would be a better option to first gain some financial stability before you take the big leap. You should have sufficient savings to fall back on in case of a financial crisis.
Are you a risk taker?
In business, one cannot always play it safe. You have to willing to take risks. It is considered healthy and the only way to expand growth opportunities. In order to make a challenge bend in your favor, you should weigh the pros and cons before you take it up. A successful entrepreneur is one who takes risks but also devises ways to mitigate it through a thorough investigation of the industry, the market and one’s own business concepts and practices like Simon Arias.
Are you willing to accept criticism?
Criticism can be your biggest ally in business, but many don’t realize this. In fact, it is the reason many give up soon. Negative criticism can give the best ideas on how you can improve your business. Whenever you test your idea, ask real customers and not your friends for feedback.
Are you willing to plan, test, revise and re-implement?
The process is more tedious than it sounds. But, as a matter of fact, this is the underlying principle of any and every business venture. You should be willing to research the market and draw up a business plan based on your findings. After this, you should be able to execute it effectively. It is not necessary that your plan will be accepted immediately. It may take time and a few modifications to make it acceptable to your target audience. Hence, you will have to work very hard.
Are you clear about your goals?
Many entrepreneurs themselves have second thoughts about their venture idea. The first step to successful entrepreneurialism is clarity of goals. You should choose an industry or product that you are passionate about. Otherwise, it becomes very difficult to uphold the daily grind of entrepreneurialism.
Are you an innovator?
This is a defining trait of every born entrepreneur. A successful entrepreneur using his creative capacity creates new business opportunities in addition to identifying those in front of him. He has a vision and works his way to a achieve that vision.