Are Your Ready to Be An Entrepreneur?

You might be an entrepreneur if you have a passion for running your own business or making your own income without relying on an employer. I knew I was ready to be an entrepreneur and venture on my own, but it wasn’t a fly-by-night decision and was one I had put a lot of thought and preparation into.

Being an entrepreneur is about taking your passions and generating products that not only provide you a livable income but offer value to your community and industry.

The definition of an entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Before I left my job to enter into the world of entrepreneurship, much of my preparation had been financial planning so that I would have cash savings to allow me the time I needed to create a successful business.

So how do you know when you’re ready to leave a job and venture out on your own? If you can relate to these five signs, you may be ready to be an entrepreneur.

Signs You Might Be Ready for Entrepreneurship

A big realization for me that meant I was ready to be an entrepreneur was when I realized I enjoy working alone and don’t mind doing extra work. Most businesses, especially when you first start out, are lonely and require you to do most of the work.

Running a business takes a lot of work which means spending time with friends and loved ones may be more difficult, more so when you’re first getting started. Most people will not be as passionate as you are either, which I have found to be okay.

Another sign that helped me realize I was ready was that I value my freedom and flexibility. This was a big impetus for me. Being an entrepreneur enables me to create my own schedule. However, this is only possible if I create income streams conducive to this lifestyle.

For example, if you want to be a career coach, you will likely need to be available after regular working hours, as many of your ideal clients will normally be working nine to five business hours. My online business does not have such requirements, which is why I chose it.

Are you confident and creative? Being a business owner shares the passion you have for your ideas, skills, and value, and forwards it to your customers. In addition, it takes confidence in knowing you have the skills and knowledge to achieve your goals and provide value to your target audience.

If you don’t like following orders, then it might be good for you to be an entrepreneur.

No matter your role, being an employee requires you to follow orders. It requires working when and where your boss tells you to. For many people, this can mean working during the weekend or working overtime during the week. It can also mean following any demands the boss asks so as not to be fired from the job.

Following orders doesn’t always have to be a negative thing as this can be structured to many people’s lives. However, if you are the type to push away or come up with better ideas often, then it may be time for you to take the entrepreneurial leap and work for yourself instead.

Are you a risk taker? Most business ideas, even the best ones, have some risk involvement. Becoming an entrepreneur means you are willing to step into a world that relies only on yourself and no other person. If taking risks gives you energy and makes you want to do the work, you are a natural-born business owner.

These are the common signs that you are meant to be an entrepreneur and stop being an employee. If you recognize these signs, it is crucial to acknowledge that you won’t find the life you are looking for without finally taking the leap to entrepreneurship. These signs prove you thrive on the independence and creativity entrepreneurship can bring.

Know These Before You Can Be an Entrepreneur

While becoming an entrepreneur can be highly beneficial, it is essential to understand its reality before diving in. Social media can make being an entrepreneur or business owner glamorous as the fun side is easy to capture and share with the world. However, business is not always fun or easy.

If you want to be successful as an entrepreneur, you need to know what you are getting yourself into. Viewing business as easy and fun twenty-four-seven will only make it more difficult for you to do the work required to see success.

The real truth to being an entrepreneur is that it’s hard work. But, as long as you’re doing what you enjoy, it’s a labor of love that has the potential to provide you with greater satisfaction than any W-2 job.

Entrepreneurship is Competitive

There are always competitors waiting to take your target audience’s attention when it comes to business. This means you need to be ready to make the appropriate changes to keep your audience’s attention and provide more value over the years.

This is why competition is healthy. While it can seem overwhelming, it helps keep businesses aware of their target audience’s needs. Without competition, products will likely lack luster or being updated to keep up with their audience.

Being Your Own Boss Is Hard Work

It takes grit, determination, and a lot of work to run a successful business. This is even more true for those who are just getting started. Many new entrepreneurs need to do all the work required to run a business until they grow their funds to hire a professional team.

Success Doesn’t Happen Overnight

Again, social media makes success look like it happens overnight. Even those who seem to get exposure within a day don’t. Their skills and expertise still took time to grow.

It’s highly uncommon to reach your business goals within a year. Most businesses see a profit or a breakeven point within three years.

To be a successful entrepreneur, be ready to do the work without any rewards to start with.

To Be An Entrepreneur Expect Some Failures and Move Forward

At some point, you are likely to fail. However, that doesn’t mean you need to give up. Some of the most successful entrepreneurs create products that fail on purpose to understand their target audience better. In addition, it is a great way to learn about your industry. 

Not only that, not every idea you come up with will be a good one. However, all it really takes is one good idea to be successful.

Don’t let a few failures get in your way. When polled, most business owners are thankful for their mistakes because they ultimately believe they wouldn’t see their success today without experiencing failures.

As you can see, becoming an entrepreneur takes a lot of work that is uncomfortable for everyone.

In addition, becoming an entrepreneur means entering into a competitive world with what seems like never-ending work, failure, and challenges that you must overcome to see success.

However, if you can handle these challenges and are ready to realize your dream, becoming an entrepreneur may be right for you.

Kim Nelson is a writer and small business owner with more than 20 years of experience as an entrepreneur. Join her business community to learn more about starting your business.