Do you find yourself sitting at work wondering if there is something more, something better? Maybe you see other people around you running their own business and think that the idea is appealing, but is it for you?
As someone who has navigated the maze that is entrepreneurship, I can attest to the profound sense of purpose that comes from building a business from the ground up. Plus, owning your own business offers you unique and unparalleled opportunities for self-fulfillment and growth.
While every single person is going to have their own journey (and it’s not always going to be easy), we all have one thing in common. We have all asked ourselves the question “Are you ready to be an entrepreneur?”.
Honestly, there is so much information out there- from ‘I made $300k in my bathtub’ to ‘just make a course’ – it paints a picture of ‘get rich quick’ that misses the mark entirely on what entrepreneurship is about.
As someone who has navigated the unexpected ups and downs of entrepreneurship, and wants you to be able to build a sustainable future with a company you LOVE, I am sharing 8 essential questions to ask yourself so you can better answer the looming question of: Are you ready to be an entrepreneur?
Please note, this is not speaking to MLMs or any sort of schemes that claim entrepreneurship. While many can be convincing, these will also get a no from me.
Let’s Start By Dipping Your Toe In
Before we go through some of the questions to ask yourself, I want to first off start by saying that entrepreneurship isn’t something you should jump into blindly (or because you saw a TikTok that said you can take a course and start making thousands of dollars a month).
My advice is to keep your day job for a bit. Take this time to work out your business plan, your finances, and anything else you need to before you go full-time on your own. You may think that you need to just take the leap and quit your job (again because this is a story told over and over again online), but that is not always the best option.
While risk is good when it comes to motivation, financial desperation can be bad for business. It’s also something that potential clients and customers can see (which is definitely not how you want your business to come across).
Entrepreneurship may not be an easy road, especially in the beginning- and it will point a mirror at all of the areas in your life that need attention – just be prepared for that. It’s sold online as a glamorous life – and it can be – but it takes dedication and determination too. No one is going to keep you accountable like they would in an office setting so it is up to you. Your success is based on the work you put in (both inner work and outer work) so be sure you are ready, or as ready as you can since no one is ever really ready, before you take the leap!
Are You Ready to be an Entrepreneur?
So, are you ready to be an entrepreneur? Let’s take a look at a few questions you can ask yourself to figure out if this is the right move for you.
What’s Your Motivation?
First, ask yourself what your motivation is. If your answer is only money, this may not be the right move for you. The drive for entrepreneurship goes well beyond the money in your bank account. If money is your main motivation, you may find yourself walking away after a hard month or if you don’t see immediate results. Investing or picking up a side hustle to increase your income may be a better option for you.
Are You Passionate About Your Idea/Product/Service?
One of the most important aspects of entrepreneurship is pursuing avenues that bring you joy. There are a ton of people in the online space who will tell you to do one thing or the other because you’ll make so much money, but is it something you actually care about?
This is going to be a large portion of your life. A lot of your time is going to be spent working on and thinking about your business. If you’re not passionate about what you are doing, you’re going to end up unhappy and looking for a way out of it, instead of growing it into something even more successful!
Do You Have a Way to Stand Out?
It is almost guaranteed that someone else is going to be in the same line of business, working with the same people, and offering the same products or services as you so it is key that you find a way to stand out. You don’t have to figure this out right away- but your differentiator should be top of mind as you progress.
There is no one specific way that you have to do this either! Maybe you can stand out with a strategic brand that sets you apart and attracts your dream client. Maybe you have a different timeline or unique offers for your services. Maybe you create your products in a different way (whether that’s using different materials, being more sustainable, etc).
Whatever you choose, you want to make sure that you have this worked out so you can highlight these differences throughout your marketing to attract clients.
Pro tip: Don’t use ‘cheaper’ or ‘faster’ as your differentiator as those can quickly and immediately be taken away.
Do You Have a Support System?
Support systems are so important when you are an entrepreneur. Oftentimes, you will spend a good portion of your day working by yourself. It’s vital that you have people in your life that you can lean on and reach out to when you need some support.
I would highly recommend reaching out and connecting with other entrepreneurs early on in your journey. While your friends and family may always be there to support you, it’s hard to understand exactly what you are going through with your business.
Having other entrepreneurs around you who truly understand the position that you are in and what your everyday life looks like can be so helpful when you need some advice or just a few words of encouragement during a hard time!
Are You Financially Prepared?
While this may not be the question you want to ask yourself, it’s one you definitely need to. There are a few reasons why this is such an important question.
First, you may not make as much money as you currently are right off the bat. Now, this isn’t to say that you’ll always be making less. Once your business evolves and grows, you may be able to multiply your income more than you ever thought, but this may take time.
You need to make sure that you have a bit of money saved up so that you know you can cover all of your expenses, even if you don’t make as much money in the first few months.
Second, you may find that you have more expenses as you get your business up and running than you thought. There are so many little things that go into running a business and while they may not be massive expenses, they can start to add up.
You want to make sure that you have savings that you can use to invest in your business. These can help start you off on the right foot and make sure you have all of the best systems and processes in place so your business can run effectively right from the start.
Can You Handle Uncertainty?
While entrepreneurship can be so much fun, there is also a lot of uncertainty that comes with it, especially in the beginning. You need to check in with yourself and ask yourself if you can handle this uncertainty.
Are you okay with not having a consistent income or knowing exactly how much money is going to be coming in each month? Are you okay with taking risks and testing out different ways to run your business or different offers without knowing the outcomes?
Are You Prepared to Work Hard?
There is nothing easy about running your own business. When you start off, you’ll be the founder, CEO, CFO, social media manager, project manager, and so much more. You will most likely work way more hours than you did in a corporate job and you’ll always be thinking about ways to make your business better and grow it even more.
Now, I am not a fan of hustle culture and I don’t believe you ‘always need to work hard to be successful’ – but I won’t lie to anyone and say that working hard isn’t a part of the entrepreneurial pursuits. So if you’re ready for it- then go for it!
Be ready for long hours and be ready to adapt to different needs that your business has. You have to be flexible and willing to take on anything and everything that gets thrown your way. (My therapist is one of those support people that made this all so much easier haha)
Do You Embrace Continuous Learning?
Finally, are you ready to challenge yourself and continuously learn new things? Whether it’s learning how to run different aspects of your business, learning new systems to help run your business more effectively, or learning how to successfully manage a team, you need to have that drive to take in as much information as you can/need to.
You should also be willing to seek out this knowledge. You can’t just expect to know everything you need to or to know someone you can ask. Be willing to network and connect with people, attend summits, take courses, hire professionals (and trust them), and do whatever you can to soak up as much knowledge and information as you can.
Final Thoughts: Are You Ready to be an Entrepreneur?
So, are you ready to be an entrepreneur? While no one is going to be 100% sure, these questions should help you figure out if this is the right move (and the right time) for you.
I can attest to how amazing being an entrepreneur is, but it is not all sunshine and rainbows. You don’t want to jump into this half-heartedly so be sure you take the time to set yourself up for success- and know that I am rooting for you!
