Things to Consider If You Want to Become an Entrepreneur

Do you want to be your own boss?

Things to Consider If You Want to Become an Entrepreneur image shutterstock 107761877 271x300Entrepreneur from ShutterstockYou will probably answer ‘Yes’ to this question, but if your sole reason for becoming an entrepreneur is to become your own boss, then you may want to change your way of thinking. Instead of wanting to be your own boss, think of yourself as a Chief Executive Officer (CEO). Then, be CEO of your career or profession. When you take the leadership reins to your professional development and career growth, you’ll be surprised how many see you and treat you as a leader.

Is more free time your reason to be an entrepreneur?

This myth draws in a lot people who want to become their own boss because they think they will have more free time for themselves. The truth is, you have the freedom to take as much or as little time off from work as you wish. And, if you choose a business that aligns well with your core values, you’ll probably lose yourself in the time, learning and actual activity of your business. However, in order to run a successful business, you have to show up to work early every single day, and probably be the one to close up late in the night. You’ll also need some strong business skills or bring together a team of professionals who have the skill sets that you lack. In other words, if you look forward to becoming an entrepreneur then be prepared to work more than you normally would if employed.

Do you want to make fast cash?

Is making fast cash your reasoning behind becoming an entrepreneur? Sometimes, and it is rare, some people do make quick money. The “usual” is it could be quite some time before you earn enough money to live off of. As such, have a budget planned out before you start your own business, as this will help you continue to live while you start on your entrepreneurial journey.

Be patient as well with the business. For some, profits will start rolling in after a few weeks, others may wait for some months or even years before the business can take off on its own. Each business is unique, and patience is the key to seeing it grow and bring in returns.

Be flexible, be nimble and be resilient to survive the birth of entrepreneurial dreams

Are you prepared to fail?

If your answer is “No” to this question, or you have an “I won’t fail” attitude, or you just don’t believe that you will fail, then you may not want to become an entrepreneur. When you go into business on your own, failure is a big possibility. Just like you plan the finances of the business, you need to plan for the risk of failure. It doesn’t mean you walk around focused on bad times. Planning for failure means exactly the opposite; that you sit down and account for any unforeseen eventualities. Be prepared to run out of finances, supplies, customers, and any other risk. By preparing for all this, you will be in a better position to pull through should any of them strike.

Are you persistent?

More importantly, you need to be persistent. If you are one of those people who give up after not succeeding right away, then being an entrepreneur is probably not something you want to be. Going into business on your own is tough.

The journey to being a successful entrepreneur is filled with pitfalls and challenges, and only those who are strong and plan ahead and those who are flexible and nimble enough to make the necessary adjustments will forge a path.

Author:

Maria Elena Duron, is managing editor of the Personal Branding Blog, CEO (chief engagement officer) of buzz2bucksa word of mouth marketing firm, and a professional speaker and trainer on developing social networks that work. She provides workshops, webinars, seminars and direct services that help create conversation, connection, credibility, community and commerce around your brand. Maria Duron is founder and moderator of #brandchat - a weekly Twitter chat focused on every aspect of branding that is recognized by Mashable as one the 15 Essential Twitter Chats for Social Media Marketers.

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