5 questions to ask yourself before becoming an entrepreneur

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Front view portrait of four business executives sitting in a line

Photo Source: Microsoft Office.com

Being your own boss, setting your own hours, and wearing pajamas to work, are just some of the many perks of being an entrepreneur. The life of an entrepreneur is one widely envied and yet few are cut out for it. So while it may seem tempting to quit your day job, the decision to become an entrepreneur requires lots of research and consideration. Here are 5 questions to help you ultimately determine if entrepreneurship is right for you.

5. What do entrepreneurs in your field of study actually do and do you like doing those things?

R.C. Thornton, creator of the blog, Decoding Startups, says you should ask established members in your field, “What do you do?” and “How do you make money (get clients)?” The goal here is to see not only what the specific craft needed is, but also how the business is built.

4. How disciplined are you?

Much of the advice on being an entrepreneur focuses on passion. But what you don’t hear about is all the passionate would-be entrepreneurs who have failed because of lack of discipline. If you’re going to be your own boss you need to be comfortable setting a schedule and sticking to it.

3. What is your tolerance for risk?

What’s the biggest risk you’ve taken? If the result was negative, how did you handle defeat? You’re taking a big gamble when you quit your job and dive into the world of entrepreneurship. You need to accept that even with a backup plan, a lot of money and time can be lost running your own business.

2. Do you have a support system?

A support system for an entrepreneur can provide both emotional and financial support. Take inventory of who is in your life now and consider their support in your past endeavors. How would they react if you told them you were quitting your stable banking job to fulfill you dream of running an Italian Ice food truck?

1. Are you good at problem solving?

Much of your time as an entrepreneur will be spent troubleshooting, identifying problems in the business, and solving them. If you don’t like constantly solving problems, life as an entrepreneur might not be the right fit for you.

See article by Ali Kelley, Spark Hire, June 26, 2013