Is Entrepreneurship Really For Me?

You've probably heard it before: "Entrepreneurs are born, not made." It's a nice little myth, but it's just that - a myth. The truth is, running a successful business isn't about having some magical entrepreneurial gene.

Some people might have natural qualities that make them lean toward entrepreneurship, but that doesn't mean the rest of us are out of luck. You can absolutely work on developing the traits that make for a successful entrepreneur. But before you start, it's just as important to figure out if entrepreneurship really suits you. Discovering you're not cut out for it after the fact can lead to major financial losses and a lot of personal stress.

So, how can you tell if you've got what it takes? Let's discuss some questions you can ask yourself.

What's Your Tolerance for Risk? 

There is no getting around it: Starting a new business venture requires risk. You're no longer just a small cog in a large wheel that will roll on with or without you. When you're an entrepreneur, your ultimate success or failure is in your hands. There is no safety net.

Some people have no problem tolerating this sort of risk. The idea might even serve as motivation. If you're someone who experiences anxiety at the thought of added risk, however, entrepreneurship might not be for you. Another option is to start very small by running a side business in your spare time rather than diving into the deep end of the entrepreneurial pool right away.

Are You Happy Working for Someone Else? 

Some people are perfectly content spending their time working for a corporation. Others, however, thirst for the ability to assume more responsibility. The idea of playing an integral role in every aspect of a new business is an intoxicating notion.

If working for someone else leaves you with an itch you can't quite scratch - and you're intrigued by the idea of being the animating force of your venture - entrepreneurship might be a good fit.

Is There Something You're Passionate About - That Could Also Be a Business?

We hear it repeated over and over: Entrepreneurs need passion. Deeply felt passion is a competitive advantage. It drives you forward even in the face of significant obstacles.

Passion, however, doesn't always make a great business. Not every dream can be monetized. Real success is found at the nexus of passion and business opportunity.

How Else Can You Test the Waters?

Passion and a zest for business is great, but nothing tells the true tale like real-world experience. If you're still on the fence about entrepreneurship, here are a few practical steps you can take to help make up your mind:

• Speak to other entrepreneurs about the challenges they face.
• Seek professional guidance or assistance from entrepreneur and business support groups.
• Ask for feedback regarding your business plan or idea.
• Get out in the field and observe how small businesses operate. Ask questions about life/work balance, customer attraction and retention, and what it's like to transition.
• Start a small, part-time venture you can pursue in your spare time. If this is a roaring success, this is one key data point that entrepreneurship might be for you.

The Takeaway

Entrepreneurship isn't for everyone. It requires hard work, tolerance for risk, and a willingness to take the lead on every aspect of a business. By closely examining your preferences and attributes, you can make an informed decision as to whether entrepreneurship is really for you.