Starting a business isn’t for everyone. So if you’ve been considering it for a while, and think you’re ready to make the leap, you have to ensure you’re up for the challenge. There are many questions surrounding financing and business plans you’ll have to answer.
But on a more fundamental level, there are a few basic questions you should ask yourself before you make a move – so you can ensure striking it out on your own is the right step for you. Here’s a look at 5 of them:
#1: What’s your relationship to money?
When you first start a business, it can take years before you turn a profit. As a result, you might not receive a steady paycheck for a while. How comfortable are you with that?
#2: How do you feel about failure?
No one wants to fail. However, for true entrepreneurs, the idea of not ever trying is worse than being a failure. Which category do you fall into? Are you more afraid of failing, or of failing to try?
#3: Does uncertainty make you uncomfortable?
Some people are thrilled and energized at the thought of not knowing what the next months or years will bring in terms of work. Others are terrified by that same thought. Which group do you belong in? If you primarily see uncertainty as an opportunity, then you may be able to navigate the ups and downs that come with being a business owner.
#4: Do you like to lead?
If you’ve always worked for someone else, it’s hard to imagine yourself as the primary decision maker. But you need to ensure that you actually like being the leader of the pack before you make the leap and open up your own operation. If you perform better executing projects and being delegated to, then how will you lead your team to success?
#5: Are you prepared to wear the hats that come with running a business?
You might work in sales now. But if you open up your own business, you’re going to have to take on customer service, marketing, HR, and negotiating functions as well. Are you prepared to do so? If not, are you prepared to hire people who can handle these tasks for you?
You can’t know everything before opening a business, but you do know yourself. And answering the questions above will give you more insight into whether you have what it takes to be an entrepreneur.
Do you need help hiring for your start-up or established business? Call Pacific Staffing. As leading executive recruiters in Northern California, we have extensive experience in sourcing, evaluating and helping companies hire top industry professionals. To learn more about how we can help your company, please contact us today.