3 Factors to Consider Before Jumping on the Entrepreneur Track

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Guest post by Sara Witt

So what are the 3 main factors to consider before jumping on the Entrepreneur track?

Starting your own business entails benefits that people working for others drool over: You’re your own boss, your ambition can control how much money you make, and you have power.  But there are a lot of factors people don’t think about before jumping on the entrepreneurship track; below you’ll find what you need to consider before starting your own business.

Being An Entrepreneur is a 24/7 Job

If you want your own business, be prepared to think about that business 24 hours a day, 7 days a week.  While working for someone else, the company’s owners have all of the risk, so you can go home at the end of the day and let your thoughts about work escape from your mind.  However, as an entrepreneur, all of the risk is on you, which can make it difficult to go on vacations, take weekends off, or have normal working hours; every business is different, but you need to understand going into an entrepreneurial endeavor that you may have to work more than you would if you didn’t own the business.

Know What You’re Getting Into

It is imperative that one never jumps into a business without knowing what said business entails.  Here are important things to consider:

• How risky is your business idea?
• Is your business idea compatible with your interests?
• What is the realistic income that your business and you will make annually?
• What are your business’ demographics?
• Is there a true need for your business?
• How much do you know about the industry you’re getting into?
• Does your business have a lot of competition?
• How much will it cost to start your business?
• How long will it take you to begin making money?

Do You Have What It Takes to Be an Entrepreneur

Being an entrepreneur isn’t just about working for yourself, it’s about whether you have the skills and traits to work for yourself successfully.  Entrepreneurs must be:

• Adaptive
• Ambitious
• Dedicated
• Determined
• Ethical
• Full of energy
• Goal-oriented
• Hard working
• Independent
• Inquisitive
• Inventive
• Managers
• Motivated
• Organized
• Problem-solvers
• Resilient
• Self-confident
• Willing to take a risk

If you think you possess the traits and ability to adequately answer the questions above as well as believe you can accept the long hours and stress inherent with being an entrepreneur, then you might just be ready to move forward with your business idea.

Sara Witt is a guest blogger and writer bringing to us 3 imperative factors to consider before embarking on an entrepreneurial endeavor.  Sara also writes about how to distinguish good personal injury lawyers from bad ones.