Do You Really Want to Start Your Own Business?

Being an entrepreneur has its rewards, but are you prepared for the psychological, emotional, physical and financial aspects of entrepreneurship?

How many times have you told yourself how much you’ll love to start your own business and earn as much as you want, have flexible working hours, and experience total freedom?

Working for someone doesn’t tickle your fancy anymore and you’re willing to damn the consequences of running your own business- if there are any. As exciting as being self employed or a business owner is, you must realize that it’s not at all a bed of roses.

Being an entrepreneur is not something you want to dabble into without getting your self prepared psychologically, physically, emotionally and of course financially. The challenges of starting out on your own are numerous and easier said than done, but if you are prepared and willing to go through it, even though it may take a while, at the end it’ll pay more to be an entrepreneur.

You need to prepare yourself for the entrepreneurial journey long before you step out. But just in case you’ve already gotten into the race here is a simple outline that can help you know what to expect.

1. Risk taking- you need prepare yourself as entrepreneurship is about taking risks. If you don’t like taking risks or you’re too careful, the chances that you’ll succeed are slim. Risk-taking is a useful, maybe even essential trait of entrepreneurs. All you have to do is listen to a few successful entrepreneurs discuss what they risked to start their ventures, and you can appreciate their tolerance for risk.

2. Perseverance and survival trait- I see an entrepreneur as an individual who can live for an indefinite period of time on a very little e.g. box of cake and coffee until they’ve successfully built their business and demonstrated to the world that their idea is worth living for

3. Loneliness- be prepared to go it alone. You may not get any support whatsoever, not even encouragement. But in order to succeed you must be prepared to go through the process alone. It is often times a lonely venture where you are constantly fighting an uphill battle to convince others that your idea and business will succeed.

4. You must be able to withstand the emotional challenges of starting and growing a business

5. Before money flows- this is a very crucial time in the life of an entrepreneur, especially when you really need the money. You need to believe in and put your best into the process of becoming an entrepreneur. You must be ready to pull through and not give up.

6. Goal-oriented- everyone has their own reasons for why they do what they do. You must set and constantly review your goals to ensure you’re on track. Its easy to get side tracked with all sorts of exciting campaigns on how to make money fast going on around us.

7. The most common challenges to be faced, more often are financial challenges. They could come in any of the various forms- need for start-up capital, not making enough money, clients who haven’t paid or who pay late, and creditors asking for their money. In all these you need to be able to respond appropriately and accordingly.

8. You need to be prepared physically as there will be a demand on your time, health, personal money etc.

The entrepreneur has to be someone who can weather any storm, accept the failures along their path to success and rebound.

You have to be able to emotionally take the downsides to being your own boss and stay in the game for the long haul. As an entrepreneur, you need to have the mentality of seeing risk as a challenge and not something negative

You may fall down many times, but be ready to get up no matter how hard you must have fallen. You have to appear to remain calm and confident while you may be in the midst of uncertainty and constantly changing situations. You have to be dressed for success inwardly and outwardly.

Are you ready for the challenge?