Becoming an entrepreneur can be very rewarding, both financially and emotionally. And while there will be endless hours and obstacles you will face as an entrepreneur, when you are passionate about what you do, this won't matter given the return of personal gratification you'll receive from your hard work.
If you’re questioning whether you have what it takes to be an entrepreneur, check out our guide to entrepreneurial success. However, if you’re already in planning stages, we’ve compiled three things you need to before you embark on this adventure.
- Understand yourself and what motivates you
Many of us find ourselves stuck in a job where we're unmotivated leaving us feeling unfulfilled. Understanding what motivates you can help you determine what your passions are. So, if you're one of those motivated individuals who hit the gym every morning and eat healthy, you can sure bet you're passionate about personal health.
- Examine your hobbies and passions
What do you do on your spare time or what would you like to be doing more often? Digging deep into your passions will help you understand the type of business you want and where you should focus your entrepreneurship drive. Examine the things you enjoy doing and analyze how you can profit from these hobbies.
- How do you define happiness?
Your life goals will ultimately be defined by what makes you happy. If you’re someone who wants control of their financial income, becoming a business owners may be the answer for you. Some want the freedom to do something they love while others may want more flexibility to spend time with their family.
- Conduct a risk assessment
This will be a big change for you financially. It’s important that you know what you will be sacrificing while you chase your goals.
- Letting go of your stable income:
Being your own boss will take more hours of your day than your old 9-5 job, but be prepare for longer hours and an inconsistent income. While you build the foundation of your business your income will fluctuate.
- Say goodbye to your savings:
When starting any new business, there are a lot of finances to take into consideration. That said, you will have to know the investment risks with any new business venture.
- Get Networking
Upon launching a business, your first handful of clients will come from your direct group of networks. So it’s crucial that you continue building network to escalade your pool of potential prospect.
- Get on LinkedIn
It can sometimes be difficult to find opportunities to connect face-to-face. However, in a world where we're so connected digitally, it could never be easier to connect online. To learn more about LinkedIn read our in-depth post on LinkedIn for entrepreneurs.
- Be knowledgeable
This is especially important, particularly when it comes to networking events. If you’re partaking in specific niche events that are segmenting by industry or skills be prepared and do some research. Start with conducting a quick search of keynote speaker of the event or the organization hosting the event. Being prepared will help you connect and speak to individuals with more ease.
- Have a goal
Networking is just like anything else you approach, have an end goal in mind. Try to have a meaningful connection with at least one person at every networking event you attend. Make an appointment for coffee, a phone call, etc. The more you connect, the more opportunities will arise.
Entrepreneurs are ambitious and understand the necessary risks that must be taken. The ability to act outside the lines, challenge convention and trust their own common sense gives them the confidence they need to break the rules on the road to success. With that in mind it is extremely important for you to be persistent to rise above all the challenges that come your way.
Do you have what it takes to be an entrepreneur? Read our latest guide to entrepreneurial success. By understanding what makes you happy you’ll be able to define the objectives and business goals you hope to achieve.
