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6 Questions You Must Answer Yes To Before Becoming An Entrepreneur

Updated on November 11, 2012

Thinking of going it alone and starting your own business huh? Well good for you, and congratulations! Starting a business can be very exciting and rewarding.

There are numerous advantages to having your own business; here are just a few: being your own Boss, flexibility in setting your own schedule, having fun doing something you love to do, and oh yeah, let’s not forget about the money you can make, if done right, and you are successful with your business, you can become wealthy and rich, wouldn't that be great.

Now, don’t get me wrong, there are disadvantages too, it’s not all Rosie in starting and operating a business, but who you are and the skills and characteristics you possess as an Entrepreneur will have a huge effect on whether you are successful or not in this journey. So before you decide to take the plunge consider whether you possess those skills and characteristics that are commonly found in successful entrepreneurs.

1) Are you Self-Reliant?

Successful entrepreneurs are self-reliant individuals; they have to be, because they have to make a lot of decisions by themselves, so they must have deep trust in their capabilities, assessments, research, and ultimate judgments.

2) Are you comfortable with uncertainty and risk?

Running your own business means you are the boss and that means the buck stops with you! Business involves uncertainty and risk, ask yourself this question, “Do I avoid uncertainty and not make tough decisions because of the risk involved?” if you answered yes to that question, then Entrepreneurship may not be right for you, simply this, entrepreneurship involves a lot of uncertainty and risk, don’t believe me, look up the meaning of the word, entrepreneur.

3) Do you have a high level of creativity?

Entrepreneurs tend to be creative individuals, they are able to come up with new ideas, solve problems in creative ways, and use their creative abilities to find and take advantage of opportunities where most people cannot.

4) Are you Persuasive?

Successful entrepreneurs are very persuasive people, it does not matter how incredible your idea is, if you cannot persuade customers, employees, lenders or your partners to love your idea to purchase from you , work with you and invest with you then you will have a hard time as an entrepreneur. But if you are a good communicator, you enjoy public speaking, charismatic, and can engage new people without effort; it’s likely you are poised to make your ideas succeed.

5) Are you a good Negotiator?

As a business owner, your ability to negotiate with others will be keen to your business, as a small business owner you will be negotiating everything from contracts, leases, and contract terms to rates. So if you don’t want to lose money to the other end of these transactions, polishing your negotiating skills is a must.

6) Are you thick skinned?

As an entrepreneur being thick skinned is a valuable characteristic, because not everybody is going to like you, or your idea, and guess what, they will tell you about it. So many people don’t even go into business because of this, because they are afraid of what others are going to say, if you are one who worries about the opinions of others then being in business for yourself is definitely not for you! Having a thick skin as an entrepreneur is paramount to the success of your business.

The above characteristics and skills are very crucial to have if you are planning to go into business for yourself as an entrepreneur. Answering no to one or more of these questions simply means you are not yet ready to be an entrepreneur, but don’t lose hope, no one is born an entrepreneur, it’s really a discipline, so that means those characteristics and skills can be learned; you can take business classes, or simply learn through experience, and many have done just that. But if you answered yes to all the above questions, then you are well own your way to business success as an entrepreneur, good luck!

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    • Prakash Dighe profile image

      Prakash Dighe 

      5 years ago from Dallas, Texas, USA

      You've covered the most important requirements very well. Very useful information for those considering starting their own business.

    • Nyamache profile image

      Joshua Nyamache 

      5 years ago from Kenya

      Another question is, do you have passion? Being a successful entrepreneur is not easy. One should know his/her strengthens and weaknesses. Be able to identify opportunities. The traits of an entrepreneur should be considered.

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