ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Do You Have What it Takes to Be an Entrepreneur?

Updated on February 13, 2013
Do you have what it takes to strike out on your own? Great rewards await those with great drive and self-disciplne.
Do you have what it takes to strike out on your own? Great rewards await those with great drive and self-disciplne. | Source

The idea of escaping the rat race and striking out on your own as an entrepreneur can be very attractive. You can set your own hours, dress as you like, and have no boss to answer to. But there are demands put upon an entrepreneur that the average working Joe doesn’t have to shoulder. And while running your own business may sound liberating in many ways, it doesn't mean you only work when you feel like it. Before taking the leap into entrepreneurship, it is important to carefully consider first whether entrepreneurship is right for you.

Entrepreneurship: it’s an alluring concept to many, but not necessarily the best fit for everyone. How can you tell whether you’re cut out to be an entrepreneur? Here are some of the basics to consider.

An Entrepreneur is Not an Employee

From the French word meaning “to undertake,” an entrepreneur is one who plans, manages and runs a business operation, such as marketing an invention or offering services for hire. Unlike a employee, the entrepreneur reaps all the rewards of his efforts, and also accepts all the risks and responsibilities of the enterprise.

Self-Disciplined for Success

Preparation is key to entrepreneurial success. Certain character qualities are necessary, such as self-discipline, self-motivation and the willingness to risk time, money and effort. A strong sense of individualism and an independent mindset are important, too.

Extensive knowledge and/or training in the proposed venture is strongly recommended, as entrepreneurs must be able to make wise business decisions on their own. This is not limited to knowing details about the product or service, but also includes being educated on the basics of business in general.

Often, entrepreneurs work alone, so a penchant for solitude, or at least the ability to welcome it, is helpful. One mistake some entrepreneurs make is the failure to designate a quitting time. Particularly in the beginning stages of a new venture, some people will devote too much time to their enterprise, only to suffer from burn out before the business has had a chance to bloom. Business hours do not have to reflect the traditional work week, but it is critical to separate business hours from personal hours, and to schedule time for both.

And, of course, draw up a sound business plan to use as a blueprint to establish your purpose and goals, and to guide you along the way.

A Capital Idea

Invest in yourself and in your future.
Invest in yourself and in your future. | Source

Before jumping the 9-to-5 ship for entrepreneurship, have enough capital to sustain the venture during its early life, and dedicated financial reserves tucked away for regular household and personal expenses. It can take six months to two years, or even longer, before profits begin to outpace expenditures. The more training, preparation and experience you have in your chosen field, the more likely you’ll get into the black quickly with your endeavor, but even then, it's not guaranteed. Many people ease their way into this new lifestyle, keeping at least a part-time job for some financial security while dipping a toe into the risky waters of entrepreneurship.

Create Your Blueprint for Success

Entrepreneurship: Successfully Launching New Ventures (4th Edition)
Entrepreneurship: Successfully Launching New Ventures (4th Edition)

Learn from real life examples of people who have successfully navigated the entrepreneurial road in this easy-to-read volume.

 

Go the Distance

When the business is new, enthusiasm is high and excitement drives initiative. As time passes, the thrill may wane, but the responsibilities will continue. The ability to weather long dry spells and forge ahead is of vital importance to entrepreneurial success.

While it is critical to have a business plan, if something about that plan isn't working out as expected, revisit the plan itself. If the plan needs to be altered in some way to foment success, then make adjustments to meet the needs of your venture, and go on. Commitment to the enterprise trumps commitment to the individual steps. Remember, as the entrepreneur, you are in charge, and you get to change course if the success of the journey demands it.

Reap the Rewards

Invest time, effort and capital wisely, stay the course even in rocky times, and treat each day as a business day, and you'll likely come out a winner.
Invest time, effort and capital wisely, stay the course even in rocky times, and treat each day as a business day, and you'll likely come out a winner. | Source

The discipline, dedication and risk required of an entrepreneur far exceeds that of a company employee, but the rewards can be quite lucrative and well worth the investment. A better quality of life, more flexible time to spend with family and the satisfaction of being in control are some of the benefits successful entrepreneurs enjoy. Time spent on an honest initial personal assessment is the first investment in what may potentially be a life-changing decision.

© M.S. Ross - All Rights Reserved


Assessing Your Assets

What questions will you ask yourself to assess whether you have what it takes to pursue an entrepreneurial enterprise? If you’re an experienced entrepreneur, did you pick a line of work that you had previous experience in, or did you make a foray into a whole new field? If you could do it all over again, would you make the same choices? If not, what would you do differently? Share your thoughts in the comments section below.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)