Are you wondering, “Should I become an entrepreneur?” Some people make natural entrepreneurs. But, let me tell you, not everyone is cut out to be one.
A lot of people try to make entrepreneurship sound glamourous. While it sometimes can be, don’t fall into this trap. There are a lot of dreary parts of being an entrepreneur. But, you can find a lot of satisfaction in entrepreneurship if you get in it for the right reasons.
To help you figure out if you are entrepreneur material, I made two lists. The first one lists reasons you shouldn’t become one. And, the second one lists reasons why you should be an entrepreneur. Let’s find out where you stand.
4 reasons you should not become an entrepreneur
There are a lot of myths about being an entrepreneur. Because of the myths, a lot of people go into business for the wrong reasons. If any of the four things below are your reasons for becoming an entrepreneur, you should think twice.
1. You think you can work less
If you currently have a job where you work 40 or more hours per week, you might be trying to find a way to work fewer hours. You might want to spend more time with your kids, or you simply want to work less.
If this is the case, entrepreneurship is not for you. Business owners get to work more, not less. Being an entrepreneur is an around the clock, full-time job. You can’t go home to get away from the boss because you are the boss.
2. You think you can work whenever you want
Entrepreneurship can offer you some flexibility. You probably can work around your life’s events. You can schedule work around doctor’s appointments or your children’s football practices and band concerts.
But, flexibility is not guaranteed to entrepreneurs. If your business starts sinking in the middle of the night, you need to be awake to bail water overboard. If you have to meet with customers or pitch to investors, you will have to fit into their schedules. Business owners have to be on at all times.
3. You’re not willing to financially cut back
A lot of people talk about how wealthy entrepreneurs can get. With a lot of hard work, risk, and luck, you might be able to get rich. However, you aren’t going to be rich on day one. Odds are, you probably won’t be rich on day 500 either. It took me four years of entrepreneurship to earn the same amount I made at my former, corporate job.
Let’s face it; you’re going to be broke at first. It’s not just your business that will lack money. Both you and your business will financially struggle. You will burn through your personal savings to finance your business. In the beginning, I ate a lot of cheap mac-and-cheese while applying for credit cards to pay off my already maxed out cards. You will have to make sacrifices.
4. You’re not willing to do the stuff you dislike
You might want to become a business owner because you have a great idea or you are passionate about something. That’s great. But, there is more to running a business than the things you like. Until your business earns enough to hire your first employee, you will have to do the tasks you dislike.
When I started my first business, I hated public speaking and writing. Even though I didn’t like doing those things, I had to do a lot of both. I wrote weekly newsletters and spoke at recruiter networking events. My business wouldn’t have survived if I didn’t do things I didn’t like. And now, I hire people to do those things for me, so that I have time to tackle new tasks (that I often don’t like tackling).
6 reasons to become an entrepreneur
There are many great reasons why people become entrepreneurs. If you find yourself fitting into any of these six reasons to become a business owner, you should consider entrepreneurship.
1. You have an entrepreneurial spirit
Some people are called to be an entrepreneur from birth. Entrepreneurship is a life mission for those people. When someone has an entrepreneurial spirit, they don’t start a business for money. They start a business because that’s what they’re meant to do in life.
And often, people with an entrepreneurial spirit create something to do good in their community, country, or the world. One of the great things about the U.S. is people have ample opportunity to follow that spirit.
2. You want to be your own boss
If you’re tired of working for someone else, starting a business might be a good option for you. You can be your own boss. When you’re an entrepreneur, you get to call the shots. You tell yourself and others what to do.
There are downsides to being your own boss. You don’t get a day off nor can you blame someone else for mistakes. You have to be a motivated self-starter who doesn’t give up. If you are determined, you can probably make it as your own boss.
3. You like to learn
If you consider yourself a lifelong learner, you might make a great entrepreneur. Business owners need to learn constantly. You might know about your specific business niche, but I doubt you know everything about running a business.
When you start a business, you need to know about accounting, marketing, web design, networking, inventory tracking, etc. If your business is going to have a chance of survival, you need to have a desire to learn.
4. You’re bored at work
There are people who sit at their corporate jobs bored out of their minds. They’re tired of doing the same tasks over and over each day. They wish they had the opportunity to try new things and tackle new challenges. If this sounds like you, you should consider being an entrepreneur.
You will never be bored with your job as an entrepreneur. There are always new things to do. In one day alone, you could develop your products, talk to customers, create marketing plans, and project cash flow.
5. You’re imaginative
Entrepreneurs are always coming up with new ideas. It is the job of entrepreneurs to come up with better ways to do things and improve the world. Entrepreneurs satisfy the unmet needs of the world. Without entrepreneurs, we’d never have anything new or better.
If you find yourself always coming up with ideas to improve things, you might make it as an entrepreneur.
6. Other people believe in your idea
This is key. Other people have to like your idea. And, I don’t just mean your parents. Heck, when I started my first business, my dad told me it was a bad idea. Thankfully, he was wrong.
More important than your relatives’ opinions are the opinions of your potential customers. Your customers have to believe in your idea. Without their support, your business will not survive. Conduct a market analysis before you start your business to get a feel for how receptive people will be to your product or service. If your potential customers like and believe in your idea, you have a chance of success.
Read more: What It Takes To Become An Entrepreneur