If you want to start your own business or enterprise, you would have already asked this question to yourself plenty of times. You don't need the “it” factor. All you need is commitment, dream and hard work.
Let me help you with some pointers that will help you decide, if you are ready for entrepreneurship.
You have the drive and passion to see the things through
Entrepreneurship does not exists with passion and drive. You will need to be on relentless drive irrespective of failures which will definitely occur on the way. Without the passion, you will get tired and lose the focus.
You have the ability to sustain yourself in stress
Entrepreneurship is stressful. It is like sitting in a small boat while surfing through very choppy waters of ocean. Business environments may change, competition may emerge and your finances may be in dire straits. The stress, when things do not work for long periods, could be huge. If you are willing to put through the stress, you are set for entrepreneurship.
You have a desire to make an impact on the world however small it is
Entrepreneurs do not start a project because they want to only make money. They see inefficiencies, they desire change and they want to make an impact on the world. If you possess such a fire that you can think of an idea and then take it to the finish, you are fit for entrepreneurship.
You have the right capacity or resources to convert an idea it into a unique product / service
An entrepreneur takes an idea for which there supposedly no market exists. For example in a location where local chains rule, starting an online store would be an entrepreneurial idea. However to an observer, market for such a service may not exist.
It is the job of entrepreneur to not only take the idea to the market but convince buyers of his product/service. If you have the resource or capacity to do this, you are an entrepreneur.
You are willing to continuously learn new things and not be scared or tired of them
Entrepreneurship is about adaptability. Entrepreneur should always be ready to learn things that are beneficial to business. They need to be like chameleons which can change their colors based on survival needs. If you are ready for continuous learning without a stop sign, welcome to the club.
You are willing to let go benefits that come with a cushy job for few years
There are hundreds of things that you lose when you become an entrepreneur. Those include company of your colleagues, a relaxed work atmosphere, pleasure of getting cheque at the month end etc.
That is a price that you will pay to achieve something in your life. However it is not all that bad. You will make new contacts, learn new things, explore your zones of discomfort. If you are ready to let go of things that seem important now, you are ready for entrepreneurship.
You have a desire to dream
Entrepreneurship is nothing but a dream. The dream may be fulfilling or shattering. It is still a dream and you need to be prepared to handle it however it goes. If you cannot dream though, you will not go anywhere.
Otherwise, the world is all yours.
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