6 questions you need to ask yourself about entrepreneurship

1. Can you afford to take the financial risk?

An entrepreneur fresh out of school with few to no financial obligations has less of a financial risk than someone with a family, a mortgage, multiple car loans and all the other standard monthly bills families are responsible for.

You need to understand the big financial risk associated with starting a business. Your idea may flop, you may be unable to pay yourself for a long period of time and there is always the possibility of losing it all.

If you already have a stack of financial obligations, start your business on the side. That scenario may not be ideal, but it’s still possible to find success this way. If you don’t have those obligations, and you fully believe in your idea, then go for it.

2. Do you have a strong support system in place?

If you decide to start a business, the road is going to be filled with bumps and intersections, each with multiple options – you will have questions, lots of them.

It’s important to surround yourself with a support system that will be there to help you solve problems, seek answers and be available when you need to vent.

Having family, friends, mentors and industry connections to turn to will greatly increase the odds of your business being successful.

The moral support alone is priceless. Keep the doubters away. They are toxic and need to be avoided if you desire success.

3. If you keep getting knocked down (and you will), are you going to keep getting back up for more?

You are going to get knocked down – most likely several times. There is also the possibility of making a wrong decision that will cause you to fall flat on your face.

What differentiates the entrepreneurs who quit from the ones who go on to experience success is the latter group’s tenacity – their willingness to keep taking devastating punches and their willingness to keep getting back up for more.

4. Can you remain motivated, even without personal luxuries and conveniences?

Could you remain 100% motivated while sleeping on the floor and eating instant noodles every night?

If not, entrepreneurship may not be for you. It’s often the personal sacrifices that make the biggest difference.

Would you sell your car and take public transportation to your office if that meant being able to invest more money into your business? Would you sell your house and move into a small apartment if that meant being able to grow your business faster?

If you want it badly enough, you will do whatever it takes, while remaining focused and motivated.

5. Do you understand that your work-life balance will be extremely unbalanced in the beginning?

Most of your time will need to be allocated to your business in the beginning. You will see your friends and family less, and miss out on a lot of the little things you used to do – like getting together for beers after work on a Friday and taking weekend trips. Instead, you’ll have long nights at the office and work-filled weekends.

You have to be willing to put in the time and effort in the beginning. When you start a business, everything is on your shoulders. It’s an enormous amount of pressure that some can’t handle. Over time, you will be able to create a healthier work-life balance, but understand that it will be very unbalanced in the early years.

6. Can you envision your success?

“Believe you can and you’re halfway there,” said Theodore Roosevelt.

That’s one of my favourite quotes about envisioning success. If you can’t envision success, you aren’t ready.

You need to see it, and see it clearly. You need to wake up envisioning your success. You need to have that picture engraved on to your forehead. You need to dream about it when you go to sleep.

So, have you answered yes yet?