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You’re Ready For Entrepreneurship If You Can Answer These 3 Questions

Is it okay if you fail?

Photo by LinkedIn Sales Navigator on Unsplash
Photo by LinkedIn Sales Navigator on Unsplash

Happy New Year! It’s the new year and a new decade. For many individuals, this may be the perfect time to pivot into starting a small business and becoming entrepreneurs.

As an entrepreneur myself, I can tell you that being an entrepreneur is an incredibly rewarding experience. It’s one of the few career paths where you can become the master of your destiny. You get to do what you love full-time and focus on your passion first. That being said, entrepreneurship is also a path that is full of detours, a few dead ends, and many surprises. You’ll need a Plan A, B, C, D, E, F, and every other letter in the alphabet as a backup. No two days are the same — which you’ll either quickly adapt to or struggle to keep up in this uncharted territory.

How do you know you’re ready, and I mean really ready, to become an entrepreneur? If you answer “yes” to these questions, you’re definitely on the right path.

Is it okay if you fail?

Entrepreneurs have to get comfortable using the f-word: failure. Not all ventures work out, even if you give it your all. Sometimes a partnership falls through or a client suddenly ends their contract. Despite what appearances may show us on sites like Instagram, which often depict a breezy version of entrepreneurship, many startups do fail.

Moving forward, you have two options. You may opt out of entrepreneurship for awhile and come back at a later date. Or, you can learn from mistakes made and use them to keep working and growing. You did fail in both scenarios, but you are by no means a failure. Failing is more than okay. It’s part of your evolution, in and out of entrepreneurship.

Are there trusted individuals in your support unit?

It’s true that entrepreneurship means going it alone for the most part. You’ll be going against the grain of what everyone else is doing. It can get a little lonely sometimes, which is why I asked if you have a trustworthy support unit.

These individuals can be family members, spouses and partners, kids (my two sons definitely love to cheerlead their mom!), friends, and mentors. While you may be likely to go through many aspects of entrepreneurship on your own, you should always have a few trusted members of your tribe. They may offer support and encouragement when the chips are down, advice for when you aren’t sure what to do next, and cheer you on when the going gets good.

Do you delight in the phrase “your whole life can change in a minute?”

How do you feel thinking about the phrase (or paraphrasing) that your life could change in a minute? Some may feel scared and imagine the worst case scenario as that big change. Others may view it as a positive. This could be an opportunity for you to seize your dream and rise to a new challenge.

If you find yourself falling into the latter category, you’re likely to be a good match for entrepreneurship. Becoming a small business owner doesn’t come with a step-by-step manual for success. Nobody can predict what will be the next big thing either. That’s okay! It’s even exciting! You don’t mind changes, especially if they get you a little closer to reaching your goals. You see the not knowing aspect of life as thrilling and are ready to venture out into the great unknown.

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