Are You Cut Out For Entrepreneurship? Take These 5 Steps to Know For Sure Entrepreneurship is a huge decision. So before diving in, how can you prime yourself for entrepreneurship before jumping in with both feet?
By David Busker Edited by Kara McIntyre
Key Takeaways
- Self-reflection and assessment are crucial first steps for aspiring entrepreneurs to identify their strengths and preferences.
- Building a network with experienced business owners and educating oneself on business fundamentals are indispensable for entrepreneurial success.
- Starting with a small side hustle can offer a low-risk opportunity to test the entrepreneurial waters before fully committing.
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Look, chances are that if you've clicked on this article, then you're at least interested in the possibility of becoming an entrepreneur. However, if you're like most of us, then it's also likely that just as quickly as dreams of entrepreneurship enter your mind, you're also seeing warning signs, roadblocks, depressing statistics and maybe a horror story or two of that person you know who took a leap that didn't pan out. You're not alone. And yet … it's a tempting thought.
As a former corporate employee of many years, I am all too familiar with the motivators behind becoming an entrepreneur:
- The autonomy to decide your own fate after years of bureaucratic red tape
- The flexibility of building your own schedule after a traditional 9 to 5
- The financial security of knowing your hard work directly impacts your bottom line rather than accepting a predetermined salary
- The sheer excitement of finding purpose in the day-to-day work
Trust me, I get it.
However, as we know, entrepreneurship isn't for everyone. So how do you decide whether to consider it for yourself, much less take the necessary leap? In my current role as a franchise consultant and small business owner, I work with people all of the time who are on the cusp of making this very decision. So before diving in, how can you prime yourself for entrepreneurship before jumping in with both feet?
Related: How to Know If You're Ready to Leave Your 9-5 and Go All In on Your Side Hustle
1. Reflect and self-assess
As mentioned, not everyone can become an entrepreneur, so you have to honestly ask yourself: What am I good at? What do you like to do? Am I a creator/visionary or am I an operations/execution person?
Make a list (yes, actually put pen to paper or pull up a document) and take an inventory.
2. Start networking with business owners in your community
At the end of the day, being an entrepreneur requires a certain level of social ability. I'm not suggesting that you need to be the life of the party or the most extroverted person in the room — in fact, there are lots of successful entrepreneurs who are predominantly introverted. However, there is no faster way to become aware of the ups and downs of entrepreneurship than putting yourself in front of business owners.
Meet them through the chamber of commerce events, meetups, professional development service get-togethers, trade networking events and education groups. There are even executive transition groups specifically designed for making this jump.
Don't limit yourself. Unless you are totally confident in the type of business you want to own, cast a wide net. Network with franchise owners, online startup business owners, etc. If you are making an effort to meet these people and make these connections, you will find them.
3. Educate yourself
Unless you are sitting on a large inheritance, there isn't a golden ticket way to fast-track your success. It's important that you take the time to educate yourself on various opportunities. Hit the books and read, read, read about business ownership, leadership and management skills. Perhaps consider getting something like Kindle Unlimited which allows you to peruse thousands of books and check out up to 20 at any given time for a monthly subscription.
I often like to say that as a business owner, you are the OEO (Only Executive Officer), so make sure you are also reading up on some of the less glamorous aspects like human resources, training and tech tools.
In addition to reading, watch YouTube videos, follow social media influencers, listen to podcasts — whatever it is that you think you may be lacking or whatever skill you need to hone before becoming a business owner, make a list and cultivate your knowledge in these areas.
4. Start a small side hustle
Ultimately, if you're going to start a business, you are going to have to juggle and sacrifice things. For example, there may be times when you can't go on a vacation or take time off. You know the phrase: "The grind is real."
As an entrepreneur, your work life and your personal life intertwine, especially at the beginning. A successful business gives you all four of those motivators I mentioned above (autonomy, flexibility, financial security and purpose), but not upfront — it takes time to get there.
If you, like many, are considering entrepreneurship but still have a day job, you need to ask yourself: Do I have the mental flexibility to compartmentalize and move back and forth between both?
Starting a small side hustle is a testing ground for you. Start with low stakes and a lower investment. This can help you prepare to become an entrepreneur.
5. Speak with the decision-makers in your life
Last, but certainly not least, it's important to speak with the people in your life who may be impacted by your decision to become an entrepreneur, most likely a spouse.
Have a deep dive and a serious conversation that you schedule separately from just another evening conversation after a busy day. Have a planning discussion for the future. Create a future vision for what you want your life to look like over the next 5, 10 or 15 years. Will you stay in your corporate role? Do you have plans in place for retirement? What's your risk tolerance? Rate it on a scale of 1-10. Now what is your spouse's risk tolerance? Is there alignment?
I truly can't overstress this: Creating that future plan/vision is key. After all, if you don't have a target to aim at, you won't hit it.
Ultimately, entrepreneurship can be a fantastic path leading toward a fulfilling and exciting life — it's the best professional decision I ever made. That said, it's vital that you take the time to understand yourself and the opportunities available. Consider taking these steps above to prime yourself for entrepreneurship so that when the time comes, you'll be ready to take the leap.
