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Entrepreneurship offers you a good opportunity to go into business and earn a living for yourself. Unfortunately, most entrepreneurship projects do not survive beyond the 5-year mark. Why is that?
There are many reasons why entrepreneurs fail. One of them has something to do with the fact that some people just don't have what it takes to go into business for themselves. For that reason, before you embark on a business venture you need to ask yourself this question: do you have what it takes to be an entrepreneur?
Are you self-driven?
Being self-driven is one of the major requirements of successful entrepreneurs. Going into business for yourself will require you to push your limits without supervision. That can be quite hard to do if you are the kind of person who only works when someone else is looking over your shoulder.
You may want to reconsider your entrepreneurship approach if you lack the motivation to do things on your own. Taking on a self-driven partner is one way to go about doing so.
Are you a risk-taker?
There is no guarantee that any business you start will take off and achieve success. Entrepreneurship therefore requires you to be a risk-taker. After doing your market research, you still need to invest your time, effort, and money, without any guarantee that you'll succeed. To do this, you have to be the kind of person who isn't afraid to fail.
If you're the kind of person who is afraid to take even the smallest of risks, entrepreneurship is not for you. The risks you will have to take in the beginning will likely stress you out before you even realize your goals.
Are you focused?
Focus is another key ingredient of entrepreneurship success. Starting and running a new business takes a lot of work. You will have to wear many hats because it is unlikely that you will have the finances to hire help.
In order for you to complete all the required tasks and accomplish your business goals, you will need to focus on each project before you, despite the distractions. Can you really do that?
Are you hardworking?
If you are lazy, entrepreneurship is definitely not a path that you should take. Keeping a new business running will require plenty of your energy. You should prepare yourself to work over 12 hours on any given day in the beginning because you likely won't have many employees around to help you out.
If you are afraid of hard work and only want to put in eight hours or less in your work, you might need to think twice about entrepreneurship. A startup business is likely to follow you home, and that's something that you may find unacceptable.
Are you prepared to socialize and network?
No man is an island. How often have you heard that statement?
Networking is part and parcel of running a successful business. Peer networks will enable you to find contacts that will contribute to the success of your business. You will have to socialize and network both offline and online in order to get access to these contacts.
If you simply hate to socialize with others, you need to be prepared to make changes in how you operate. Networking is something that you will have to be comfortable doing for the long term as an entrepreneur.
Do not make the mistake of assuming that you will start and run a business successfully without preparation. Take the time to analyze yourself and determine whether you're suited to entrepreneurship. Finally, be flexible enough to make changes where necessary to enhance the chances of making your business a success.