Are You Cut Out To Be An Entrepreneur?

Overview

Defining the Dream

Clearly Focused

Preparing for Adventure

Lyfestyle Considerations

Successful Entrepreneur

Summary

Worksheet - Self Assessment

Worksheet - Values Checklist

Worksheet - Skills and Knowledge Inventory

 

 


Lifestyle considerations

Regardless of which business options you choose for launching your business venture, it will impact the way in which you live. Many successful entrepreneurs learn to make adjustments and believe that owning their own business is one of the greatest experiences of their life. However it also requires sacrifice and hard work.

A sense of freedom and control
One of the highest ranked lifestyle considerations of existing entrepreneurs, it their own sense of freedom to make things happen. Their financial future is dependent upon their efforts and the decisions they make. A self-determined future is a great motivation. When you realize that success is based upon your own efforts it can trigger an inner drive to make things happen. As with any freedom, there is risk. Your courage to face the risks and make adjustments accordingly will be crucial to gaining the benefits freedom can provide.

Flexibility of time
When you are your own boss you have the opportunity to choose your work times. This does not mean, however, you will not have to put in the necessary time to make the business successful. Successful entrepreneurs will attest to the many hours they have dedicated to building and growing the business. The difference is that independence to choose your own time commitment. If you are involved in a business which is related to your own keen interests and abilities, the hours fly by.

Energy and stamina
Building and growing a business requires physical, mental and emotional energy and stamina. While the business requires hard work, it is also important that you set aside time for physical fitness and relaxation. Mental vacations and the emotional support which comes from positive personal relationships are critical to the long-term success of the business owner. You must remind yourself that you are the greatest asset in your business, and you must maintain and care for yourself. Never again in life's journey will a well balanced life provide a greater return then during the years of starting and growing your business.

Family support
The personal investment of time, energy and financial resources requires family support. Entrepreneurs who have supportive family and friends recover swiftly from difficult times and disappointments. Supportive family and friends provide not only encouragement but also someone with whom to celebrate the successes. Experienced entrepreneurs say their energy to overcome obstacles was fueled by friends and family who cheered them on.

Professional support
Professional mentors and advisors can provide you with insights and support which will be invaluable to your confidence and decision making. As was previously mentioned, your banker, accountant, attorney and other business advisors and consultants can give specific expertise needed to build and manage your business. But don't overlook the strength found in other entrepreneurs, especially those with experience. They will understand your experiences because they have lived them. They can give you the confidence of knowing you can survive the trying times. Networking with other entrepreneurs will help keep you from isolation. Mentors will remind you of your strengths and successes and will challenge you to remain focused on your vision.

Finding the right advisors and mentors may take time. Like building any important relationship, it requires effort, openness and a willingness to learn.

 

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Production funding For Let's Talk Business was provided by a grant from USDA Rural Development and the members of Prairie Public Television