10 Ways to Know You’re Ready for Entrepreneurship

Some people long to be business owners but never take the leap. Others take the leap but don’t build the bridges that will take them safely into entrepreneurship. How do you know you’re ready?

1. You Know You Don’t Need a World-Changing Idea

You don’t have to reinvent the wheel to create a successful business. You might just see a way to do something better or in a unique way. But you don’t want to build a copycat business either: unique and innovative is what matters.

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2. You Know How to Take Calculated Risks

You don’t have to be a fearless gambler to open a business. Successful entrepreneurs do everything they can to minimize risk. They do their homework, test their ideas and weigh potential risk and reward.

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3. You’re Running Towards Something — Not Away

Hate your job? Can’t stand how little you make? While dissatisfaction can motivate you to start a business, desperate people make bad decisions.

Don’t open up a business just to get free of something: open a business to fulfill your potential. Take the time to figure out what the right business is for you while you still have a steady paycheck.

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4. You Know that there is no Magic Bullet

The latest success story isn’t always the model that is right for you. While there’s much to be gained from studying what others have done, the only path to success is uniquely your own. There is no plug-and-play business model or marketing strategy that works for everyone.

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5. You Know Success Takes Time

While overnight successes do occur, too many people are fooled by expensive programs that promise you’ll make millions right off the bat. Entrepreneurship is a process rather than a one-time choice and action. You’ll have to out in the time to realize your reward.

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6. You Know Success Takes Work

Many people dream of a business that will give them a great income, while their time remains their own. The truth is that your business will take longer work days that you’ve ever imagined for quite awhile before you can sit back and enjoy the fruits of your labor.

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7. You Know that Fads Pass

Twitter has made many of us confused about trends. “What’s trending right now” is a different matter than what describes a shift in culture that will continue for awhile. You don’t want to base your business on a passing fad: you want it to be relevant over the long-term so do your homework when it comes to your industry.

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8. You Know the Difference Between a Passion and a Hobby

Some people take a pastime they enjoy and turn it into a successful business. Some people take a cause they are passionate about and create a successful enterprise to represent it. But mostly, people learn that they lose their love for their hobby when they have to do it for work or don’t understand what they are truly equipped to do in terms of their passions. It isn’t always true that if you follow your passion the money will follow: your passion must be backed up by real skills and a realistic view.

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9. You Understand Your Strengths and Talents

Success doesn’t come from doing things we’re not very good at. You have to think about what hats you’ll have to wear to make your business successful. Leveraging your natural talents—and not just skills you’ve learned or abilities you can gain—is the best guarantee of success. Think about how you can do what comes naturally to you and how you will compensate for what does not.

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10. You Understand Your Value

You won’t gain loyal customers because you offer the cheapest, fastest or even best product or service. Customers will choose you, because you offer them something deeper, something that resonates with them or that they can connect with. The key to figuring this out comes from understanding yourself first because you are the core of your business. You must match what is unique and valuable about you to what matters to your market.

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Author: Oksana Tashakova - Personal Branding Expert, Business Startup Specialist and Entrepreneurship Educator