By Amine Rahal, entrepreneur & writer. Amine is the CEO of IronMonk, a digital marketing agency specializing in SEO.
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Many of us, I’m certain, have often wondered or dreamed about starting our own business. Maybe you came up with a great idea that could really help society or completely solve a difficult problem. But before you put yourself on the arduous path of entrepreneurship, ask yourself these five important questions because, frankly, entrepreneurship isn’t for everyone.
Entrepreneurship is no easy path. Speaking from experience, the doubts I had before starting my digital marketing business—and while I was building it—were enormous. I believe that positive responses to the following questions were essential in knowing that being an entrepreneur was right for me and were key indicators of my eventual success.
1. Are you a risk taker?
Starting your own business is one of the riskiest activities I am aware of. You can be very conscious of the fact that you have an initial risk when getting your activity off the ground. But you also have ongoing risk as you navigate the stormy waters of the first years of your business.
So, the question is, can you bear the risk and carry on through the tough times of going through a startup? Risk is generated by the uncertainty involved when setting up a new business activity. A lot of people simply cannot handle that uncertainty.
2. Can you live without a steady income?
If you are currently working for a company as an employee and you have a steady income stream, can you withstand a prolonged period without it? If you are going to rely on your savings, are they enough to get you through the time you have decided to give your project?
How will you handle your emotions if you don’t start making money when you expected to? Setting up a business can be a big struggle for revenue generation during the early years. Can you settle with reducing your expenses if needed? Can you stretch the time your savings will allow you to keep going with your new business?
3. Do you have the stamina to keep going?
This factor, I believe, is one of the main reasons for failure. Sometimes the going gets particularly tough, and that is when most people throw in the towel. Startups are extremely hard work, and the uncertainty, lack of revenue and many hours of dedication can drag you down.
Are you able to keep going when it feels like you have already run a marathon and someone just moved the finish line another 10 miles? It’s true that many new businesses indeed fail because of a lack of funds, but I’m sure many more fail due to a lack of stamina.
4. Can you handle high levels of stress?
Entrepreneurship can be very stressful, and it all comes from the factors mentioned above. You have to handle a high level of risk, especially in a startup. Then you need tons of stamina to keep going, and you have to deal with a lot of uncertainty.
All these are destabilizing factors. Will you be able to handle the stress, so you can get your team motivated in a good way? Will you be able to stay on top of rowdy customers and answer to any stakeholders you might have? It takes character and equilibrium to drive back explosive emotions. And trust me, sometimes it gets explosive.
5. Can you think outside the box?
Entrepreneurship takes a considerable amount of wide-angle vision and the capacity to be imaginative and think outside the box. Already the fact that you have come up with an idea that addresses a need or a problem successfully is a demonstration of that ability.
Can you keep it up? New businesses and established ones alike need to be constantly questioned. Can you find the right solutions? Some call it lateral thinking or thinking outside the box. In the end, it may just come down to how much confidence you have in yourself. Will you take the steps needed to come up with the right ideas to keep your business on top?
Regardless of how you feel about the above questions, you may still be fully convinced that entrepreneurship is right for you. But that conviction doesn’t eliminate any of the hurdles mentioned above.
So, if you are getting yourself ready for what may be the biggest change in your lifetime, there may be some things you can do before you take the jump. Make sure you have your finances in good shape and will be able to go the extra mile if needed.
Get ready to handle yourself, and your emotions, to stay focused on your project. Fight the negative thoughts that always betray us. Personally, I found that using meditation techniques greatly helped me stay in equilibrium and able to focus on my endeavors. Ultimately, all of our methods and paths to success will be unique, so make sure you get yourself ready to persist through difficult times by whatever means are available to you.