Is Entrepreneurship for You?

At some point in our lives, we’ve all wanted to be our own boss, and build our own business. Maybe you wanted to own a restaurant or bar. Maybe you thought of selling your paintings, or becoming a published author.

There are many paths to entrepreneurship you can take. Surely, one must be right for you. Or is it? Of course it’s great to set your own hours and run your own show, but this comes at a cost.

When you work for someone else and the ship sinks, you can always bail. When it’s your ship going under, it’s a whole different scenario. Can you handle the pressure? How do you know if entrepreneurship is the right path for you?

Here are four main things you should consider.

Exceptional Knowledge or Skill

We live and work in a DIY market. People can learn just about any skill or talent with YouTube videos and written tutorials. So why should they pay you to do it?

The obvious answer is convenience. But this doesn’t account for all the other options in the market. What is it that makes you and your brand so exceptional?

Usually, that deciding factor is the possession of exceptional knowledge, skill, and experience.

If there is something you can do better than most others, know more about than most people, have studied to a higher academic degree than most, or a field you have worked in extensively, then you’ve already passed the first test for entrepreneurship.

If not, hang in there. As successful people like Steve Jobs have shown us, sometimes you don’t need the actual skill behind your business. You just need to know how to market it, and get other people to do your bidding.

Leadership Qualities

That brings us to our second test. Contrary to what many supervisors and managers demonstrate in the work place, leadership is not the ability to make people do what you want.

It’s the ability to encourage people to work together for a common goal. In a business setting, that common goal should be the success of your business, however you choose to define it.

Many entrepreneurs believe there’s an easy way around this. Why not just hire someone else to manage the company, while you handle the fun stuff? Well, have you ever wondered why the founders of big companies like Facebook and Google still run their own company?

Even when you hire managers, it’s still your job to lead the management team into carrying out your objectives. You still need to show them the direction you want to take the company in, and instill the company values and ethics.

So whether you like it or not, you’ll have to lead someone. After all that work, you might as well keep the title of CEO.

Managing Risk & Uncertainty

Taking risks is a part of doing business, and something entrepreneurs just have to get used to. Every new product or design is a risk. Every new ad. Every new employee you take on. Everyone you give access to company logins and social media accounts. And since 8 out of 10 businesses fail, just existing as a small business is a big risk already.

As an entrepreneur, uncertainty is an everyday reality. As a result, you have to get comfortable with risk.

That means being okay with changing markets, client demands, and having no real guarantee of a profit and how much that will be. Not every month will be a raging success, and it’s important to plan ahead for these outcomes.

Funding Capital

No matter how exceptional your skills and leadership abilities, without funding capital, a business venture can’t get off the ground. If you can’t pay for it, it just can’t happen. Because of this, entrepreneurs must have a plan – or several – for getting money into the business.

This could require connections, creative thinking, or just a great deal of luck. Options for obtaining funding capital include investors, bank loans, crowdfunding, and personal savings.

While none of these guarantee your business will make it – no, not even capital investment – these are sure to ease the hardships on your journey; and make it just a little easier to weather whatever the marketplace throws your way.

Alexis Chateau Black

About the Author

4 Alexis Chateau PR Atlanta GA

Alexis Chateau is the Founder and Managing Director at Alexis Chateau PR. She is an activist, writer, and explorer. Follow her stories of trial and triumph at www.alexischateau.com.

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20 Comments Add yours

  1. Very insightful! Thank you for sharing this. I think so many people believe entrepreneurship to almost be too easy because of all the success stories we read about, so this article is very important.

    Liked by 1 person

    1. Thanks Alexander.

      You’re right. Few people really understand or appreciate how tough it is. The problem is a lot of success stories hitting the press are from kids who used their trust fund, or could borrow or get their startup capital from their dad. For the common Janes and Joes out there, looking to start a business, it’s a lot harder.

      Thanks so much for dropping by!

      Like

  2. ARU says:

    Great article Alexis Chateau i will share this but for additional information being entrepreneur it’s great an entrepreneur it’s not working for result an entrepreneur is working for change for best result i also write blogs about entrepreneurship amblog.ml 🙂

    Like

  3. Dzenan Skulj says:

    I enjoyed reading your post Alexis and would also include persistence which in my mind is by far the most important trait of a successful entrepreneur…but that’s just me speaking from own experience having failed twice due to lack of it. I’ve since learned my lessons…keep it up Alexis. 🙂

    Like

    1. That’s a good point. Perseverance is definitely a trait entrepreneurs need. I’ve been at it for 12 years as of this September!

      Thanks for dropping by, and for contributing. Should you need help with PR and marketing on your next round with entrepreneurship, you know how to find us!

      Liked by 1 person

      1. Dzenan Skulj says:

        Glad to hear that Alexis. I bet you’ve mastered the art of ‘staying power’ as you’ve done it for 12 straight years…bravo!

        Thanks for reaching out and the PR offer – I’ll take a note of it and get in touch should I ever need some help.

        Cheers!

        Dzenan

        Liked by 1 person

      2. Thank you. Yes, you could I have mastered the art of staying put. However, many people in business misinterpret that. It’s always important to have a contingency plan. Sometimes staying put requires change, expansion, or even retracting prior products and services.

        Thanks again for dropping by and taking the time to read and comment. I look forward to hearing from you in the future. 🙂

        Liked by 1 person

      3. Dzenan Skulj says:

        You bet Alexis. Chat soon…

        Liked by 1 person

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