Make really, really sure you're ready for this huge career move
At some point or another, most people have dreamt about being their own boss and opening a small business.
Being an entrepreneur comes with plenty of upside (you get to pursue your passion and perhaps earn an exceptional income eventually) as well as the risk of soul-crushing failure (data from the US Bureau of Labor Statistics reports that 50% of small businesses fail within 5 years).
The big question is — can you handle it? Ask yourself:
Do I have a clear understanding of the customers I will sell to?
Have I done enough market research into my business idea? Is it feasible?
Do I have access to enough start-up cash to cover initial costs + monthly costs?
Are my household finances in order? Can my family survive several lean start-up years with little to no income?
Do I have the basic skills required to start and run a small business? For example, problem solving skills, money management skills, sales skills, leadership skills, and strong communications skills.
Will I miss my job, the perks, and the people I work with?
What if I fail in my own business — how will I react? Can I recover from failure, mentally and financially?
Do I possess the strength and resiliency to overcome challenges?
Am I ready for this?
As a career entrepreneur who has launched 14 businesses, I know that starting and running a small business will consume years of your life, jeopardize your finances, strain your personal relationships, and create new pressures and stress like you've never experienced before.
The decision to become an entrepreneur is one of the biggest and costliest decisions you'll ever make — so take the time to get it right.
You've got to be sure to be an entrepreneur.