Is Entrepreneurship Right For You?

ImageEntrepreneurship is not for everyone, but for those who are about to take the plunge, it helps to understand what you are geting into.  In a recent article at Black, the question was asked: Is Entrepreneurship Right For You? 
Carol Roth, author of The Entrepreneur Equation says before taking the plunge into business owner, one must first ask himself or herself, "Should I?" 
"If you think about the fact that up to 90 percent of businesses are failing, or failing to succeed within five years, the fact that everyone seems to think that if they get down-sized, then the best option is to go to something with a 90 percent failure rate, is a little bit illogical," says Roth.
Here are three top tips that you should consider to determine if you are choosing the right path to success and prosperity.
  1. Are you Santa Claus or are you an elf? This may sound silly at first, but the first step, according to Roth is to ensure that you have the personality to lead a team. "Santa Claus has the whole strategic vision and breaks down all the different tasks and oversees everything where each elf then executes only one or a couple of things." She says.  "Do you like to have the vision, do you like to really oversee and wear multiple hats, or are you somebody who does a lot better when you're given a really specific task?  If you're more like an elf, then you're definitely not suited for entrepreneurship."

  2. Are you cut out for risky business? There's always a high degree of risk in launching a venture and it's important to gauge your tolerance beforehand. "There are a lot of very high highs and a lot of very low lows in entrepreneurship and you don't have a lot of visibility on that," Roth says. So, it is very much like being on a roller coaster, and so you're up and you're down and all of a sudden you hit a corkscrew. Are you somebody who can go with that or does that make you very uncomfortable?"

  3. What's your motivation? According to Roth, a lot of aspiring entrepreneurs go in with the wrong mindset. "A lot of entrepreneurs are very focused on themselves.  They're not happy in their job and looking to be more fulfilled, or they have a passion, or a creativity, or they want more," she says.  "But, business isn't about you; it's about your customers.  The businesses that thrive and succeed are the ones that address a customer need and service that better than anybody else can.  If you're not entirely focused on your customer, you're not going to succeed as a businessperson."

There are many resources available to help Black  entrepreneurs succeed in business.  As you consider your options, the most important question to ask is "Am I suited for this path to success?"  What was it that convinced you to become an entrepreneur?

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