Blog | Entrepreneurship

Am I Ready to Start My Business?

meet your own rich dad - start your quiz now

5 questions to ask yourself before you start your company

Female entrepreneurs are on the rise.

A study done by The Business Journals predicts that women will own 39% of all US businesses by 2017. According to the report, "While the number of women-owned businesses is growing fast, so are the businesses themselves. About 32 percent of women-owned businesses are actively expanding, compared to just 27 percent of men-owned businesses. And 77 percent of women owners plan to hire full-time employees over the next 12 months."

If you've been sitting on a great business idea, or harboring a desire to become an entrepreneur, it might be time to put your plans into action. Before you do, ask yourself these five questions, and see if you're ready to take that big leap.

Why do I want to start this business?

Why are you starting this business specifically? What about it appeals to you?

Maybe you know a lot about the market and see a gap that your business could fill. Or maybe you believe your business could do some real good and enact positive change in the community. Maybe you're really passionate about the industry.

Whatever your reason, it has to be strong enough to sustain you. Becoming an entrepreneur is a rocky road, so make sure you are clear on why you believe in your business.

Do my business goals align with my personal goals?

When your business goals get in the way of your personal goals, it leads to enormous sacrifices on both sides. One of the best parts of starting your own business, however, is that you get to make it your own. You are in control.

Maybe your goal is to travel the world. Or spend more time with your family. Or become financially independent. Whatever your personal goals are, make sure the business you create allows you to achieve them.

Do I believe in myself?

The life of an entrepreneur is hard. You will face many trials and setbacks along the way. You'll make mistakes, and you'll face doubt from negative naysayers.

These things won't matter, however, as long as you believe in yourself. At times when it seems everything is against you, only confidence in your spirit and your abilities will see you through.

Am I prepared for risk?

Leaving a stable, secure job to start your own business is risky.

Take this time to consider what you are and are not willing to risk. Are you comfortable with the idea of giving up a steady paycheck to strike out on your own? Are you okay investing in your business with your own personal capital? If not, are you willing to ask others for money and help?

Be completely honest with yourself. When you understand your risk level comfort, your path forward will be clearer.

What further education do I need to succeed?

It's impossible to know everything you need to know when starting your business. Becoming a business owner is one giant learning process. I've been an entrepreneur for years and I still learn new things every day.

That said, you should be aware of the holes in your financial education as you start your business. Once you identify what education you're missing, you can create a strategy to learn what you need to. Maybe you need to learn hiring techniques, or how set up an online store to sell your product on Amazon.

Whatever it is, make sure you create time to fill these gaps in your education.

What are you waiting for?

Remember that there's never a perfect time to start a business. Many people sit around for years waiting for that perfect moment to take the next step, but it never comes. There's always some excuse to not get started.

Sometimes, you just have to take the plunge. If you want to be your own boss, to start your own business and embrace the life of an entrepreneur, it's up to you to get yourself there. Good luck!

Original publish date: September 08, 2016

Recent Posts

Three Investment Values
Personal Finance

The Rich Dad Guide to Investing Values: Defining Your Path to Financial Success

It’s important to know which core values are most important to you, especially when it comes to the subject of money and financial planning.

Read the full post
Risky vs. Safe Investments
Paper Assets

Smart Investing: Understanding the Difference Between Risky and Safe Options

What you may think is a “safe” investment, I may see as risky. For example, many financial planners advise their clients to get into so-called “safe” investments — such as savings plans, mutual funds and 401(k)s.

Read the full post
Mastering Money
Paper Assets, Personal Finance

Mastering Money: The Key to Achieving Financial Freedom

Begin the path to making money work for you today, not the other way around.

Read the full post